# EDGAR Filing Document

**Accession Number:** 0000896493
**File Stem:** 0001214659-26-005132
**Filing Date:** 2026-4
**Character Count:** 131844
**Document Hash:** 4fe1a70af938b029227a4460d6deab87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-005132.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001214659-26-005132

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyperscale Data, Inc.
- **CENTRAL INDEX KEY:** 0000896493
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 941721931
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295348
- **FILM NUMBER:** 26901604

**BUSINESS ADDRESS:**
- **STREET 1:** 11411 SOUTHERN HIGHLANDS PARKWAY
- **STREET 2:** SUITE 190
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89141
- **BUSINESS PHONE:** (949) 444-5464 3679

**MAIL ADDRESS:**
- **STREET 1:** 11411 SOUTHERN HIGHLANDS PARKWAY
- **STREET 2:** SUITE 190
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89141

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ault Alliance, Inc.
- **DATE OF NAME CHANGE:** 20230103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BitNile Holdings, Inc.
- **DATE OF NAME CHANGE:** 20211213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ault Global Holdings, Inc.
- **DATE OF NAME CHANGE:** 20210119

As filed with the Securities and Exchange Commission on April 27, 2026

Registration No. 333-________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Hyperscale Data, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br> (State or other jurisdiction of<br> incorporation or organization) | **94-1721931** <br> (I.R.S. Employer<br> Identification No.) |

---

**11411 Southern Highlands Parkway, Suite 190**

**Las Vegas, NV 89141** 

(Address of Principal Executive Offices) (Zip Code)

**2025 Stock Incentive Plan**

**Option Agreements Outside of the 2025 Stock Incentive Plan**

(Full title of the plan)

**William B. Horne**

**Chief Executive Officer**

**Hyperscale Data, Inc.**

**11411 Southern Highlands Parkway, Suite 190**

**Las Vegas, NV 89141** 

(Name and address of agent for service)

**(949) 444-5464**

(Telephone number, including area code, of agent for service)

It is requested that copies of notices and communications from the Securities and Exchange Commission be sent to:

---

| | |
|:---|:---|
| **Henry Nisser, Esq.**<br> **President and General Counsel**<br> **Hyperscale Data, Inc.**<br> **122 East 42nd Street, 50th Floor**<br> **New York, NY 10168**<br> **(646) 650-5044** | **Kenneth A. Schlesinger, Esq.**<br> **Spencer G. Feldman, Esq.**<br> **Olshan Frome Wolosky LLP**<br> **1325 Avenue of the Americas, 15<sup>th</sup> Floor**<br> **New York, NY 10019**<br> **(212) 451-2300** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ◻ | Accelerated filer ◻ |
| Non-accelerated filer ⌧ | Smaller reporting company ⌧ |
|  | Emerging growth company ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (this "**Registration Statement**") is being filed by Hyperscale Data, Inc., a Delaware corporation (the "**Registrant**" or the "**Company**"), in connection with the registration of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 6,354,167 shares of class A common stock, par value $0.001 per share (the "**Common Stock** "),
issuable upon the exercise of stock options granted under the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "**2025 Plan** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 1,645,833 shares of Common Stock available for future issuance under the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 7,500,000 shares of Common Stock issuable upon the exercise of stock options granted to certain directors
and employees pursuant to option agreements outside of the 2025 Plan (the "**Option Agreements**," and together with the
2025 Plan, the "**Plans** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the reoffer and resale of 13,854,167 shares (the "**Shares**") of Common Stock issuable
upon exercise of stock options previously granted under the Plans to certain employees, directors and consultants of the Company (the
" **Selling Stockholders** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such additional shares that may become issuable in accordance with the adjustment and anti-dilution provisions of the Plans.

This registration statement contains two parts. The first part contains a "reoffer" prospectus (the "**Reoffer Prospectus**") prepared in accordance with General Instruction C of Form S-8 and in accordance with the requirements of Part I of Form S-3. The Reoffer Prospectus may be used for the reoffer and resale on a continuous or delayed basis of the Shares, which may be deemed to be "restricted securities" and/or "control securities" within the meaning of the Securities Act, and the rules and regulations promulgated thereunder, that are issuable to the Selling Stockholders identified in the Reoffer Prospectus. The number of shares of Common Stock included in the Reoffer Prospectus represents shares of Common Stock issuable to the Selling Stockholders pursuant to stock options granted to the Selling Stockholders and does not necessarily represent a present intention on the part of any of the Selling Stockholders to sell any or all such shares of Common Stock. The second part contains information required to be set forth in the registration statement pursuant to Part II of Form S-8.

The Company will provide without charge to any person, upon written or oral request of such person, a copy of each document incorporated by reference in Item 3 of Part II of this registration statement (which documents are also incorporated by reference in the reoffer prospectus as set forth in Form S-8), other than exhibits to such documents that are not specifically incorporated by reference, the other documents required to be delivered to eligible employees pursuant to Rule 428(b) under the Securities Act and additional information about the plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1.** **Plan Information. \***

**Item 2.** **Registrant Information and Employee Plan Annual Information.\*** 

\* The documents containing the information specified in Part I of Form S-8 will be sent or given to each recipient of a grant under the Plans as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "**Securities Act**"). Such documents are not required to be and are not filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Registrant will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b), and will include the address and telephone number to which the request is to be directed.

**REOFFER PROSPECTUS**

![](hyperscaledata_logo.jpg)

**Up to 13,854,167 Shares of Common Stock**

------

This reoffer prospectus relates to up to 13,854,167 shares (the "**Shares**") of class A common stock, $0.0001 par value ("**Common Stock**"), of Hyperscale Data, Inc. (the "**Company**"), that may be offered from time to time by certain Selling Stockholders as described under the caption *"Selling Stockholders"* (the "**Selling Stockholders**"). The Selling Stockholders consist of our employees, directors and consultants who will acquire Shares pursuant to the exercise of certain options granted to the respective Selling Stockholders under the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "**2025 Plan**") and pursuant to option agreements outside of the 2025 Plan ("**Option Agreements,**" and together with the 2025 Plan, the "**Plans**").

The Selling Stockholders may sell the Shares covered by this reoffer prospectus from time to time through various means, including directly or indirectly to purchasers, in one or more transactions on NYSE American LLC ("**NYSE American**") or any other stock exchange or stock market on which the Shares are traded at the time of sale, in privately negotiated transactions, or through a combination of these methods. These sales may be at fixed prices, which may change, at market prices available at the time of sale, at prices based on the available market price at the time of sale, or at negotiated prices. If the Shares are sold through underwriters, broker-dealers or agents, these parties may be compensated for their services in the form of discounts or commissions, which may be deemed to be "underwriting commissions." If required, the names of any underwriter(s), applicable commissions or discounts, and any other required information with respect to any particular sales will be disclosed in an accompanying prospectus supplement.

The Common Stock is listed on the NYSE American under the symbol "GPUS." On April 24, 2026, the last reported sale price for the Common Stock was $0.155.

