New York, June 4, 2026, 11:04 EDT
Boost Run shares were down almost 10% in early Nasdaq trade Thursday, retracing some of their recent rally. The newly public AI-infrastructure company had released new guidance and its latest quarterly results.
BRUN dropped 9.9% to $34.33 by 10:49 a.m. EDT. It traded between $31.62 and $35.77 after opening at $33.17, down from the prior close of $38.10. About 1.15 million shares changed hands.
Boost Run is a newer publicly traded company in the GPU market, where competition is strong as firms try to sell access to the chips needed for AI work. Its shares are in focus as investors look to see if Boost Run’s booked demand will cover the costs tied to its rapid expansion.
Boost Run started trading on Nasdaq on May 11 after merging with Willow Lane Acquisition Corp., a SPAC. The Northbrook, Illinois company trades as BRUN, and its public warrants are under BRUNW.
Boost Run filed on June 2, saying it released an investor deck with details on annual recurring revenue, contracted revenue backlog, and other numbers. Annual recurring revenue is what the firm says it expects yearly from ongoing contracts. Backlog refers to signed deals not yet fully recognized as sales.
The deck showed 2026 annual recurring revenue estimates above $400 million, with capital expenditures for 2026, including chips and data-center capacity, projected at $1.1 billion to $1.2 billion. It counted eight data centers now. Targeted free-cash-flow margin was set between 15% and 20%.
Annual recurring revenue has tripled so far this year, up from $30 million at the end of 2025 to $96 million as of April 30, according to a slide. The company is aiming for more than $400 million by the end of 2026. Contracted revenue backlog rose as well, climbing from $120 million at the end of 2025 to $360 million at April 30, with a $1.415 billion figure called targeted contract value for year-end 2026.
Boost Run’s Q1 revenue climbed 165% to $10.96 million, but its net loss came in at $4.12 million—last year, it had a net income of $21,000. The company held $13.24 million in cash and showed a $71.50 million working-capital deficit as of March 31. After the quarter, it got around $95.38 million from merger deals and used that to pay off bridge and related-party loans.
Boost Run has looked to sign longer deals. In an SEC filing dated May 28, the company disclosed a 36-month agreement with Thinking Machines Lab for managed GPU compute and cloud infrastructure. The contract is worth around $471.7 million, tied to the deployment of 5,000 NVIDIA B300 GPUs.
Boost Run grabbed some analyst interest after the deal. DA Davidson’s Gil Luria lifted his price target to $45 from $25 and kept a Buy rating, pointing to the Thinking Machines contract, TipRanks said.
The stock lost more ground than other AI-infrastructure peers. CoreWeave slid 4.1%. Nebius Group dipped 1.7%. Dell Technologies, which supplies hardware for Boost Run, was off 1.6%.
Boost Run’s April deal with Dell ties to the company’s push on capacity. Boost Run CEO Andrew Karos said in a release that “enterprise clients are demanding dedicated, compliant, high-performance AI infrastructure.” Dell’s David Singer pointed to Boost Run’s “NVIDIA partnership credentials” as the kind of thing customers are looking for.
Bullish hopes for Boost Run are still tied to a slim set of outcomes. The company’s investor deck spells out that forecasts hinge on risks like customer demand, financing, enough data-center space, hardware supply, and dependence on NVIDIA GPUs. The risk is clear: if signed deals slow, customers push back launches, or borrowing gets more expensive, shares could stop trading as a backlog story and start behaving like a play on heavy data-center spending.
BRUN is trading like a recent IPO, and investors aren’t giving much leeway. The AI-compute growth pitch has sold in the past, but Thursday’s drop says the street wants to see signed deals turning into revenue and cash flow on time.
