Sphere 3d
Sphere 3D Corp. (NASDAQ: ANY) operates 53 MW of power capacity across five U.S. data centers for Bitcoin mining, co-mining hosting (including a 30 MW Bitdeer agreement), and enterprise IT virtualization solutions, pivoting toward AI and high-performance computing infrastructure.
- Company typePublic
- Founded1987
- HeadquartersMississauga, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Sphere 3d does
Sphere 3D Corp. (NASDAQ: ANY) is a publicly listed digital infrastructure company domiciled in British Columbia, Canada with corporate headquarters in Stamford, Connecticut. Following the June 1, 2026 court-approved acquisition of Cathedra Bitcoin Inc. — for approximately CAD 7.2 million in an all-stock deal in which Cathedra securityholders received ~49% of Sphere's share capital — the combined entity operates 53 MW of power capacity across five data centers in Iowa, Kentucky, and Tennessee, with a development pipeline exceeding 100 MW. The merged company runs 1.2 EH/s of installed proprietary mining hash rate at a target fleet efficiency of approximately 19 joules per terahash (improved from 27.1 J/TH in 2024), mined 111.6 BTC during FY2025, and held 37.3 BTC on its balance sheet at year-end 2025.
The company's revenue model spans three streams: Bitcoin mining via block rewards and transaction fees (FY2025 revenue $11.2M, down from $16.6M in FY2024 due to halving and equipment replacement), co-mining and hosting arrangements where it monetizes power capacity for third-party miners (notably a June 25, 2026 agreement with Bitdeer Technologies to host 30 MW of SEALMINER A2 Pro Air hardware across Tennessee and Kentucky sites), and a legacy IT solutions portfolio (HVE Connexions and Unified Connexions) providing containerization, virtualization, and data management to global enterprise customers via direct sales. Go-to-market is enterprise-direct, targeting Bitcoin mining operators, AI/HPC compute customers, and enterprise IT buyers through hosting agreements, co-mining partnerships, and solution sales.
Sphere 3D is executing a strategic pivot toward AI infrastructure and high-performance computing, formalized by the June 10, 2026 engagement of EA Advisors LLC as a strategic advisor. Combined with Joel Block (former Cathedra CEO) assuming the CEO role and Kurt Kalbfleisch transitioning to CFO, the company is positioning its 53 MW of power capacity in the TVA service territory and Iowa — favorable for low-cost, off-peak industrial power — as a platform for AI inference, GPU-as-a-Service, and edge compute workloads. Reported FY2025 financials show deeply negative EBITDA and operating income, market capitalization of approximately $5.47M as of April 2026, and a 251–500 employee headcount operating under tight capital discipline following a 1-for-10 reverse stock split executed February 9, 2026 to regain Nasdaq minimum bid price compliance.
Sphere 3d firmographics
Firmographics- Name
- Sphere 3d
- Legal name
- Sphere 3D Corp.
- Website
- https://sphere3d.com
- Company type
- Public
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Sphere 3D Corp. (NASDAQ: ANY) operates 53 MW of power capacity across five U.S. data centers for Bitcoin mining, co-mining hosting (including a 30 MW Bitdeer agreement), and enterprise IT virtualization solutions, pivoting toward AI and high-performance computing infrastructure.
- Ownership category
- akta.pro rank
Sphere 3d industry classification
Industry- Product category
- Bitcoin Mining and Digital Infrastructure
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Mining Hosting, Colocation & Managed Facilities (FSADAOAE)
Keywords
Where Sphere 3d is headquartered
LocationHeadquarters
- HQ city
- Mississauga
- HQ country
- Canada
- HQ region
- North America
Offices4 records
Markets served
Sphere 3d business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Infrastructure, Operations, Personnel, Supply Chain
Revenue model
- Bitcoin Mining: Revenue from Bitcoin mining through block rewards and transaction fees. The company operates mining hardware to earn Bitcoin, with mining fleet efficiency targeting approximately 19 joules per terahash. Revenue declined to $11.2M in FY2025 from $16.6M in FY2024 due to Bitcoin halving and equipment replacement cycle.