We will not receive any of the proceeds from the sale of the Shares by the Selling Stockholders. While we will pay the expenses of registering the Shares, the Selling Stockholders will bear all sales commissions and similar expenses.

**Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties referenced under the heading "Risk Factors" contained in this reoffer prospectus beginning on page 5, and under similar headings in the other documents that are incorporated by reference into this reoffer prospectus.**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

The date of this reoffer prospectus is April 27, 2026.

**Hyperscale Data, Inc.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Cautionary Statement Regarding Forward-Looking Statements](#caution) | 1 |
| [Where You Can Find Additional Information](#werucanfind) | 3 |
| [Incorporation of Certain Documents by Reference](#incorporation) | 4 |
| [Company Overview](#cooverview) | 5 |
| [Risk Factors](#riskfactors) | 7 |
| [Use of Proceeds](#useproceeds) | 9 |
| [Selling Stockholders](#sellingstock) | 10 |
| [Plan of Distribution](#planofdistri) | 12 |
| [Legal Matters](#legalmatters) | 14 |
| [Experts](#experts) | 14 |

---

This reoffer prospectus contains important information you should know before investing, including important information about the Company and the securities being offered. You should carefully read this reoffer prospectus, as well as the additional information contained in the documents described under "*Where You Can Find More Information*" and "*Incorporation by Reference*" in this reoffer prospectus, and in particular, the periodic and current reports we file with the Securities and Exchange Commission (the "**SEC**").

You should rely only on the information contained in this reoffer prospectus or incorporated herein by reference or in any prospectus supplement. Neither we nor the Selling Stockholders have authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither we nor the Selling Stockholders take responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. Neither we nor the Selling Stockholders are making an offer to sell the Shares, or soliciting an offer to buy the Shares, in any jurisdiction where the offer or sale is not permitted.

You should assume that the information appearing in this reoffer prospectus and any prospectus supplement is accurate only as of the date on its respective cover and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This reoffer prospectus incorporates by reference, and any prospectus supplement may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this reoffer prospectus and any prospectus supplement may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" contained in this reoffer prospectus and any applicable prospectus supplement, as well as under similar headings in any documents that are incorporated by reference into this reoffer prospectus and any applicable prospectus supplement. Accordingly, investors should not place undue reliance on this information.

Unless otherwise stated or the context requires otherwise, references to "HDI," the "Company," "we," "us" or "our" are to Hyperscale Data, Inc., a Delaware corporation, and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This registration statement, of which this prospectus forms a part, contains forward-looking statements. All statements other than statements of historical fact contained herein, including statements regarding our business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies are forward-looking statements. Words such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that," "may," "plans," "seeks," "projects," "targets," and "would," and their opposites and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will actually be achieved. Forward-looking statements are based on information we have when those statements are made or our management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we will need to raise additional capital to fund our operations in furtherance of our business plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we have an evolving business model, which increases the complexity of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our Bitcoin mining operations present a number of risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we are highly reliant on the price of Bitcoin and the level of demand for, and financial performance of,
Bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our holding company model presents certain additional risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our growth strategy is subject to a significant degree of risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we are heavily dependent on our senior management, and a loss of a member of our senior management team
could cause our stock price to suffer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if we fail to anticipate and adequately respond to rapid technological changes in our industry, including
evolving industry-wide standards, in a timely and cost-effective manner, our business, financial condition and results of operations would
be materially and adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we are subject to risks related to governmental regulation and enforcement with respect to Bitcoin mining,
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o regulatory changes or actions may restrict the use of Bitcoin or the operation of the Bitcoin network
in a manner that adversely affects an investment in our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o due to the unregulated nature and lack of transparency surrounding the operations of many Bitcoin trading
venues, they may experience fraud, security failures or operational problems, which may adversely affect the value of our Bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o if regulatory changes or interpretations require the regulation of Bitcoin under the Securities Act and
the Investment Company Act of 1940, as amended, we may be required to register and comply with such regulations. To the extent we decide
to continue operations, the required registrations and regulatory compliance steps may result in extraordinary, non-recurring expenses
to us. We may also decide to cease certain operations. Any disruption of our operations in response to the changed regulatory circumstances
may be at a time that is disadvantageous to investors. This would likely have a material adverse effect on us and investors may lose their
investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o changing environmental regulation and public energy policy may expose our business to new risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· we may be significantly impacted by developments and changes in laws and regulations, including increased
regulation of the industry in which we operate through legislative action and revised rules and standards applied by The Financial Crimes
Enforcement Network under the authority of the U.S. Bank Secrecy Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if we do not at any time satisfy the NYSE American continued listing requirements, our securities could
be delisted from the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our Common Stock price is volatile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other risks and uncertainties described in this prospectus, including those under the section entitled
" *Risk Factors*."

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of the Company prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*.

Our website address is *www.hyperscaledata.com*. The information on our website, however, is not, and should not be deemed to be, a part of this reoffer prospectus.

This reoffer prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. You may obtain a copy of the registration statement through the SEC's website, as provided above.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC's rules allow us to "incorporate by reference" information into this reoffer prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this reoffer prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this reoffer prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this reoffer prospectus to the extent that a statement contained in this reoffer prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on [April 15, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926004697/hdi32026010k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on [January 16, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926000601/o1162568ka1.htm), [January 20, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926000614/w1192628k.htm), [February 13, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926001732/z2122638k.htm) (Item 1.01 only), [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465926003484/i3192608k.htm), [April 10, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926004554/w4102608k.htm) and [April 17, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465926004810/w4172608k.htm) (Item 5.03 only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Definitive Proxy Statement on Schedule 14A, filed with the SEC on [March 3, 2026](https://www.sec.gov/Archives/edgar/data/896493/000121465926002737/j33261def14a.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The description of our common stock contained in our Annual Report on Form 10-K as Exhibit 4.1 that was filed with the SEC on [April 15, 2026](https://www.sec.gov/Archives/edgar/data/896493/000121465926004697/ex4_1.htm).

All documents filed by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") (other than Current Reports on Form 8-K furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items), subsequent to the filing of this reoffer prospectus and prior to the termination of this offering, shall be deemed to be incorporated by reference into this reoffer prospectus and to be a part hereof from the date of filing such documents, except as to specific sections of such documents as set forth therein.

We will provide without charge to each person, including any beneficial owner, to whom this reoffer prospectus is delivered, upon written or oral request, a copy of any or all documents that are incorporated by reference into this reoffer prospectus, but not delivered with this reoffer prospectus, other than exhibits to such documents unless such exhibits are specifically incorporated by reference into the documents that this reoffer prospectus incorporates. You should direct any requests for such documents to:

Hyperscale Data, Inc.

