Cloud computing service provider QumulusAI files for a direct listing on the Nasdaq
IPO Overview
QumulusAI, which provides cloud computing services through owned and collocated data centers, filed on Wednesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock will be sold by existing shareholders; QumulusAI will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing.
During the period from January 1, 2025 to December 1, 2025, the company issued shares to investors at a price range of $1.00 to $3.60. If the company listed its shares at the midpoint of the range, it would command a market cap of $72 million.
QumulusAI specializes in the deployment of GPU-powered solutions for AI applications, targeting small to mid-market customers as well as large enterprises. It operates over 800 GPUs across three colocation data centers in Marietta, Georgia and Kansas City, Missouri, and 60 MW of grid power in Watonga and Tulsa, Oklahoma, and an additional scheduled site in Denton, Texas which is not yet live, with plans to expand capacity to over 120 MW of IT load. Through its largest channel partner, RunPod, QumulusAI reaches over 10,000 AI developers and hosts approximately 2,000 monthly active users, while maintaining a deployment timeline of about 90 days for new GPU infrastructure.
The Marietta, GA-based company was founded in 2019 and booked $10 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol QMLS. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Chardan will serve as a financial advisor.
About the Company
QumulusAI is a cloud infrastructure company specializing in rapid deployment of graphics processing unit （“GPU”）-powered solutions for artificial intelligence （“AI”） applications, serving a critical market that is often overlooked by hyperscale providers focused on the largest enterprises. Our platform delivers flexible, competitively priced, and customizable solutions for underserved small and mid-market customers—including machine learning teams, AI infrastructure startups, and research institutions—while also supporting the scale and complexity requirements of large enterprises, such as long-term deployments or supplemental on-demand compute capacity. Today, we distinguish ourselves by deploying, activating and producing revenue from GPU infrastructure within approximately 90 days. We do so across a distributed network of sales channel and platform partners and the strategic use of stranded colocation facilities, enabling us to connect with thousands of developer clients with an expedited path from procurement to revenue generation. Traditional infrastructure providers, by comparison, can take 12 to 24 months to activate new capacity. Our QumulusAI cloud compute ecosystem combines proprietary software and cloud services, developed in collaboration with technology partners, to optimize AI workflows at scale.