- Co-mining Agreements: Revenue sharing arrangement with Bitdeer Technologies where both parties share net mining proceeds under one-year initial terms. Sphere 3D monetizes its power assets while preserving flexibility for future AI and HPC applications.
- Power Infrastructure Hosting: Revenue from hosting agreements at data center facilities, including the 15 MW Shire site capacity in Kentucky where approximately 80% is utilized under hosting agreements.
- IT Solutions: Revenue from containerization, virtualization, and data management solutions sold to enterprise customers worldwide through HVE Connexions and Unified Connexions product lines.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Bitcoin mining services with power infrastructure |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Sphere 3d product offering
Product offeringCore offering
Sphere 3D operates industrial Bitcoin mining across five owned data centers totaling 53 MW of power capacity, monetizing block rewards, hosting fees, and net-proceeds-sharing co-mining agreements (notably 30 MW with Bitdeer). The company additionally sells enterprise IT solutions including HVE Connexions (cloud virtualization and containerization) and Unified Connexions (turnkey data management) to global enterprise customers, and is positioning its power assets for AI and high-performance computing workloads.
Product overview
Sphere 3D is a Bitcoin mining company that has expanded into digital infrastructure following its merger with Cathedra Bitcoin. The company operates two main divisions: Bitcoin Mining (its core business focused on sustainable industrial mining with approximately 19 J/Th efficiency) and IT Solutions (including HVE Connexions for scalable cloud virtualization and containerization, and Unified Connexions for turnkey IT services). The merged entity now operates 53 MW of power capacity across five data centers in Iowa, Kentucky, and Tennessee, with a development pipeline exceeding 100 MW, positioning itself for potential expansion into AI and high-performance computing infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Bitcoin Mining Sustainable industrial Bitcoin mining operations providing cryptocurrency mining services with a focus on environmental consciousness and capital efficiency, utilizing approximately 19 J/TH mining fleet efficiency across the combined entity's installed hash rate of 1.2 EH/s.
- HVE Connexions Scalable containerization and virtualization solutions supporting next-generation cloud requirements, part of Sphere 3D's enterprise IT solutions portfolio.
- Unified Connexions State-of-the-art IT services delivering turnkey and cost-effective enterprise data management solutions.
- Data Center Power Infrastructure and Co-Mining Hosting Vertically integrated data center power capacity of 53 MW across five U.S. sites, including the 15 MW Shire site in Kentucky at approximately 80% hosting utilization, monetized through enterprise hosting agreements and co-mining partnerships such as the Bitdeer 30 MW arrangement.
Quantifiable outcome
- 53 MW of power capacity across five data centers with pipeline exceeding 100 MW
- +2 more outcomes
Companies that use Sphere 3d
Customer profileSegments3 records
Ideal customer profiles3 records
Sphere 3d technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature3 records
Sphere 3d partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Bitdeer Technologies GroupcoreSphere 3D entered into co-mining agreements with Bitdeer Technologies Group to host 30 megawatts of Bitcoin mining capacity across three data center sites in Tennessee and Kentucky. Bitdeer will deploy its SEALMINER A2 Pro Air mining hardware at these sites, with both parties sharing net mining proceeds under one-year initial terms. The agreements allow Sphere 3D to monetize its power assets while preserving flexibility for potential AI and HPC applications.
- EA Advisors LLCminorSphere 3D engaged EA Advisors LLC as a strategic advisor to the Company for AI and high-performance compute initiatives. This engagement aligns with the Company's previously announced priority of partnering with advisors to explore opportunities in artificial intelligence and high-performance computing, signaling a strategic pivot beyond Bitcoin mining.
- Cathedra Bitcoin Inc.coreBusiness combination completed on June 1, 2026, through a court-approved plan of arrangement under British Columbia law. Cathedra Bitcoin became a wholly-owned subsidiary of Sphere 3D, with Cathedra security holders receiving approximately 49% of Sphere's share capital. The combined entity operates 53 MW across five data centers in Iowa, Kentucky, and Tennessee, with 1.2 EH/s installed hash rate and development pipeline exceeding 100 MW. Cathedra CEO Joel Block leads the combined company.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Sphere 3d competitors and assessment
Company assessmentDirect peers
- CleanSpark: U.S.-listed Bitcoin mining operator focused on efficient fleet management and expansion. Comparable to Sphere 3D as a publicly-listed pure-play Bitcoin miner pursuing infrastructure scale and operational efficiency.
