QumulusAI, which provides cloud computing services through owned and collocated data centers, filed on Wednesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock will be sold by existing shareholders; QumulusAI will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing.
During the period from January 1, 2025 to December 1, 2025, the company issued shares to investors at a price range of $1.00 to $3.60. If the company listed its shares at the midpoint of the range, it would command a market cap of $72 million.
QumulusAI specializes in the deployment of GPU-powered solutions for AI applications, targeting small to mid-market customers as well as large enterprises. It operates over 800 GPUs across three colocation data centers in Marietta, Georgia and Kansas City, Missouri, and 60 MW of grid power in Watonga and Tulsa, Oklahoma, and an additional scheduled site in Denton, Texas which is not yet live, with plans to expand capacity to over 120 MW of IT load. Through its largest channel partner, RunPod, QumulusAI reaches over 10,000 AI developers and hosts approximately 2,000 monthly active users, while maintaining a deployment timeline of about 90 days for new GPU infrastructure.
The Marietta, GA-based company was founded in 2019 and booked $10 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol QMLS. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Chardan will serve as a financial advisor.
