Hyperscale Data (NYSE American: GPUS) set up a Michigan AI Development Reserve Account targeting $120 million in dedicated development capital, and the company named cooling infrastructure as a funded line item inside it. According to PR Newswire coverage, the reserve will finance infrastructure improvements, construction, electrical distribution systems, cooling infrastructure, and networking equipment for the campus. Thermal capex sits in the budget as its own named component. That framing matters more than it reads.
Most operators bury cooling inside a general construction figure. Hyperscale Data broke it out alongside power distribution, which tells you the thermal design is already driving the spend.
Initial deployment runs about 20 megawatts of critical AI compute capacity, with an option to expand to 52 MW within the first two years. The 20MW Master Services Agreement, signed with a California-based neocloud provider, is worth roughly $1.2 billion over its maximum term and could pass $3.0 billion if capacity options get exercised. Neocloud racks at this density force a liquid-cooled design, which puts rack density and the liquid cooling requirement at the center of the build. Air handlers stop pulling enough heat once rack power climbs into AI training territory.
Data center operations run through wholly owned subsidiary Sentinum, Inc. The site currently operates roughly 30 MW with a long-term target of up to 340 MW. Hyperscale Data also completed acquisition of 48.5 acres of forested land, expanding the campus to about 83 acres. That acreage buys room for heat rejection equipment as much as for white space.
The company reported a $94.8 million cash position as of June 24, 2026, and has taken $10.6 million in customer deposits under the MSA. Executive Chairman Milton 'Todd' Ault III announced monthly Michigan AI Infrastructure Progress Reports starting July 2026, with the 20MW capacity expected operational in Q4 2026. Counterparty credit is the live question here, since neocloud and colocation credit risk has been stalling deals across the market.
For the cooling supply chain, the read is concrete. A 20MW liquid-cooled first phase operational by Q4 2026 means CDU and cold-plate procurement is happening now, and the path to 52 MW and then toward 340 MW turns this reserve into a multi-year buyer of heat rejection capacity. Whoever wins the direct-to-chip cooling spec on the first 20MW will likely carry it across every megawatt that follows.