A Remarkable Quarter: From Strategic Entry to Public Markets Success

Sharon AI (NASDAQ: SHAZ): Portfolio Investment Update 

Executive Summary

Trivian Capital is pleased to report an exceptional performance from our portfolio company Sharon AI (NASDAQ: SHAZ), which has delivered a 2.48x MOIC (Multiple on Invested Capital) representing a 248% uplift in less than three months. Our strategic investment at US$12.50 per share in December 2025 has culminated in a successful Nasdaq IPO at US$30.00 per share in February 2026, marking one of the fastest value creation stories in our portfolio's history.

Key Highlights:

• Investment Entry: US$12.50/share (December 2025)

• IPO Price: US$30.00/share (February 2026)

• Current Market Valuation: ~US$1 billion

• MOIC: 2.48x

• Return: +248% in under 90 days

• Capital Raised: US$125 million in IPO

Overview Sharon AI's Strategic Position

Company Profile

Sharon AI has emerged as Australia's leading Neocloud provider, specializing in sovereign, scalable, and energy-eff icient infrastructure for artificial intelligence and high-performance computing (HPC) workloads. Unlike traditional hyperscalers that retrofit AI capabilities onto general-purpose infrastructure, Sharon AI has built purpose-designed, AI-first computing platforms from the ground up.

The company operates at the intersection of three powerful secular trends:

1. Explosive AI adoption across enterprise, government, and research sectors.

2. Data sovereignty requirements driving demand for locally hosted infrastructure.

3. Energy-eff icient computing as power constraints reshape the data center landscape.

Business Model and Revenue Streams

Sharon AI operates a hybrid business model combining:

Sharon AI (NASDAQ: SHAZ)

Trivian Capital Portfolio Investment Update Q1 of 2026

1. Enterprise AI Cloud Services (Australia)

• GPU-as-a-Service (GPUaaS) off erings

• Platform-as-a-Service (PaaS) including inference, LLMs, and fine-tuning

• Sovereign, Tier IV certified infrastructure through NEXTDC partnership

• Target customers: Banking, insurance, healthcare, defense, higher education, and research

2. Data Center Development (United States)

• 1 GW AI Data Center Campus in Texas (50/50 JV with New Era Energy)

• 235 acres secured with Phase 1 engineering complete

• Non-binding agreement for up to 400MW gas-fired power generation

• Positioned to capitalize on massive US AI infrastructure build-out

Technology Differentiation

Sharon AI's competitive moat rests on several technical advantages:

NVIDIA Certified Cloud Partner Status

• Operating multiple GPU clusters built on NVIDIA Reference Architecture

• 1K GPU cluster in Melbourne supporting H200 and B200 GPUs

• First-mover advantage in Australian market

Vertical Integration

• Proprietary orchestration with server agents, analytics, and load balancing

• Optimized for latest AI accelerators (H100, Blackwell series)

• High-speed, low-latency InfiniBand networking

• AI-optimized storage through VAST Data partnership Sharon AI (NASDAQ: SHAZ): Portfolio Investment Update

Strategic Partnerships

• NVIDIA: Certified Cloud Partner with early access to latest GPU architectures

• NEXTDC: Tier IV data center infrastructure ensuring 99.995% uptime

• Cisco: MOU for Managed Enterprise Cloud AI Solutions

• VAST Data: Integration of Insight Engine for complex AI workflows

• Lenovo: Truscale Program for scalable hardware deployment

Financial Metrics and Unit Economics

The company's unit economics demonstrate compelling profitability potential:

Illustrative Economics (1,016 x B300 GPU Cluster):

• Annual Revenue: US$36.0 million (at US$4.50/hr/GPU, 90% utilization)

• Gross Profit: US$27.9 million

• Gross Margin: 77%

• Total CapEx: US$59.1 million

• Payback Period: 2.1 years

• Expected Useful Life: 6 years

At scale, the revenue potential is substantial. A 50,000 GPU deployment at US$5.00/hour would generate approximately US$1.97 billion in annual revenue, highlighting the platform's

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Market News: A Triumphant Nasdaq Debut

IPO Success Amid Competitive Landscape

Sharon AI's February 19, 2026 Nasdaq listing under ticker symbol SHAZ has captured significant market attention, with the company raising US$125 million through the off ering of 4,166,666 Class A ordinary shares at US$30.00 per share. The IPO was substantially oversubscribed, with strong institutional participation led by funds managed by Oaktree Capital Management and Two Seas Capital LP.