11411 Southern Highlands Parkway, Suite 190

Las Vegas, Nevada 89141

Attention: Investor Relations

(949) 444-5464

**Company Overview**

Hyperscale Data, Inc., a Delaware corporation (the "Company," "we," "us," "our company" or similar terminology) was incorporated in September 2017. Through our wholly and majority owned subsidiaries and strategic investments, we own and/or operate data centers at which we mine Bitcoin and offer colocation and hosting services for the emerging artificial intelligence ("AI") ecosystems and other industries as well as provide mission-critical products that support a diverse range of industries, including an AI software platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. Our direct subsidiaries are:

Our direct and indirect wholly owned subsidiaries include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sentinum, Inc. ("Sentinum");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Omnipresent Robotics, LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ault Capital Group, Inc. ("Ault Capital").

Sentinum wholly owns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alliance Cloud Services, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BNI Montana, LLC.

Ault Capital either wholly owns or has a direct controlling interest in, among other entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ault Lending, LLC ("Ault Lending");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gresham Worldwide, Inc. ("Gresham"), which wholly owns Enertec Systems 2001 Ltd. ("Enertec"),
Relec Electronics Ltd. ("Relec") and Giga-tronics Incorporated ("GIGA") and holds a controlling interest in Microphase
Corporation ("Microphase");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ault Markets, Inc., which wholly owns Ault DAO LLC, the Wyoming limited liability company that serves
as the legal and corporate entity of record for the Ault DAO, which operates the Ault Blockchain network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RiskOn International, Inc. ("ROI"), which wholly owns BitNile.com, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· askROI, Inc. ("askROI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ault Global Real Estate Equities, Inc. ("AGREE");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ault Aviation, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Circle 8 Holdco LLC, which wholly owns Circle 8 Crane Services, LLC ("Circle
8"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TurnOnGreen, Inc. ("TurnOnGreen"), which wholly owns TOG Technologies, Inc. ("TOG Technologies")
and Digital Power Corporation ("Digital Power").

We were founded by Milton C. (Todd) Ault, III, our Executive Chairman, and are led by Mr. Ault, William B. Horne, our Chief Executive Officer and Vice Chairman, and Henry Nisser, our President and General Counsel. Together, they constitute the Executive Committee, which manages the day-to-day operations of the Company. Our long-term objective is to maximize per share intrinsic value. All major investment and capital allocation decisions are made for us by Mr. Ault and the Executive Committee.

We currently have the following reportable segments, though it should be noted that we are in the process of transitioning our data centers away from Bitcoin mining to operations dedicated to high-performance computing and AI purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sentinum: crypto asset mining operations, colocation and hosting services for emerging AI ecosystems and
other industries, and our digital asset treasury activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Energy and Infrastructure: crane rental and lifting solutions provider for oilfield, construction, commercial
and infrastructure markets through Circle 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· AGREE: hotel operations and other commercial real estate holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gresham: defense solutions with operations conducted by Enertec, Relec, Microphase and GIGA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TurnOnGreen: commercial electronics solutions with operations conducted by Digital Power, and electric
vehicle charging solutions through TOG Technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Technology and Finance: commercial lending and trading through Ault Lending; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ROI: includes askROI, which operates OnlyBulls, a consumer-facing financial research and market intelligence
platform developed and operated by askROI as well as ROI's own operations, which includes its ownership of 100% of Bitnile.com,
which is engaged in the development of an online predictions market platform.

**RISK FACTORS**

*An investment in shares of our Common Stock is highly speculative and involves a high degree of risk. We face a variety of risks that may affect our operations or financial results and many of those risks are driven by factors that we cannot control or predict. Before investing in our Common Stock, you should carefully consider the risks below and set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on April 15, 2026, which are incorporated by reference herein, and subsequent reports filed with the SEC, together with the financial and other information contained or incorporated by reference in this prospectus. If any of these risks actually occurs, our business, prospects, financial condition and results of operations could be materially adversely affected. In that case, the trading price of our Common Stock would likely decline and you may lose all or a part of your investment. Only those investors who can bear the risk of loss of their entire investment should invest in our Common Stock.*

**Risks Related to Ownership of Our Common Stock and Future Offerings**

**You may experience future dilution as a result of future equity offerings.**

In order to raise additional capital, we may in the future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our Common Stock, or securities convertible or exchangeable into Common Stock, in future transactions may be higher or lower than the price per share paid by investors in this offering.

**Our Common Stock price is volatile.**

Our Common Stock is listed on the NYSE American. In the past, our trading price has fluctuated widely, depending on many factors that may have little to do with our operations or business prospects. During the past 52-week period (through April 24, 2026), our stock closed at prices between $9.98 per share and $0.13 per share, as reported on NYSE.com. On April 24, 2026, the price of our Common Stock closed at $0.155 per share.

Stock markets, in general, have experienced, and continue to experience, significant price and volume volatility, and the market price of our Common Stock may continue to be subject to similar market fluctuations unrelated to our operating performance or prospects. This increased volatility, coupled with depressed economic conditions, could continue to have a depressive effect on the market price of our Common Stock. The following factors, many of which are beyond our control, may influence our stock price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the status of our growth strategy including the development of new products with any proceeds we may be
able to raise in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· announcements of technological or competitive developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· announcements or expectations of additional financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our ability to market new and enhanced products on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in laws and regulations affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· regulatory developments affecting us, our customers or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· announcements regarding patent or other intellectual property litigation or the issuance of patents to
us or our competitors or updates with respect to the enforceability of patents or other intellectual property rights generally in the
US or internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results
of companies perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the market's expectations about our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our operating results failing to meet the expectations of securities analysts or investors in a particular
period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in the economic performance or market valuations of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· additions or departures of our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sales or perceived sales of our Common Stock by us, our insiders or our other stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· share price and volume fluctuations attributable to inconsistent trading volume levels of our shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· general economic, industry, political and market conditions and overall fluctuations in the financial
markets in the United States and abroad.

In addition, the securities markets have, from time to time, experienced significant price and volume fluctuations that are not related to the operating performance of particular companies. Any of these factors could result in large and sudden changes in the volume and trading price of our Common Stock and could cause our stockholders to incur substantial losses. In the past, following periods of volatility in the market price of a company's securities, stockholders have often instituted securities class action litigation against that company. If we were involved in a class action suit or other securities litigation, it would divert the attention of our senior management, require us to incur significant expense and, whether or not adversely determined, have a material adverse effect on our business, financial condition, results of operations and prospects.

**Volatility in our Common Stock price may subject us to securities litigation.**

Stock markets, in general, have experienced, and continue to experience, significant price and volume volatility, and the market price of our Common Stock may continue to be subject to similar market fluctuations unrelated to our operating performance or prospects. This increased volatility, coupled with depressed economic conditions, could have a depressing effect on the market price of our Common Stock.

In addition, the securities markets have, from time to time, experienced significant price and volume fluctuations that are not related to the operating performance of particular companies. Any of these factors could result in large and sudden changes in the volume and trading price of our Common Stock and could cause our stockholders to incur substantial losses. In the past, following periods of volatility in the market price of a company's securities, stockholders have often instituted securities class action litigation against that company. If we were involved in a class action suit or other securities litigation, it would divert the attention of our senior management, require us to incur significant expense and, whether or not adversely determined, have a material adverse effect on our business, financial condition, results of operations and prospects.

