SharonAI Holdings Inc. (NASDAQ: SHAZ) completed its initial public offering in February 2026, raising $125 million led by Oaktree Capital Management L.P. and Two Seas Capital LP, according to the company's first quarter 2026 results.

The Australian AI cloud computing company reported several developments during the quarter, including the sale of its 50% stake in Texas Critical Data Centers joint venture for approximately $74 million. The proceeds are intended to accelerate growth of the company's core Australian AI cloud business.

Sharon AI secured multiple customer contracts, including agreements with Canva Inc. and GMI Cloud. The company also announced a $1.25 billion total contract value five-year agreement with ESDS Software Solutions for an 8K B300 cluster, with revenue expected to begin in the third quarter of 2026.

The company established partnerships with Cisco for what it describes as Australia's first secure AI factory, involving a 1K B300 cluster deployment with NEXTDC. Additional partnerships were formed with World Wide Technology for AI infrastructure engineering and with Lenovo Infrastructure and Vast Data for a 1K B200 cluster deployment.

James Manning, co-founder and chairman, was appointed chief executive officer during the quarter.

After March 31, 2026, Sharon AI announced a $950 million total contract value five-year agreement with an unnamed global technology company, with revenue expected to commence in the third and fourth quarters of 2026. The company also announced a $350 million convertible note led by Oaktree Capital Management L.P. and Two Seas Capital L.P.

Sharon AI expanded its expected data center capacity to 100 megawatts for deployment in 2026 and early 2027, up from an initial 55 megawatts earlier in the year.