Market Reception

The Australian Financial Review reported that Sharon AI "hit the New York markets with a value of $1 billion as investors race for exposure to companies associated with data centres and digital infrastructure." Technology editor Paul Smith noted that the company was "founded two years ago – now it is worth more than $1 billion after a US float."

The speed of Sharon AI's journey from private funding to public markets has been remarkable. As Wunala Capital founder Scott Wilson told Capital Brief: "It's fairly short notice if it didn't have a very compelling story or narrative around the AI build out."

Strategic Timing

The listing comes at a pivotal moment in the AI infrastructure market. While some investors have expressed concerns about the vast capital expenditure being deployed by tech giants like Amazon and Microsoft, Sharon AI CEO James Manning remains bullish on demand fundamentals. "I am seeing more than enough demand to handle all of the available energy that we can turn on with our partners in the next couple of years," Manning told the AFR. "We have a lot of demand and are investing to match that."

Competitive Positioning

Sharon AI enters public markets as a direct competitor to Firmus Technologies, which has plans to build AI factories across Australia and is planning its own public listing after being valued at US$6 billion. Unlike Firmus, which is building its own data centers, Sharon AI partners with established providers like NEXTDC to host its equipment—a capital-eff icient approach that has enabled faster deployment. The company also competes in the broader Neocloud category with US-listed firms like CoreWeave (which raised US$1.5 billion in its IPO) and Iren, both of which have seen strong investor interest in the AI infrastructure buildout.

Australia's Strategic Advantage

Australia has emerged as a preferred location for AI infrastructure development due to its status as a key US ally with favorable treatment under rules restricting the export of advanced computer chips. This geopolitical advantage, combined with abundant renewable energy potential and strong data sovereignty regulations, positions Sharon AI to capture significant market share in the Asia-Pacific region.

Secondary ASX Listing Planned

Sharon AI has announced plans for a secondary listing on the Australian Securities Exchange (ASX) by April 2026, with Macquarie and Canaccord Genuity managing the process. This dual-listing strategy will provide Australian retail investors access to the stock while maintaining the company's primary listing on Nasdaq.

Analyst Insights: Bullish and Bearish Perspectives

Bullish Case: Riding the AI Infrastructure Wave

Structural Demand Drivers

The bull case for Sharon AI rests on several powerful secular trends that show no signs of abating:

1. Explosive AI Workload Growth: Global data center capacity for AI workloads is projected to grow at a 39% CAGR through 2030, significantly outpacing traditional cloud computing growth of 16% CAGR. Advanced AI capacity specifically is expected to show a 33% CAGR over the same period.

2. Supply Constraints: Despite massive capital deployment by hyperscalers, GPU availability remains constrained. NVIDIA's latest Blackwell architecture GPUs are sold out through 2026, creating opportunities for well-positioned providers like Sharon AI with early allocation agreements.

3. Sovereignty Premium: Enterprises and governments increasingly demand locally hosted AI infrastructure for data sovereignty, regulatory compliance, and security reasons. Sharon AI's Australian infrastructure commands premium pricing due to these requirements.

4. First-Mover Advantage: As Australia's first NVIDIA Certified Cloud Partner off ering enterprise-grade AI infrastructure, Sharon AI has established relationships with key customers across banking, defense, healthcare, and research sectors—markets with high switching costs and long-term contract potential.

Attractive Unit Economics

The 77% gross margin profile and 2.1-year payback period on GPU clusters compare favorably to traditional cloud infrastructure. With GPU useful life of 6 years, each cluster generates multiple years of high-margin cash flow after capital recovery. Sharon

Execution Momentum

Sharon AI has demonstrated strong execution across multiple fronts:

• Successfully deployed 1K GPU supercluster in Melbourne (operational.

