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The former furniture distributor is locking in 480 Nvidia Blackwell Ultra chips to power its AI inference ambitions
XMax Inc. (NASDAQ: XMAX) has signed a five-year GPU-as-a-Service agreement with DSH HYPER PTE. LTD. The contract is valued at approximately KRW 162.3 billion, or US$122.5 million.
The deal gives XMax dedicated high-performance computing capacity for its AI business. It also arrives with conditions attached, which means the ink is signed but the paperwork is not quite finished.
What XMax is getting
The agreement was signed on October 28, 2026. It runs for five years and ends on October 28, 2031.
The computing resources come from kt cloud Co., Ltd. in Korea, delivered through DSH Hyper. Service started on October 29, 2026, one day after signing.
The initial setup is 480 NVIDIA Blackwell Ultra B300 GPUs spread across 60 nodes. Over the contract’s life, that can scale to 512 GPUs across 64 nodes, plus 560 TB of storage.
XMax AI Inc., a subsidiary of XMax, will run the cluster. Its main job will be high-throughput AI inference workloads.
The strings attached
The agreement is contingent on XMax’s board approving the required security provisions. The biggest piece is a standby letter of credit worth approximately KRW 10.83 billion, or US$8.2 million.
Security documentation is due by November 17, 2026. The deal also carries a non-refundable setup fee of about US$2.1 million, due November 6, 2026.
The revenue math
XMax expects to generate more than US$100 million in cumulative revenue over the next five years. That revenue is expected to come from commercializing its NeoCloud and AI Token Factory platforms.
From furniture to GPUs
XMax’s move into AI has been building for a while. In mid-2026, the company established AI API service agreements totaling about US$25 million.
The new GPU contract is roughly five times that size. The company is also undergoing a corporate restructuring to focus on AI infrastructure services.
What this means
The board still needs to approve the security provisions, and the US$8.2 million standby letter of credit plus the roughly US$2.1 million setup fee are meaningful commitments for a company of XMax’s background.
Investors will want to watch whether XMax meets both the November 6 fee date and the November 17 documentation date.
The scalable structure, from 480 to 512 GPUs, gives XMax some room to grow into the deal.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.
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