Why Is AirJoule Technologies Stock Down Today?
AirJoule acquired BitSink for $27 million upfront, $18 million of it in cash, plus up to $40 million in stock tied to revenue targets. The stock was already below Friday's close before the 07:00 ET announcement, rose 2.19% on it, and was 3.27% lower on the day by 12:34 ET.
- AirJoule paid $18 million in cash and $9 million in stock upfront for BitSink, with up to $40 million more payable only in stock if revenue milestones are met over three years.
- BitSink reported about $11 million of revenue across 2024 and 2025 and holds about $15 million of near-term purchase orders; the upfront price is about 4.9 times its average yearly revenue.
- The $18 million cash component equals 40% of the $45 million AirJoule held on August 31. The stock rose 2.19% in the first premarket minute.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| AIRJ | 4.11 | 4.11 | 4.20 | 4.16 | +2.19% | +1.22% |
AirJoule Technologies stock is down today, but the drop came before the BitSink news. The stock was already at $4.11 in premarket trading, below Friday's close of about $4.28, when word that the company acquired BitSink, a South Carolina maker of cooling and power infrastructure for AI data centers, for $27 million upfront plus up to $40 million in stock tied to revenue targets crossed MoveSurge's tape at 07:00:00 ET. The deal lifted it 2.19% to $4.20 in the first minute, and as of 12:34 ET it was 3.27% below Friday's close at $4.14, still above the pre-headline price.
What AirJoule paid for BitSink
| Component | Amount | Paid in |
|---|---|---|
| Upfront cash | $18 million | Cash |
| Upfront stock | $9 million | AirJoule common stock |
| Upfront total | $27 million | No debt assumed |
| Earnout | Up to $40 million | AirJoule common stock only, tied to BitSink revenue milestones over three calendar years |
| Maximum total | $67 million |
What BitSink brings
- BitSink designs and builds cooling, electrical distribution and racking systems for AI and high-performance computing data centers.
- It has deployed more than 220 megawatts of cooling and power capacity across North America.
- Cumulative revenue was about $11 million across 2024 and 2025, and it holds about $15 million of near-term purchase orders.
- It manufactures in Spartanburg, South Carolina, and is expanding into a 65,000-square-foot facility in Chesnee, South Carolina.
- AirJoule plans to pair BitSink's closed-loop cooling, which rejects low-grade waste heat, with AirJoule Prime, which uses that kind of heat to pull water from air.
How much of AirJoule's cash the deal uses
AirJoule held $45 million of cash on August 31, before the transaction. The $18 million cash component is 40% of that balance. At its second-quarter report on August 13 the company posted a net loss of $8.5 million for the quarter and raised its 2026 combined cash spend estimate, including its joint venture, to about $27 million to $28 million from about $25 million.
The price leans on growth. BitSink's $11 million of revenue over two years averages about $5.5 million a year, so the $27 million upfront payment is about 4.9 times that yearly average. The $15 million of near-term purchase orders already exceeds the two prior years of revenue combined, and the earnout pays up to $40 million more only if revenue milestones are reached. Because that earnout is payable solely in stock, hitting the targets would mean issuing new AirJoule shares.
How the stock traded after the deal
| Time (ET) | Price | Change from before |
|---|---|---|
| Before 07:00 | $4.11 | — |
| 07:01 | $4.20 | +2.19% |
| 07:10 | $4.16 | +1.22% |
| 12:34 (session, vs Friday close) | $4.14 | -3.27% |
The premarket reaction was small and thin, 2,088 shares in ten minutes. The stock came into the day at $4.11, about 34.9% below the $6.31 it traded at when second-quarter results crossed on August 13.
AirJoule's recent record, dated
- June 2026: A registered direct offering brings in $14.2 million of net proceeds.
- June 30, 2026: AirJoule ends the second quarter with $41.4 million of cash and no debt.
- August 13, 2026: Second-quarter results show a net loss of $8.5 million and a higher 2026 cash spend estimate.
- September 14, 2026: AirJoule acquires BitSink for $27 million upfront plus an earnout of up to $40 million in stock.
Why is AirJoule Technologies stock down today?
The decline started before the news. The stock was at $4.11 premarket, below Friday's close of about $4.28, when AirJoule announced at 07:00:00 ET that it acquired BitSink for $27 million upfront plus up to $40 million in stock. The deal lifted it 2.19% in the first minute; as of 12:34 ET it was 3.27% below Friday's close.
How much did AirJoule pay for BitSink?
$27 million upfront, made up of $18 million in cash and $9 million in AirJoule common stock, plus an earnout of up to $40 million payable only in stock if BitSink reaches revenue milestones over three calendar years.
What does BitSink do?
BitSink designs and manufactures cooling, electrical distribution and racking infrastructure for AI and high-performance computing data centers. It has deployed more than 220 megawatts of capacity and reported about $11 million of revenue across 2024 and 2025.
Sources
-
AirJoule Technologies Acquires BitSink, Adding Profitable AI & HPC Infrastructure Cooling Business
— GlobeNewswire
AirJoule acquired 100% of BitSink for $18 million in cash and $9 million in stock upfront plus an earnout of up to $40 million in stock tied to revenue milestones over three calendar years; BitSink has deployed 220+ MW, had about $11 million of revenue across 2024-2025 and holds $15 million of near-term purchase orders.
-
AirJoule acquires BitSink for up to $67M to expand into AI data centers
— Investing.com
AirJoule's BitSink acquisition is worth up to $67 million including the earnout.
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