Key Highlights

  • XMAX Inc (NASDAQ:XMAX) traded at USD 3.97, down 38.11%, on November 2, 2026, implying a prior close near USD 6.41, simple arithmetic on two published numbers.
  • The B300 service agreement totals about KRW 162.3 billion, or about USD 122.5 million, over a 60-month committed term ending October 28, 2031, excluding taxes, per the company's 8-K.
  • Initial capacity is 60 B300 nodes with 480 GPUs and 300 TB of storage, rising to 64 nodes with 512 GPUs and 560 TB, which XMAX (NASDAQ:XMAX) pays for monthly.
  • A non-refundable setup fee of about USD 2.1 million is due November 6, 2026, and a Standby Letter of Credit of about USD 8.2 million is required by November 17.

What XMAX Signed

XMAX Inc (NASDAQ:XMAX), a Nevada corporation based in Commerce, California, signed a B300 GPUaaS Service Agreement on October 28, 2026 with DSH HYPER PTE. LTD., a Singapore company that sources capacity from kt cloud under a separate agreement to which XMAX is not a party. Billing began October 29, and the company issued a release on November 2. The 8-K converts Korean won at KRW 1,325.06 per US dollar, the New York Federal Reserve rate of October 23, 2026. Nvidia (NASDAQ:NVDA) B300 hardware underlies the capacity, and expansion components become billable only after delivery and acceptance testing. The term runs to October 28, 2031 if closing conditions are met, and Korean law governs, with exclusive Jurisdiction in the Seoul Central District Court.

How the Commitment Is Secured

The long-term commitment is conditional. XMAX (NASDAQ:XMAX) must deliver required security by November 17, 2026, including a standby letter of credit from a global tier 1 bank of KRW 10,833,919,488, about USD 8.2 million, that covers monthly charges, late interest and some early termination penalties. Board approval of a corporate guarantee to the Upstream provider is also required. The guarantee is limited mainly to monthly charges for accepted services. The setup fee, about KRW 2.78 billion or USD 2.1 million and non-refundable, is credited against October and November charges if the arrangement proceeds. The filing gives no financing source, share counts or Equity terms.

Risks Behind the Drop

The 8-K lets the upstream provider suspend services for overdue payment and terminate if the first payment is not received in full. A fixed multi-year charge is a Liability whether or not customers buy the capacity, so Revenue from reselling compute must cover it. The company also agreed on October 5, 2026 to buy Hexa Creation Inc. for USD 4,123,711.34, with USD 2.0 million deferred to December 31, 2027. The filing does not disclose XMAX's cash or market value, so the size of the commitment relative to the company is unverified. If the upstream agreement becomes terminable because of DSH's uncured breach or insolvency, XMAX may, but need not, assume DSH's position, so counterparty risk sits partly with a third party. Watch November 6, November 17 and any funding announcement.

Where Things Stand

The 38% fall is consistent with a market weighing a USD 122.5 million, five-year obligation against a company whose funding for it is not disclosed, though XMAX Inc (NASDAQ:XMAX) has not explained the move. The upside case rests on Demand for B300 capacity. The key checkpoints are the November 6 setup payment and the November 17 security deadline.