**We have a substantial number of convertible notes, stock options, warrants, Class B Common Stock and preferred stock outstanding that could affect our price.**

Due to a number of financings, we have a substantial number of shares that are subject to issuance pursuant to outstanding convertible debt, warrants and options. As of April 24, 2026, the number of shares of Common Stock subject to convertible notes, stock options, warrants, Class B Common Stock, Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, Series G Convertible Preferred Stock and Series H Convertible Preferred Stock were 51,270,904, 13,854,167, 639,105, 23,967,064, 7,500,000, 347,222,219, 6,666,666 and 27,777,778 respectively. The issuance of Common Stock pursuant to convertible notes, stock options, warrants, Class B Common Stock and preferred stock at conversion or exercise prices lower than market prices may have the effect of limiting an increase in the market price of our Common Stock.

**USE OF PROCEEDS**

The Shares offered by the Selling Stockholders pursuant to this reoffer prospectus will be sold by the Selling Stockholders for their respective accounts. We will not receive any proceeds from the sale of the Shares offered through this reoffer prospectus by the Selling Stockholders.

**SELLING STOCKHOLDERS**

We are registering for resale the Shares covered by this prospectus to permit the Selling Stockholders identified below and their pledgees, donees, transferees and other successors-in-interest that receive their securities from a Selling Stockholder as a gift, partnership distribution or other non-sale related transfer after the date of this prospectus to resell the Shares when and as they deem appropriate. The Shares may not be sold or otherwise transferred by the Selling Stockholders unless and until the applicable awards vest and are exercised, as applicable, in accordance with the terms and conditions of the Plans.

The following table sets forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of each Selling Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the position(s), office or other material relationship with our Company and
its predecessors or affiliates, over the last three years of each Selling Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number and percentage of shares of our Common Stock that each Selling
Stockholder beneficially owned as of April 24, 2026 prior to the offering for resale of the Shares under this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares of our Common Stock that may be offered for resale for
the account of each Selling Stockholder under this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number and percentage of shares of our Common Stock to be beneficially
owned by each Selling Stockholder after the offering of the resale shares (assuming all of the offered resale shares are sold by such
Selling Stockholder).

Information with respect to beneficial ownership is based upon information obtained from the Selling Stockholders. Because the Selling Stockholders may offer all or part of the shares of Common Stock, which they own pursuant to the offering contemplated by this reoffer prospectus, and because its offering is not being underwritten on a firm commitment basis, no estimate can be given as to the amount of shares that will be held upon termination of this offering.

The number of shares in the column ''Number of Shares Being Offered'' represents all of the shares of our Common Stock that each Selling Stockholder may offer under this prospectus. We do not know how long the Selling Stockholders will hold the shares before selling them or how many shares they will sell. The shares of our Common Stock offered by this prospectus may be offered from time to time by the Selling Stockholders listed below. We cannot assure you that any of the Selling Stockholders will offer for sale or sell any or all of the shares of Common Stock offered by them by this prospectus.

Unless otherwise indicated, the address of each Selling Stockholder listed below is c/o Hyperscale Data, Inc., 11411 Southern Highlands Parkway, Suite 190, Las Vegas, Nevada 89141.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Shares Beneficially** | **Number of Shares Beneficially** | | **Number of Shares Beneficially** | **Number of Shares Beneficially** |
| | **Owned Prior to Offering <sup>(1)</sup>** | **Owned Prior to Offering <sup>(1)</sup>** | **Number of**<br>**Shares Being** | **Owned After Offering <sup>(2)</sup>** | **Owned After Offering <sup>(2)</sup>** |
| <br>**Securityholders** | **Number** | **Percent (%)** | **Offered** | **Number** | **Percent (%)** |
| Milton C. Ault, III <sup>(3)</sup> | 401005939 | 47.93% | 2000000 | 399755939 | 47.07% |
| William B. Horne <sup>(4)</sup> | 1250001 | \* | 2000000 | 1 | \* |
| Henry C.W. Nisser <sup>(5)</sup> | 937503 | \* | 1500000 | 3 | \* |
| Kenneth S. Cragun <sup>(6)</sup> | 625000 | \* | 1000000 |  | \* |
| Robert Smith <sup>(7)</sup> | 156250 | \* | 250000 |  | \* |
| Mordechai Rosenberg <sup>(7)</sup> | 156250 | \* | 250000 |  | \* |
| Jeffrey A. Bentz <sup>(7)</sup> | 156250 | \* | 250000 |  | \* |
| Michael Lorber <sup>(8)</sup> | 140625 | \* | 250000 |  | \* |
| Named Selling Stockholders <sup>(9)</sup> | 3622917 | \* | 6354167 |  | \* |

---

____________________

\* Less than 1% of the outstanding shares of Common Stock.

(1) The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3
of the Securities Exchange Act of 1934, as amended, and the information is not necessarily indicative of beneficial ownership for any
other purpose. Under such rule, beneficial ownership includes any shares as to which the Selling Stockholder has sole or shared voting
power or investment power and also any shares which the Selling Stockholder has the right to acquire within 60 days. Applicable percentage
ownership is based on 438,448,809 shares of Common Stock outstanding as of April 24, 2026.

(2) Assumes that all shares of Common Stock to be offered, as set forth above, are sold pursuant to this offering
and that no other shares of Common Stock are acquired or disposed of by the Selling Stockholders prior to the termination of this offering.
Because the Selling Stockholders may sell all, some or none of their shares of Common Stock or may acquire or dispose of other shares
of Common Stock, no reliable estimate can be made of the aggregate number of shares of Common Stock that will be sold pursuant to this
offering or the number or percentage of shares of Common Stock that each Selling Stockholder will own upon completion of this offering.

(3) Mr. Ault is the Executive Chairman of our board of directors (the "**Board** "). The shares
of Common Stock beneficially owned prior to this offering represents (i) 268,800 shares of Common Stock owned by Mr. Ault, (ii) 1,721
shares of Class B Common Stock owned by Mr. Ault that are convertible into the same number of shares of Common Stock, (iii) 1,250,000
shares of Common Stock issuable upon exercise of options which are currently exercisable or become exercisable within 60 days, (iv) 2,500,005
shares of Common Stock owned by Ault & Company, Inc. ()"**Ault & Co.** "), (v) 14,679,698 shares of Class B Common
Stock owned by Ault & Co. that are convertible into the same number of shares of Common Stock, (vi) 347,222,219 shares of Common Stock
issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock owned by Ault & Co., (vii) 6,666,666 shares of Common
Stock issuable upon conversion of 960 shares of Series G Convertible Preferred Stock owned by Ault & Co., (viii) 27,777,778 shares
of Common Stock issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock owned by Ault & Co. and (ix) 639,052
shares of Common Stock underlying presently exercisable warrants owned by Ault & Co. Mr. Ault is the Chief Executive Officer of Ault
& Co. and is deemed to beneficially own the shares held by Ault & Co. The shares of Common Stock registered for resale hereunder
represent shares issuable upon exercise of vested and unvested stock options.

