Alpha Compute Corp. (NASDAQ: ALP) announced it closed a two-year lease agreement worth $32.2 million with an artificial intelligence research laboratory for GPU computing services at its Canadian data center.

The contract provides the unnamed AI lab with exclusive access to 504 NVIDIA B200 GPUs for model development and training. Alpha Compute will receive $16.1 million in annual recurring revenue from the agreement, with an expected upfront payment of $7.5 million to secure the compute capacity reservation.

The deployment represents Alpha Compute's first enterprise-scale customer agreement for its GPU-as-a-service platform. The Canadian facility operates on 100% hydroelectric power.

"This contract is a defining moment for Alpha Compute, confirming our belief that there is a massive global appetite for sovereign, specialized AI infrastructure," stated CEO Brittany Kaiser in the company's announcement.

Chief Business Development Officer Yury Mitin described the 504-GPU deployment as "a critical inflection point in the Company's commercial strategy."

Alpha Compute operates GPU infrastructure for AI training and inference workloads, targeting research organizations, government entities, and enterprise customers seeking alternatives to traditional cloud providers. The company is incorporated in the British Virgin Islands and maintains data center partnerships across North America and Europe.

The agreement covers computing services through May 2028. Alpha Compute did not disclose the identity of the AI laboratory customer, citing privacy considerations.