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MIGI supplier relationships

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MIGI supplier relationship map

Mawson Infrastructure Group (MIGI): Supplier and counterparty map for investors and operators

Mawson Infrastructure Group operates and monetizes through digital infrastructure and colocation services—primarily hosting cryptocurrency miners and deploying GPU-driven AI/HPC capacity—by leasing physical space and power, entering multi‑year power supply arrangements, and selling hosting/colocation contracts and hardware hosting rights. Revenue derives from hosted capacity (MW) and long‑term colocation deals; financing relationships for equity issuance and share exchanges support working capital and strategic pivots. For a consolidated view of counterparties and what they imply for credit, operational continuity, and growth execution, see NullExposure’s supplier mapping hub: https://nullexposure.com/.

Quick investment thesis

Mawson’s business model is power- and space‑intensive with concentrated supplier exposure, where control over electricity pricing and major colocation contracts drive near‑term revenue visibility and long‑term earnings leverage. Key revenue upside is anchored in a 20 MW AI/HPC colocation agreement tied to NVIDIA GPU deployments, while downside stems from high operating leverage, negative earnings, and execution risk around large financing and hosting transitions.

Click for the full supplier view on our homepage: https://nullexposure.com/

Who Mawson contracts with and what it means for operations

Below I cover every relationship surfaced in the recent collection of filings and coverage. Each entry is a plain‑English, investor‑oriented summary with the relevant source noted.

Energy Harbor LLC

Mawson has a power supply agreement (PSA) with Energy Harbor LLC to deliver a fixed portion of electricity to the Midland, Pennsylvania facility at a fixed price through December 2026, creating a defined short‑term power cost profile for that site. This is documented in Mawson’s FY2024 Form 10‑K, which identifies Energy Harbor LLC as the energy supplier to the Midland facility.

Energy Harbor Corp. (EHC)

Separately reported coverage indicates Mawson entered a five‑year power purchase agreement with Energy Harbor Corp. for the Midland facility in a 2022 news account, confirming multi‑year power sourcing tied to the Beaver Valley Power Station owner. The TimesOnline article from February 2022 covers that arrangement.

Jewel Acquisition LLC (doing business as ATI)

Mawson leases site acreage under a three‑year lease with renewal options up to 15 years from Jewel Acquisition LLC, enabling the Midland mobile data center footprint and long‑dated site optionality under the ATI facility. This leasing detail is reported in the February 2022 TimesOnline coverage.

Allegheny Technologies Inc. (ATI)

Mawson’s Midland site sits adjacent to an ATI idled melt shop with connections to an existing substation, providing the physical connectivity and scale needed for its mobile data center buildout as reported by TimesOnline in 2022.

Tasmania Data Infrastructure (TDI)

Mawson executed a swap of mining rigs for a stake in TDI and secured rights to host up to 10 MW at the Tasmanian site while granting TDI a license to use Mawson’s Modular Data Center technology, reflecting in‑kind deals and technology licensing as a growth mechanism. CoinDesk reported this arrangement in June 2022.

CleanSpark, Inc.

CleanSpark provided up to 30 MW of temporary hosting capacity for up to 180 days to facilitate the transfer of miners into Mawson’s Pennsylvania operations, reflecting contingent hosting and transitional capacity partnerships. ESGNews summarized the agreement in 2022.

H.C. Wainwright & Co. — ATM Offering Agreement

Mawson entered an At‑the‑Market offering agreement with H.C. Wainwright & Co. to sell up to $9.6 million of common stock, establishing immediate equity distribution capacity to fund operations or capex. Coverage of the ATM agreement is reported in 2025 press summaries on market commentary platforms.

HC Wainwright — Prospectus Supplement

A separate prospectus supplement filed in late 2025 positions HC Wainwright as sales agent for an offering up to $40 million of common stock, indicating larger planned equity raises through the same underwriting channel. This prospectus activity is recorded in December 2025 coverage.