(4) Mr. Horne is our Chief Executive Officer and our Vice Chairman of the Board. The shares of Common Stock
beneficially owned prior to this offering represent (i) 1 share of Class B Common Stock owned by Mr. Horne that is convertible into 1
share of Common Stock (ii) 1,250,000 shares of Common Stock issuable upon exercise of options which are currently exercisable or become
exercisable within 60 days. The shares of Common Stock registered for resale hereunder represent shares issuable upon exercise of vested
and unvested stock options.

(5) Mr. Nisser is our President, General Counsel and a member of the Board. The shares of Common Stock beneficially
owned prior to this offering represent (i) 2 shares of Common Stock owned by Mr. Nisser, (ii) 1 share of Class B Common Stock owned by
Mr. Nisser that is convertible into 1 share of Common Stock and (iii) 937,500 shares of Common Stock issuable upon exercise of options
which are currently exercisable or become exercisable within 60 days. The shares of Common Stock registered for resale hereunder represent
shares issuable upon exercise of vested and unvested stock options.

(6) Mr. Cragun is our Chief Financial Officer. The shares of Common Stock beneficially owned prior to this
offering represent 625,000 shares of Common Stock issuable upon exercise of options which are currently exercisable or become exercisable
within 60 days. The shares of Common Stock registered for resale hereunder represent shares issuable upon exercise of vested and unvested
stock options.

(7) Messrs. Smith, Rosenberg and Bentz are each a member of our Board. The shares of Common Stock beneficially
owned prior to this offering represent 156,250 shares of Common Stock issuable upon exercise of options which are currently exercisable
or become exercisable within 60 days. The shares of Common Stock registered for resale hereunder represent shares issuable upon exercise
of vested and unvested stock options.

(8) Mr. Lorber is a member of our Board. The shares of Common Stock beneficially owned prior to this offering
represent 140,625 shares of Common Stock issuable upon exercise of options which are currently exercisable or become exercisable within
60 days. The shares of Common Stock registered for resale hereunder represent shares issuable upon exercise of vested and unvested stock
options.

(9) Includes the following 17 named non-affiliate persons, each of whom beneficially owns at least 1,000 Shares:
Chase K. Ault; Jason Bartholomew; Donte Bronaugh; Brian Delong; Therese N. Doherty; Gregory B. Hevener; Jean Ho; David J. Katzoff; Jay
L. Looney, Yasmine L. Misuraca; John Ngo; Barbara Perry; Joseph M. Spaziano; Georgia L. Thompson; James M. Turner; Samuel F. Welty; and
Skyla Woltering. Each of these persons beneficially owns less than 1% of our Common Stock. The shares of Common Stock registered for resale
hereunder represent shares issuable upon exercise of vested and unvested stock options.

**PLAN OF DISTRIBUTION**

The Selling Stockholders may sell the Shares covered by this reoffer prospectus from time to time in one or more offerings. Registration of the Shares covered by this reoffer prospectus does not mean, however, that those securities will necessarily be offered or sold.

We will pay all fees and expenses incurred in connection with the registration of the Shares, and the Selling Stockholders will pay any brokerage or underwriting commissions or discounts or other expenses relating to the sale of the Shares. We will not receive any of the proceeds from the sale of the Shares offered by this reoffer prospectus.

The Selling Stockholders may use any one or more of the following methods when disposing the Shares or interests therein:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

● in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any of the foregoing methods of sale; or

● any other method permitted pursuant to applicable law.

If required at the time of the offering of the Shares, a prospectus supplement will be distributed which will describe the method of distribution of the securities and the terms of the offering.

If underwriters are used in the sale of any securities, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions described above. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters. Generally, the underwriters' obligations to purchase the securities will be subject to conditions precedent and the underwriters will be obligated to purchase all of the securities if they purchase any of the securities. A prospectus supplement, if required, will name any underwriter used in the offering.

The Selling Stockholders may sell the securities offered through this reoffer prospectus directly. In this case, no underwriters or agents would be involved. Such securities may also be sold through agents designated from time to time. A prospectus supplement, if required, will name any agent involved in the offer or sale of the offered securities and will describe any commissions payable to the agent. Unless otherwise indicated in a prospectus supplement, any agent will agree to use its reasonable best efforts to solicit purchases for the period of its appointment.

The Selling Stockholders may sell the securities directly to institutional investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those securities. The terms of any such sales will be described in a prospectus supplement, if required.

The Selling Stockholders may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from them at the public offering price set forth in a prospectus supplement, if required, pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in a prospectus supplement, if required, and a prospectus supplement, if required, will set forth any commissions to be paid for solicitation of these contracts.

Underwriters, dealers and agents may be entitled to indemnification by the Selling Stockholders against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments made by the underwriters, dealers or agents, under agreements between the Selling Stockholders and the underwriters, dealers and agents.

The Selling Stockholders and any broker-dealer participating in the distribution of the Shares may be deemed to be "underwriters" within the meaning of the Securities Act, and any profits realized by the Selling Stockholders, and commissions paid, or any discounts or concessions allowed to any broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act.

In addition, any Shares covered by this reoffer prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this reoffer prospectus.

Any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time.

The Selling Stockholders and any other person participating in the sale of the Shares will be subject to the Exchange Act. The Exchange Act rules include, without limitation, Regulation M, which may limit the timing of purchases and sales of any of the Shares by the Selling Stockholders and any other person. In addition, Regulation M may restrict the ability of any person engaged in the distribution of the Shares to engage in market-making activities with respect to the particular securities being distributed. This may affect the marketability of the Shares and the ability of any person or entity to engage in market-making activities with respect to the Shares.

We have notified the Selling Stockholders of the need to deliver a copy of this Reoffer Prospectus in connection with any sale of the shares of Common Stock.

**LEGAL MATTERS**

The validity of the issuance of the securities offered by this prospectus will be passed upon for us by Olshan Frome Wolosky LLP, New York, New York.

**EXPERTS**

The consolidated balance sheet of Hyperscale Data, Inc. (the "Company") as of December 31, 2025, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for the year then ended, included in the 2025 Annual Report on Form 10-K, and related notes, have been audited by CBIZ CPAs PC, an independent registered public accounting firm, as set forth in their report thereon. The consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for the year then ended, included in the 2025 Annual Report on Form 10-K, and related notes, which includes an explanatory paragraph on the Company's ability to continue as a going concern, have been audited by Marcum LLP, an independent registered public accounting firm, as set forth in their report thereon. Such consolidated financial statements have been incorporated by reference in reliance upon the reports pertaining to such consolidated financial statements of such firms given upon their authority as experts in auditing and accounting.