- Marathon Digital Holdings: One of the largest publicly traded Bitcoin mining companies. Comparable to Sphere 3D in mining operations, hash rate strategy, and pursuit of diversification into HPC/AI opportunities.
- Hut 8 Corp: Public Bitcoin miner with vertically integrated power infrastructure and a stated AI/HPC growth strategy. Comparable to Sphere 3D in the dual mining-and-AI infrastructure thesis and North American data center footprint.
- Iris Energy: Renewable-powered Bitcoin miner pivoting into AI cloud services (NVIDIA H100/H200 GPU deployments). Highly relevant comparable for Sphere 3D's stated AI/HPC pivot narrative and renewable-energy positioning.
- TeraWulf: U.S. Bitcoin miner with nuclear-powered data center sites and a stated pivot into HPC hosting. Comparable to Sphere 3D in the mining-plus-AI-infrastructure thesis and in operating small modular data center campuses.
- Bitfarms: Canadian-headquartered public Bitcoin miner operating multiple U.S. data center sites. Comparable to Sphere 3D as a publicly listed, multi-site Bitcoin miner with active efficiency and expansion efforts.
- Cipher Mining: U.S. Bitcoin mining developer-operator with sites in Texas. Comparable to Sphere 3D as a publicly listed Bitcoin miner focused on power infrastructure and operational efficiency.
- Core Scientific: Bitcoin miner emerging from bankruptcy with a high-performance computing hosting business anchored to CoreWeave. Direct comparable for Sphere 3D's plan to monetize power assets via AI/HPC workloads.
- Riot Platforms: Large-cap publicly traded Bitcoin miner with vertically integrated power and hosting infrastructure. Comparable to Sphere 3D in business model, though at substantially larger scale; useful as a benchmark for infrastructure valuation.
- Bitdeer Technologies Group: Public Bitcoin mining operator with its own SEALMINER ASIC line and diversified data center portfolio. Direct peer because Sphere 3D just signed 30 MW of co-mining agreements with Bitdeer, operates in the same mining category, and faces the same hash price dynamics.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Sphere 3d social profiles
Digital presenceSphere 3d financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sphere 3d leadership team
Management profileNumber of profiles
Profiles5 records
Sphere 3d subsidiaries and ownership
Company hierarchySubsidiaries1 record
Sphere 3d funding detail
Funding detailFunding overview
Funding rounds14 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sphere 3d M&A and investment
M&A and investmentM&A5 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sphere 3d
What does Sphere 3d do?
Sphere 3D operates industrial Bitcoin mining across five owned data centers totaling 53 MW of power capacity, monetizing block rewards, hosting fees, and net-proceeds-sharing co-mining agreements (notably 30 MW with Bitdeer). The company additionally sells enterprise IT solutions including HVE Connexions (cloud virtualization and containerization) and Unified Connexions (turnkey data management) to global enterprise customers, and is positioning its power assets for AI and high-performance computing workloads.
Is Sphere 3d a public or private company?
Sphere 3d is a public company. It is classified as public and is currently operating.
When was Sphere 3d founded?
Sphere 3d was founded in 1987. It employs 11 to 50 people.
Where is Sphere 3d based?
Sphere 3d is headquartered in Mississauga, Canada, in the North America region.
How does Sphere 3d make money?
Four revenue lines are on record. Bitcoin Mining is the primary driver. The others are co-mining Agreements, power Infrastructure Hosting and IT Solutions.
Who are Sphere 3d's main competitors?
Direct peers on record are CleanSpark, Marathon Digital Holdings, Hut 8 Corp, Iris Energy, TeraWulf, Bitfarms, Cipher Mining, Core Scientific, Riot Platforms and Bitdeer Technologies Group.
Does Sphere 3d have an API?
No public API is recorded for Sphere 3d.
What industry is Sphere 3d in?
Sphere 3d's product category is Bitcoin Mining and Digital Infrastructure. Its primary akta.pro industry code is FSADAOAE, Mining Hosting, Colocation & Managed Facilities. Its NAICS code is 518 and its SIC code is 6200.