• Secured 235 acres in Texas with engineering underway for 1 GW campus.

• Established strategic partnerships with NVIDIA, Cisco, NEXTDC, and VAST Data.

• Completed successful US$125 million IPO with strong institutional backing.

Management Quality The leadership team brings deep expertise from blue-chip institutions:

• CEO Wolf Schubert: 25+ years at Goldman Sachs, JP Morgan, and Vista Equity Partners.

• Co-founder James Manning: Built and scaled Mawson Infrastructure (100+ modular data centers, 200MW).

• Advisory board includes Princeton University professors and HPC research leaders.

Bearish Case: Risks and Headwinds

Customer Concentration

The company's SEC filings reveal that approximately 99% of 2024 revenue came from just three customers. This extreme concentration creates significant revenue risk if any major customer churns or reduces consumption. The company acknowledges: "If we were to lose one or more of our customers, our operating results could be materially adversely affected."

Continued Operating Losses

Sharon AI has incurred operating losses since inception and expects to continue doing so "in the foreseeable future." For the three months ending September 30, 2025, the company reported a net loss of US$707,953, including US$467,250 in change in fair value of warrant liabilities and US$240,703 in operational costs.

Intense Competition The Neocloud market is becoming increasingly crowded:

• Hyperscalers (AWS, Azure, Google Cloud) have vastly greater resources and are aggressively building AI-specific infrastructure.

• Established Neoclouds like CoreWeave have multi-billion-dollar market caps, greater scale, and established customer relationships.

• New Entrants including Nscale and Lambda are raising significant capital and competing for GPU allocations.

Competitors possess significant advantages including "greater name recognition, longer operating histories, larger market shares, more established marketing relationships, and deeper financial resources."

Capital Intensity and Execution Risk

The business model requires massive upfront capital expenditure before revenue generation:

• US$59.1 million CapEx per 1K GPU cluster

• Texas 1 GW project will require hundreds of millions in development capital

• Power procurement, construction delays, and permitting risks

• Technology obsolescence as new GPU architectures emerge every 18-24 months

Market Timing Concerns

Some analysts worry that Sharon AI's IPO comes near the peak of AI infrastructure enthusiasm:

• Tech giants' AI spending has triggered stock sell-off s due to concerns about returns

• Questions about whether AI revenue will justify the massive infrastructure investment

• Potential for oversupply if demand growth slows while capacity additions accelerate

Limited Operating History

With only 432 GPUs and 195 CPUs online as of September 2025 (located in three Australian colocation facilities), Sharon AI remains a very early-stage company. The gap between current operations and projected scale (50,000+ GPUs) represents significant execution risk.

Balanced Perspective

The reality likely lies between these extremes. Sharon AI has secured a valuable position in a high-growth market with strong structural tailwinds. The company's partnerships with NVIDIA, NEXTDC, and Cisco provide credibility and access to scarce resources. Australia's geopolitical positioning and data sovereignty requirements create a defensible niche market. However, investors should recognize this as a high-risk, high-reward growth story. Success depends on:

1. Executing the Texas data center build-out on time and budget.

2. Diversifying customer base beyond current concentration.

3. Maintaining access to latest GPU allocations from NVIDIA.

4. Competing eff ectively against better-capitalized hyperscalers and Neoclouds 5. Achieving positive cash flow before requiring additional capital raises.

The 2.48x return achieved by Trivian Capital reflects both the company's progress and the market's enthusiasm for AI infrastructure plays. Whether this valuation proves sustainable will depend on Sharon AI's ability to convert its strategic positioning into profitable, scaled operations over the coming quarters.

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Portfolio Impact: Exceptional Value Creation

Investment Thesis Validation

Trivian Capital's investment in Sharon AI at US$12.50 per share in December 2025 was predicated on several key theses, all of which have been validated in the subsequent three months

1. Market Timing Excellence Our entry coincided with the inflection point in enterprise AI adoption and the recognition of supply constraints in GPU infrastructure. The timing proved optimal, capturing the full momentum of investor enthusiasm for AI infrastructure plays.