The report of Ziv Haft on the financial statements of ENERTEC SYSTEMS 2001 LTD, as of December 31, 2025, and as of November 28, 2025, and the related statements of comprehensive profit, changes in shareholders' equity, and cash flows for the period from November 28, 2025 to December 31, 2025 and the related notes to the financial statements, not included herein, incorporated by reference in this Prospectus and in the Registration Statement have been so incorporated in reliance on the report of Ziv Haft, a member firm of BDO, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.

![](hyperscaledata_logo.jpg)

UP TO 13,854,167 SHARES OF COMMON STOCK

REOFFER PROSPECTUS

APRIL 27, 2026

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The SEC's rules allow us to "incorporate by reference" information into this Registration Statement, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this Registration Statement, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this Registration Statement or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement or a subsequently filed document incorporated by reference modifies or replaces that statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on [April 15, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926004697/hdi32026010k.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on [January 16, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926000601/o1162568ka1.htm), [January 20, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926000614/w1192628k.htm), [February 13, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926001732/z2122638k.htm) (Item 1.01 only), [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465926003484/i3192608k.htm), [April 10, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000896493/000121465926004554/w4102608k.htm) and [April 17, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465926004810/w4172608k.htm) (Item 5.03 only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our Definitive Proxy Statement on Schedule 14A, filed with the SEC on [March 3, 2026](https://www.sec.gov/Archives/edgar/data/896493/000121465926002737/j33261def14a.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The description of our common stock contained in our Annual Report on Form 10-K as Exhibit 4.1 that was filed with the SEC on [April 15, 2026](https://www.sec.gov/Archives/edgar/data/896493/000121465926004697/ex4_1.htm).

All documents filed by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports on Form 8-K furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items), subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such documents, except as to specific sections of such documents as set forth therein.

We will provide without charge to each person, including any beneficial owner, to whom this Registration Statement is delivered, upon written or oral request, a copy of any or all documents that are incorporated by reference into this reoffer prospectus, but not delivered with this Registration Statement, other than exhibits to such documents unless such exhibits are specifically incorporated by reference into the Registration Statement. You should direct any requests for such documents to:

Hyperscale Data, Inc.

11411 Southern Highlands Parkway, Suite 190

Las Vegas, Nevada 89141

Attention: Investor Relations

(949) 444-5464

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 145 of the Delaware General Corporation Law (the "**DGCL**") empowers a Delaware corporation to indemnify any persons who are, or are threatened to be made, parties to any threatened, pending, or completed legal action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person was an officer or director of such corporation, or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding, provided that such officer or director acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, and, for criminal proceedings, had no reasonable cause to believe his conduct was illegal. A Delaware corporation may indemnify officers and directors in an action by or in the right of the corporation under the same conditions, except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation in the performance of his duty. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director actually and reasonably incurred.

Our bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by Delaware law, except that no indemnification will be provided to a director, officer, employee, or agent if the indemnification sought is in connection with a proceeding initiated by such person without the authorization of our board of directors. Our bylaws also provide that the right of directors and officers to indemnification shall be a contract right and shall not be exclusive of any other right now possessed or hereafter acquired under any statute, provision of the certificate of incorporation, bylaw, agreement, vote of stockholders or disinterested directors or otherwise. Our bylaws also permit us to secure insurance on behalf of any officer, director, employee, or other agent for any liability arising out of his or her actions in such capacity, regardless of whether the bylaws would permit indemnification of any such liability.

In accordance with Section 102(b)(7) of the DGCL, our certificate of incorporation provides that directors shall not be personally liable for monetary damages for breaches of their fiduciary duty as directors except for (i) breaches of their duty of loyalty to us or our stockholders, (ii) acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law, (iii) certain transactions under Section 174 of the DGCL (unlawful payment of dividends or unlawful stock purchases or redemptions), or (iv) transactions from which a director derives an improper personal benefit. The effect of this provision is to eliminate the personal liability of directors for monetary damages or actions involving a breach of their fiduciary duty of care, including any actions involving gross negligence.

In addition, we have entered into indemnification agreements with our directors and officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service, so long as the indemnitee acted in good faith and in a manner the indemnitee reasonably believed to be in or not opposed to the best interests of the registrant, and, with respect to any criminal action or proceeding, the indemnitee had no reasonable cause to believe his or her conduct was unlawful. We also maintain director and officer liability insurance to insure our directors and officers against the cost of defense, settlement or payment of a judgment under specified circumstances.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

The issuance of the Shares that constitute "restricted securities" under Rule 144 promulgated under the Securities Act being offered by reoffer prospectus were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or Regulation S promulgated thereunder), or Rule 701 promulgated under the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about the Registrant.

**Item 8. Exhibits.**

The following is a list of exhibits filed as a part of this registration statement:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 4.1 | [Certificate of Incorporation, dated September 22, 2017. Incorporated herein by reference to the Current Report on Form 8-K filed on December 29, 2017 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000143774917021324/ex_102548.htm) |
| 4.2 | [Certificate of Designations of Rights and Preferences of 10% Series A Cumulative Redeemable Perpetual Preferred Stock, dated September 13, 2018. Incorporated herein by reference to the Current Report on Form 8-K filed on September 14, 2018 as Exhibit 3.1 thereto.](http://www.sec.gov/Archives/edgar/data/896493/000121465918006043/ex3_1.htm) |
| 4.3 | [Certificate of Amendment to Certificate of Incorporation, dated January 2, 2019. Incorporated by reference to the Current Report on Form 8-K filed on January 3, 2019 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465919000088/ex3_1.htm) |
| 4.4 | [Certificate of Amendment to Certificate of Incorporation (1-for-20 Reverse Stock Split of Common Stock), dated March 14, 2019. Incorporated herein by reference to the Current Report on Form 8-K filed on March 14, 2019 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465919002112/ex3_1.htm) |

---

4.5 [Certificate of Ownership and Merger. Incorporated by reference to the Current Report on Form 8-K filed on January 19, 2021 as Exhibit 2.1 thereto.](https://www.sec.gov/Archives/edgar/data/0000896493/000121465921000620/ex2_1.htm)

4.6 [Certificate of Ownership and Merger, as filed with the Secretary of State of the State of Delaware on December 1, 2021. Incorporated by reference to the Current Report on Form 8-K filed on December 13, 2021 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/0000896493/000121465921013032/ex3_1.htm)

4.7 [Certificate of Designation, Preferences and Rights relating to the 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, dated May 25, 2022. Incorporated by reference to the Registration Statement on Form 8-A filed on May 26, 2022 as Exhibit 3.6 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465922007459/ex3_6.htm)

4.8 [Certificate of Increase of the Designated Number of Shares of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, dated June 10, 2022. Incorporated by reference to the Current Report on Form 8-K filed on June 14, 2022 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465922008041/ex3_1.htm)

4.9 [Certificate of Correction to the Certificate of Designation, Rights and Preferences of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, dated June 16, 2022. Incorporated by reference to the Current Report on Form 8-K filed on June 17, 2022 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465922008159/ex3_1.htm)

