Sphere 3D Jumps on $5M Placement and Iowa Site Sale

Shares of Sphere 3D Corp. (NASDAQ:ANY) climbed 8% in Tuesday’s extended trading session after the company unveiled a $5 million private placement and agreements to sell its Iowa site and mining fleet.

The private placement, priced at $3.00 per unit, is expected to close on or about September 11, 2026, and consists of 1,666,661 units. Each unit comprises one common share and a five-year warrant to buy one additional share at $3.50. Three directors — including Board Chairman Timothy Hanley and Chief Executive Officer Joel Block — are taking part in the offering, representing aggregate gross proceeds of roughly $1 million.

Sphere 3D will sell its Iowa property for $1.5 million and anticipates recovering about $500,000 in utility deposits, for total proceeds of approximately $2 million. In addition, the company agreed to sell its legacy fleet of around 5,500 mining machines for approximately $3 million.

The funds will support AI and high-performance computing projects in the Tennessee Valley Authority (TVA) region. Sphere 3D has secured an option on land in Hopkinsville, Kentucky, for a proposed 50 MW data center that would be backed by a new 65 MW substation estimated to cost between $8 million and $10 million. The project still requires all necessary regulatory approvals.

After closing the Iowa sale, Sphere 3D will own and operate roughly 50 MW of energized capacity at four locations in Tennessee and Kentucky, not including the planned Hopkinsville data center.

Block said that, after consulting with the Board, the company determined the Iowa site was non-core. He added that Sphere 3D is selling that site and its legacy mining fleet and will redeploy that capital—together with the private placement proceeds—into AI infrastructure in the TVA region.

In the first 90 days after its June 2026 business combination, Sphere 3D completed a strategic review and decided to concentrate on developing smaller, distribution-connected sites in the TVA region.

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