Roth Capital Partners

Mawson terminated a prior sales agreement with Roth Capital Partners under which no shares were sold, signaling a change in preferred capital‑markets counterparty and an adjustment of financing strategy. This termination is noted in market coverage summarizing crowdfunding and capital‑markets moves.

Computershare Trust Company, N.A. (CPU)

Computershare will act as exchange agent for Mawson’s 1‑for‑20 reverse stock split, a standard administrative role for shareholder record and conversion processing reported in FinancialContent market coverage in November 2025.

Wolf & Company, P.C.

Wolf & Company is listed as Mawson’s independent registered public accounting firm; the firm explicitly did not audit preliminary unaudited estimates cited in a 2026 press release, limiting audit comfort for those preliminary figures. The Globe and Mail (GlobeNewswire) press release in March 2026 provides that disclosure.

Cleary Gottlieb Steen & Hamilton LLP

Cleary Gottlieb is acting as legal advisor to Mawson on a limited‑duration stockholder rights agreement, indicating top‑tier legal counsel for governance and defensive corporate measures, as disclosed in a GlobeNewswire release (March 2026).

NVIDIA / Nvidia

Mawson has secured a binding AI/HPC colocation agreement for an initial 20 MW, tied to the deployment of NVIDIA GPUs, which the company projects will generate $285 million in cumulative revenue over a six‑year term; this contract represents a material revenue storm for Mawson’s pivot into AI colocation. DatacenterDynamics and FinancialContent reported on this 20 MW agreement and related revenue projection in 2025 coverage.

How these relationships shape Mawson’s operating model and constraints

  • Contracting posture: Mawson relies on a mix of long‑dated power arrangements and lease structures to lock in physical capacity; the FY2024 PSA with Energy Harbor LLC demonstrates a long‑term, fixed‑price power supply through December 2026 (company FY2024 10‑K).
  • Geographic concentration: Operations and power arrangements are concentrated in North American PJM markets, a structural signal for exposure to regional grid dynamics and energy market volatility (company disclosures referencing PJM locations).
  • Supplier roles and criticality: Mawson is both an equipment customer of manufacturers and a purchaser of essential services (power, temporary hosting, legal, audit, and capital markets services); manufacturer relationships supply miners, MDCs, and transformers, while service providers manage power and hosting transitions (company disclosures on suppliers).
  • Maturity and financing posture: Multiple equity sales arrangements (ATM and prospectus supplements with HC Wainwright) and terminated agreements (Roth Capital) indicate an active and evolving capital‑markets strategy to fund growth or liquidity needs.

Investment implications: where value and risk concentrate

  • Value driver: The 20 MW NVIDIA AI/HPC contract is a discrete revenue catalyst with a stated six‑year revenue run rate and materially changes Mawson’s revenue mix toward higher‑ASP colocation. (DatacenterDynamics / FinancialContent, 2025)
  • Operational risk: Power procurement and site leases are critical; fixed‑price PSAs reduce commodity exposure but create counterparty and term concentration risk concentrated in PJM and with Energy Harbor (FY2024 10‑K, TimesOnline 2022).
  • Execution risk: Temporary hosting (CleanSpark) and equipment swaps (TDI) show reliance on third parties for transitions—these are short‑term mitigants but increase logistics and custody complexity.

For a consolidated supplier risk scorecard and counterparty heat map, visit NullExposure: https://nullexposure.com/

Final take

Mawson’s supplier landscape is a blend of strategic long‑term power contracts, concentrated site leases, large ticket colocation deals, and active capital‑markets relationships. The NVIDIA‑tied AI/HPC agreement represents the clearest revenue upside, while power and lease concentration in PJM and active equity raises frame the key funding and execution risks. Investors and operators should prioritize monitoring power contract expirations, progress on the 20 MW deployment, and the outcome of equity sales that fund near‑term capex.

Get the full counterparty dossier and ongoing updates at NullExposure: https://nullexposure.com/