4.10 [Certificate of Amendment to Certificate of Incorporation (1-for-300 Reverse Stock Split of Common Stock), dated May 15, 2023. Incorporated herein by reference to the Current Report on Form 8-K filed on May 16, 2023 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923007320/ex3_1.htm)

4.11 [Certificate of Elimination of the Series E convertible redeemable preferred stock of Hyperscale Data, Inc. Incorporated herein by reference to the Current Report on Form 8-K filed on August 18, 2023 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923011503/ex3_1.htm)

4.12 [Certificate of Elimination of the Series F convertible redeemable preferred stock of Hyperscale Data, Inc. Incorporated herein by reference to the Current Report on Form 8-K filed on August 18, 2023 as Exhibit 3.2 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923011503/ex3_2.htm)

4.13 [Certificate of Elimination of the Series G convertible redeemable preferred stock of Hyperscale Data, Inc. Incorporated herein by reference to the Current Report on Form 8-K filed on August 18, 2023 as Exhibit 3.3 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923011503/ex3_3.htm)

4.14 [Certificate of Designation of Preferences, Rights and Limitations of Series C Cumulative Preferred Stock, dated November 15, 2023. Incorporated herein by reference to the Current Report on Form 8-K filed on November 21, 2023 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923015459/ex3_1.htm)

4.15 [Certificate of Elimination of the Series B convertible redeemable preferred stock of Hyperscale Data, Inc. Incorporated herein by reference to the Current Report on Form 8-K filed on December 12, 2023 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465923016344/ex3_1.htm)

4.16 [Certificate of Amendment to Certificate of Incorporation filed with the Delaware Secretary of State on January 12, 2024. Incorporated by reference to the Current Report on Form 8-K filed on January 12, 2024 as Exhibit 3.2 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924000708/ex3_2.htm)

4.17 [Second Amended and Restated Bylaws, effective as of January 11, 2024. Incorporated by reference to the Current Report on Form 8-K filed on January 12, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924000708/ex3_1.htm)

4.18 [Certificate of Increase to Certificate Designations of Preferences, Rights and Limitations of Series C Convertible Preferred Stock. Incorporated herein by reference to the Current Report on Form 8-K filed on April 4, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924006135/ex3_1.htm)

4.19 [Certificate of Amendment to Certificate of Incorporation filed with the Delaware Secretary of State on September 6, 2024 and effective September 10, 2024. Incorporated herein by reference to the Current Report on Form 8-K filed on September 6, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924016187/ex3_1.htm)

4.20 [Certificate of Designation, Preferences and Rights relating to the 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock, dated November 11, 2024. Incorporated by reference to the Current Report on Form 8-K filed on November 12, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924018757/ex3_1.htm)

4.21 [Certificate of Amendment to Certificate of Incorporation filed with the Delaware Secretary of State on November 20, 2024. Incorporated herein by reference to the Current Report on Form 8-K filed on November 20, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924019428/ex3_1.htm)

4.22 [Certificate of Designation, Preferences and Rights relating to the Series F Exchangeable Preferred Stock, dated November 22, 2024. Incorporated by reference to the Current Report on Form 8-K filed on November 25, 2024 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924019564/ex3_1.htm)

4.23 [Form of Certificate of Designation of Preferences, Rights and Limitations of Series G Cumulative Preferred Stock, dated December 21, 2024. Incorporated herein by reference to the Current Report on Form 8-K filed on December 23, 2024 as Exhibit 4.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465924020833/ex4_1.htm)

4.24 [Certificate of Amendment to Certificate of Incorporation filed with the Delaware Secretary of State on February 5, 2025. Incorporated herein by reference to the Current Report on Form 8-K filed on February 10, 2025 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465925002345/ex3_1.htm)

4.25 [Certificate of Designation of Preferences, Rights and Limitations of Series B Cumulative Preferred Stock, dated March 31, 2025. Incorporated herein by reference to the Current Report on Form 8-K filed on April 1, 2025 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465925005116/ex3_1.htm)

4.26 [Certificate of Amendment to Certificate of Incorporation filed with the Delaware Secretary of State on April 23, 2025. Incorporated herein by reference to the Current Report on Form 8-K filed on April 25, 2025 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465925006375/ex3_1.htm)

4.27 [Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock. Incorporated herein by reference to the Current Report on Form 8-K filed on August 27, 2025 as Exhibit 3.1 thereto.](https://www.sec.gov/Archives/edgar/data/896493/000121465925012910/ex3_1.htm)

---

| | |
|:---|:---|
| 4.28 | [Description of Capital Stock. Incorporated herein by reference to the Annual Report on Form 10-K filed on March 15, 2026 as Exhibit 4.1.](https://www.sec.gov/Archives/edgar/data/896493/000121465926004697/ex4_1.htm) |
| 5.1<sup>\*</sup> | [Legal Opinion of Olshan Frome Wolosky LLP.](ex5_1.htm) |
| 23.1\* | [Consent of Olshan Frome Wolosky LLP (included in its opinion filed as Exhibit 5.1).](ex5_1.htm) |
| 23.2\* | [Consent of CBIZ CPAs PC.](ex23_2.htm) |
| 23.3\* | [Consent of Marcum LLP.](ex23_3.htm) |
| 23.4\* | [Consent of Ziv Haft.](ex23_4.htm) |
| 24.1\* | [Power of Attorney (included on signature page of the Registration Statement).](#poa) |
| 99.1 | [Hyperscale Data, Inc. 2025 Stock Incentive Plan (incorporated by reference to Annex B to the Company's definitive proxy statement on Schedule 14A filed December 4, 2025)](https://www.sec.gov/Archives/edgar/data/896493/000121465925017616/i124253def14a.htm#annexb) |
| 99.2\* | [Form of Stock Option Grants Issued Outside the 2025 Plan](ex99_2.htm) |
| 107\* | [Calculation of Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*Provided, however,* that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the in the city of Las Vegas, Nevada, on April 27, 2026.

---

| | | |
|:---|:---|:---|
| **HYPERSCALE DATA, INC.** | **HYPERSCALE DATA, INC.** | **HYPERSCALE DATA, INC.** |
| By: | /s/ William B. Horne | /s/ William B. Horne |
|  | Name: | William B. Horne |
|  | Title: | Chief Executive Officer (principal executive officer) |
| By: | /s/ Kenneth S. Cragun | /s/ Kenneth S. Cragun |
|  | Name: | Kenneth S. Cragun |
|  | Title: | Chief Financial Officer (principal financial and accounting officer) |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of William B. Horne and Kenneth S. Cragun as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act and to file the same, with all exhibits thereto and all other documents in connection therewith, with the SEC, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, the following persons in the capacities and on the dates indicated have signed this Registration Statement below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Milton C. Ault III | Executive Chairman | April 27, 2026 |
| /s/ William B. Horne | Chief Executive Officer and Vice Chairman (principal executive officer) | April 27, 2026 |
| William B. Horne |  |  |
| /s/ Henry Nisser | President, General Counsel and Director | April 27, 2026 |
| Henry Nisser |  |  |
| /s/ Robert O. Smith | Director | April 27, 2026 |
| Robert O. Smith |  |  |
| /s/ Mordechai Rosenberg | Director | April 27, 2026 |
| Mordechai Rosenberg |  |  |
| /s/ Jeffrey A. Bentz | Director | April 27, 2026 |
| Jeffrey A. Bentz |  |  |
| /s/ Michael H. Lorber | Director | April 27, 2026 |
| Michael H. Lorber |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](olshanlogo_header.jpg) | ![](olshanaddress_header.jpg) |

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April 27, 2026

Hyperscale Data, Inc.