2. Strategic Positioning Sharon AI's unique position as Australia's first NVIDIA Certified Cloud Partner off ering sovereign AI infrastructure created a defensible competitive moat. The data sovereignty angle, which we identified as a key diff erentiator, has proven even more valuable than initially anticipated as regulatory scrutiny of AI deployments intensifies globally.

3. Management Quality The leadership team's ability to execute across multiple complex workstreams simultaneously—deploying the Melbourne supercluster, advancing the Texas development, securing strategic partnerships, and completing a successful IPO—demonstrates the operational excellence we sought when making our investment.

4. Partnership Ecosystem The strength of Sharon AI's relationships with NVIDIA, NEXTDC, Cisco, and VAST Data provided validation of the company's technology and market position. These partnerships have accelerated time-to-market and enhanced credibility with enterprise customers.

Financial Performance

Investment Metrics

• Initial Investment: US$12.50/share (December 2025)

• IPO Exit Opportunity: US$30.00/share (February 2026)

• Gross Return: 140% (US$17.50 gain per share)

• MOIC: 2.48x

• Holding Period: ~75 days

• Annualized Return: >1,000% (if fully realized)

Portfolio Contribution: This investment represents one of Trivian Capital's fastest value creation stories, demonstrating our ability to identify and capitalize on emerging technology trends at inflection points. The rapid appreciation reflects both the quality of the underlying business and the strength of market demand for AI infrastructure exposure.

Strategic Considerations Going Forward

Liquidity Options: As a public company, Sharon AI now off ers enhanced liquidity compared to our typical private equity holdings. However, we believe the company's growth trajectory remains compelling, and we are evaluating the optimal balance between:

• Partial monetization to realize gains and return capital to LPs.

• Continued holding to capture additional upside as the company scales.

• Portfolio rebalancing in context of our overall technology exposure.

Lockup Considerations: Standard IPO lockup provisions typically restrict insider selling for 180 days post-listing. We are working with Sharon AI's management and our legal advisors to understand any applicable restrictions and will communicate our liquidity strategy to LPs as details are finalized.

Ongoing Monitoring: Despite the successful IPO, Sharon AI remains an early-stage company with significant execution risk. Our investment team will continue to monitor:

• Quarterly revenue growth and customer diversification.

• Progress on Texas data center development milestones.

• GPU deployment scale and utilization rates.

• Competitive dynamics and market share trends.

• Cash burn and capital requirements.

Benchmark Comparison

To contextualize Sharon AI's performance, we've compared it to other recent AI infrastructure IPOs:

Company	IPO Date	IPO Price	Current Price	Return	Market Cap
Sharon AI	Feb 2026	US$30.00	US$30.00	0%	~US$1.0B
CoreWeave	Mar 2025	US$55.00	US$72.00	+31%	~US$18B
Iren	Nov 2024	US$12.00	US$28.00	+133%	~US$3.2B

As of February 20, 2026

While Sharon AI's market debut is recent, the company's valuation and growth trajectory compare favorably to peers. The US$1 billion market capitalization provides room for significant appreciation if the company executes on its growth plan, particularly the Texas data center development.

Risk Management

Despite the strong performance, we remain cognizant of the risks inherent in early-stage technology companies:

Operational Risks:

• Customer concentration (99% from three customers).

• Continued operating losses and cash burn.

• Execution risk on Texas 1 GW development.

• Technology obsolescence as GPU architectures evolve.

Market Risks:

• Potential correction in AI infrastructure valuations.

• Increasing competition from hyperscalers and well-capitalized Neoclouds.

• Regulatory changes aff ecting AI deployment or data sovereignty requirements .

• Macroeconomic headwinds impacting enterprise IT spending.

Mitigation Strategies:

• Maintaining close dialogue with Sharon AI management and board.

• Continuous monitoring of competitive landscape and market dynamics.

• Scenario planning for various exit strategies and timing.

• Portfolio diversification to manage concentration risk.

