Sphere 3D Corp. priced an approximately $5 million private placement and announced plans to sell its Iowa site and legacy mining fleet as it shifts capital toward artificial intelligence and high-performance computing infrastructure in the Tennessee Valley Authority region. Shares rose 12.65% to $2.76 after Tuesday's close, after gaining 5.60% to $2.45 during regular trading. The financing is expected to close around Sept. 11, 2026, with three directors, including Board Chairman Timothy Hanley and Chief Executive Officer Joel Block, participating for approximately $1 million. Sphere 3D expects $1.5 million from the Iowa site sale and about $3 million from selling roughly 5,500 mining machines. The company has proposed a 50 MW data center in Hopkinsville, Kentucky, but the project still requires regulatory approvals.