XMax Inc. filed a Form 8-K on November 2, 2026, disclosing that on October 28, 2026, it entered into a B300 GPUaaS Service Agreement with DSH HYPER PTE. LTD. for dedicated GPU computing capacity over a committed sixty-month term.

Key Highlights

  • Agreement date: The Service Agreement with DSH HYPER PTE. LTD. was executed on October 28, 2026, with service and billing commencing October 29, 2026.
  • Total committed charges: Approximately KRW 162.3 billion (approximately US$122.5 million, based on a KRW 1,325.06 to US$1.00 exchange rate as of October 23, 2026), payable in monthly instalments over sixty months ending October 28, 2031.
  • Initial GPU configuration: 60 NVIDIA B300 nodes (480 GPUs) and 300 TB of storage, expanding to a final configuration of 64 nodes (512 GPUs) and 560 TB of storage.
  • First payment: Approximately KRW 2.78 billion (approximately US$2.1 million) due on November 6, 2026, described as a non-refundable setup fee.
  • Required security: The company has agreed to procure an irrevocable standby letter of credit in favour of KT with a required available amount of KRW 10,833,919,488 (approximately US$8.2 million), plus a corporate guarantee in favour of KT.
  • Closing conditions: The long-term commitment is subject to board approval of the Required Security and its completion and delivery by November 17, 2026.
  • Authorized end user: XMax AI Inc., described as a wholly owned subsidiary of the company, will use the services as the authorized operating end user.

XMax's GPUaaS Agreement: Structure, Security, and Capacity Terms

According to the filing, XMax Inc. (NASDAQ:XMAX) entered into the B300 GPUaaS Service Agreement with DSH HYPER PTE. LTD., a Singapore-incorporated company. The filing states that DSH obtains the underlying capacity from kt cloud Co., Ltd. ("KT") under a separate master service agreement between DSH and KT, to which the company is not a party. Monthly payments are structured so that the company pays the portion corresponding to DSH's upstream obligation directly to KT on DSH's behalf and pays the remainder to DSH.

The filing discloses that total scheduled service charges of approximately KRW 162.3 billion (approximately US$122.5 million) are "subject to adjustment for actual expansion delivery and acceptance, service-level credits and other contractual adjustments." Each expansion component becomes billable only after it has been supplied and has passed applicable acceptance testing, and storage within the agreed scope carries no separate charge, according to the filing.

The filing describes the Required Security as consisting of both the standby letter of credit (SBLC), to be issued by a global tier 1 bank, and a corporate guarantee. The filing specifies that the corporate guarantee covers monthly charges for services actually accepted and certain other amounts, including early termination penalties, only where they result from a material breach by the company that remains uncured after notice. Amounts paid under the SBLC will be credited against the corporate guarantee so that, according to the filing, "the same obligation cannot be recovered twice." The Service Agreement is governed by the laws of the Republic of Korea, with the Seoul Central District Court holding exclusive jurisdiction. The filing notes it contains forward-looking statements subject to risks including board approval, SBLC issuance, performance by DSH and KT, delivery delays, and currency fluctuations.

What Was Disclosed

XMax Inc. disclosed a sixty-month GPUaaS agreement with DSH HYPER PTE. LTD. for up to 512 NVIDIA B300 GPUs and 560 TB of storage, with total scheduled charges of approximately US$122.5 million, subject to security and board-approval conditions to be satisfied by November 17, 2026.