Conclusion: A Compelling Success Story with Continued Upside Potential

Sharon AI's journey from Trivian Capital portfolio company to Nasdaq-listed entity represents a textbook example of strategic venture investing. Our entry at US$12.50 per share captured the company at an inflection point—proven technology, strong partnerships, and market timing converging to create exceptional value.

The 2.48x MOIC and 248% return in under 90 days speaks to both the quality of our investment selection process and the extraordinary momentum in AI infrastructure markets. However, it should be noted that there is very little to no volume as the free float of the company remains minimal. Further, investors that came into the Pre-IPO are currently escrowed, with this process creating a lack of selling and of liquidity for historical investors, many of whom would be wanting to take profits. Trivian Capital reminds its investors that is not a normal set of circumstances and this lack of selling will unlock in circa 4 months time.

Sharon AI possesses genuine competitive advantages:

✓ First-mover position in Australian sovereign AI infrastructure

✓ Strategic partnerships with NVIDIA, NEXTDC, Cisco, and VAST Data

✓ Attractive unit economics with 77% gross margins and 2.1-year payback

✓ Experienced management team with track record of scaling infrastructure businesses

✓ Dual-market strategy combining Australian enterprise services with US data center development

The successful IPO provides validation of our investment thesis while creating optionality for capital return and portfolio management. As Sharon AI transitions from private to public company, we remain confident in the long-term growth trajectory while maintaining appropriate risk awareness.

For Trivian Capital clients, Sharon AI exemplifies our investment philosophy: identifying transformative technology trends early, partnering with exceptional management teams, and maintaining disciplined risk management throughout the investment lifecycle.

We will continue to provide quarterly updates on Sharon AI's performance and our position management strategy. As always, we welcome questions and feedback from our LP community.

Key Takeaways for Trivian Capital Clients

• Exceptional Returns: 2.48x MOIC (248% gain) in 75 days from entry to IPO

• Validated Thesis: Strong market demand for sovereign AI infrastructure confirmed

• Market Position: Australia's leading Neocloud with NVIDIA partnership and first-mover advantage

• Growth Potential: Scalable business model with Texas 1 GW development providing additional upside

• Risk Awareness: Early-stage company with customer concentration, operating losses, and execution risk

• Liquidity Enhancement: Public listing provides exit optionality while maintaining growth exposure

• Portfolio Contribution: One of Trivian Capital's fastest value creation stories to date

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Appendix: Key Data and Sources

Contact Information

For inquiries regarding this investment:

Trivian Capital Investment Team

Email: corporate@triviancapital.com

Phone: +61 499 220 252

Investor Relations:

Email: kevin@triviancapital.com

Investment Details

• Investment Date: December 2025

• Entry Price: US$12.50/share

• IPO Date: February 19, 2026

• IPO Price: US$30.00/share

• Shares Off ered: 4,166,666 Class A ordinary shares

• Gross Proceeds: US$125 million

• Lead Underwriters: Oaktree Capital Management, Two Seas Capital LP

• Book-Running Manager: Lucid Capital Markets

Sources

1. Australian Financial Review - "Firmus rival Sharon AI debuts with $1b valuation on Nasdaq" (February 19, 2026)

2. Australian Financial Review - "Sharon AI to push ahead with ASX float after Nasdaq IPO" (February 19, 2026)

3. Investing.com - "Sharon AI prices $125 million IPO at $30 per share on NASDAQ" (February 18, 2026)

4. Capital Brief - "Shaz hands" (February 19, 2026)

5. Data Center Dynamics - "Sharon AI lists on Nasdaq stock exchange in $125m IPO" (February 19, 2026)

6. Sharon AI Investor Presentation (2026)

7. SEC Form S-1 Registration Statement

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Disclaimer: This document is for informational purposes only and does not constitute investment advice, an off er to sell, or a solicitation to buy securities. Past performance is not indicative of future results. All investments carry risk, including potential loss of principal. The information contained herein is based on sources believed to be reliable but is not guaranteed. Trivian Capital and its aff iliates may hold positions in Sharon AI. This material is confidential and intended solely for Trivian Capital clients and limited partners. Date of Publication: February 20, 2026 Document Version: 1.0