Equity research, WPTG: Large AI infrastructure order boosts sales outlook

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Newly acquired Aixia off to a strong start

Aixia’s order of more than USD 27m represents a material commercial win and an important reference project for the company within high-performance AI infrastructure. The contract covers NVIDIA DGX Rubin NVL8 infrastructure for a major Nordic AI and data centre operator, with delivery estimated at approximately six months. Aixia will also install and commission the platform, which supports the company’s positioning as a technical partner capable of executing complex AI infrastructure projects, rather than solely as a hardware reseller.

The order should provide meaningful uplift to Aixia’s near-term revenue visibility, although the announcement does not disclose the expected gross margin, payment terms, working capital requirements, or the precise revenue recognition profile. These factors will be important in assessing the impact on cash flow and earnings, particularly given the project’s scale and the likely need to finance equipment before delivery and customer payment.

Strategically, the announcement is encouraging. Securing a customer described as a major Nordic AI and data centre operator, together with access to NVIDIA’s latest Rubin architecture, strengthens Aixia’s credentials in a rapidly developing market. This reference order could support further discussions with customers.

Overall, we view the news as clearly positive for Aixia and supportive of White Pearl’s growth profile. The key near-term catalysts are confirmation of project execution, the timing of revenue recognition and evidence of a healthy bottom-line contribution. Following the announcement, we upgrade our sales and earnings estimates for 2026-2028E by an average of 14 and 6 per cent, respectively. Adjusting for higher interest rates and the resulting increase in the discount rate, this translates in a new base case valuation of SEK 33.4 per share (32.1).

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