11411 Southern Highlands Parkway, Suite 190

Las Vegas, Nevada 89141

Re: <u>Hyperscale Data, Inc. – Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as counsel to Hyperscale Data, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the filing with the Securities and Exchange Commission (the "<u>Commission</u>") of the Company's registration statement on Form S-8 (the "<u>Registration Statement</u>") relating to the registration of (a) 8,000,000 shares (the "<u>Plan Shares</u>") of the Company's class a common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), issuable pursuant to the terms of and in the manner set forth in the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "<u>Plan</u>") and (b) 7,500,000 shares (the "<u>Non-Plan Shares</u>," and together with the Plan Shares, collectively, the "<u>Shares</u>") of Common Stock issuable upon the exercise of stock options granted to certain of the Company's directors and employees pursuant to option agreements (the "<u>Option Agreements</u>") outside of the Plan. This opinion letter is being delivered at the request of the Company and in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

We advise you that we have examined executed originals or copies certified or otherwise identified to our satisfaction of (i) the Registration Statement, (ii) the Company's Certificate of Incorporation and the Company's Second Amended and Restated Bylaws, each as amended to date, (iii) the Plan, (iv) the Option Agreements and (v) corporate proceedings of the Company, and such other documents, instruments and certificates of officers and representatives of the Company and of public officials, and we have made such examination of law, as we have deemed necessary or appropriate for purposes of the opinion expressed below.

We have assumed for purposes of rendering the opinion set forth herein, without any verification by us, the genuineness of all signatures, the legal capacity of all natural persons to execute and deliver documents, the authenticity and completeness of documents submitted to us as originals and the completeness and conformity with authentic original documents of all documents submitted to us as copies, and that all documents, books and records made available to us by the Company are accurate and complete.

On the basis of the foregoing and in reliance thereon and subject to the assumptions, qualifications and limitations set forth herein, we advise you that in our opinion, the Shares have been duly authorized and, when issued and paid for pursuant to the terms of and in the manner set forth in the Plan or the Option Agreements, as applicable, will be validly issued, fully paid and non-assessable.

We are members of the Bar of the State of New York. We express no opinion as to the effect of any laws other than the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of the United States of America, each as in effect on the date hereof.

This opinion speaks only at and as of its date and is based solely on the facts and circumstances known to us at and as of such date. We assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in fact or law that may hereafter occur.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby concede that our firm is within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Olshan Frome Wolosky LLP |
| OLSHAN FROME WOLOSKY LLP |

---

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|:---|:---|
| ![](olshan_footer.jpg) | ![](olshanwebaddy_footer.jpg) |

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## Exhibit 23.2

**Exhibit 23.2**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 15, 2026, with respect to the financial statements of Hyperscale Data, Inc. included in the Annual Report on Form 10-K for the year ended December 31, 2025. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ CBIZ CPAs P.C.

New York, NY

April 27, 2026

## Exhibit 23.3

**Exhibit 23.3**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 15, 2025, with respect to the financial statements of Hyperscale Data, Inc. included in the Annual Report on Form 10-K for the year ended December 31, 2025. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Marcum llp

New York, NY

April 27, 2026

## Exhibit 23.4

**Exhibit 23.4**

![](bdo_logo.jpg)

<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT</u>

Hyperscale Data, Inc.

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 240

LAS VEGAS NV 89141

We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement on Form S-8 of our report dated April 15, 2026, relating to the financial statements of ENERTEC SYSTEMS 2001 LTD, not included herein, appearing in the Annual Report on Form 10-K for the year ended December 31, 2025 of Hyperscale Data, Inc.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

Ziv Haft/s/<br> Certified Public Accountants (Isr.)<br> BDO Member Firm<br>

Tel Aviv, Israel

April 27, 2026

## Exhibit 99.2

**Exhibit 99.2**

**HYPERSCALE DATA, INC.**

**FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT**

**THIS STOCK OPTION AGREEMENT** (this "**Agreement**") is made and entered into as of _____________, 2025, between Hyperscale Data, Inc., a Delaware corporation (the "**Company**"), and ___________________ (the "**Optionee**").

The Company and Optionee desire to enter into this Agreement whereby the Company will grant Optionee the options specified herein to acquire certain shares of the Company's Class A common stock, par value $0.001 per share (the "**Class A Common Stock**"). This Option may be exercised in whole or in part and from time to time as hereinafter provided. The Option granted under this Agreement is not intended to be an "incentive stock option" issued pursuant to a plan (a "**Plan**") as set forth in Section 422 of the Internal Revenue Code of 1986, as amended (the "**Code**").

This Option is expressly subject to the approval by the stockholders of the Company and the approval by the Trading Market (the "**Required Approvals**"). Notwithstanding any other terms of this Agreement, if the Company does not obtain the Required Approvals, then this Agreement and the entire Option granted hereunder shall be rescinded and Optionee agrees that the Option is void ab initio, and he/she shall cease to have any rights and will not be owed any obligations with respect to this Agreement and the Option granted hereunder. The Company makes no representations regarding whether the Required Approvals will be obtained. "Trading Market" means whichever of the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin Board on which the Class A Common Stock is listed or quoted for trading on the date in question.

The parties hereto agree as follows:

**1. Acknowledgment**. Each of the undersigned agrees that this Agreement has been executed and delivered, and the stock options are being granted, outside of a Plan.

**2. Option**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Option Grant</u>. The Company hereby grants to Optionee an option (the "**Option**") to purchase up to _______________ shares of Class A Common Stock (the "**Option Shares**"), at an exercise price per share of $____ (the "**Option Price**"). The Option Price and the number of Option Shares issuable upon exercise of the Option will be equitably adjusted for any share split, share dividend, reclassification or recapitalization of the Class A Common Stock which occurs subsequent to the date of this Agreement. The Option will expire on the close of business on the tenth anniversary of the date of this Agreement, subject to earlier expiration in connection with the termination of Optionee's employment with the Company or any of its subsidiaries, as provided in Section 2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercisability</u>. Subject to the Required Approvals and the other provisions of this Agreement, this Option shall vest and become exercisable in installments with respect to the percentage of Option Shares set forth opposite such date if Optionee is, and has continuously been, employed by the Company or any of its subsidiaries from the date of this Agreement through such date, unless such vesting is accelerated by the Executive Committee.

---

| | |
|:---|:---|
| **Date Vested** | **Percentage of Option Shares** |
| The date when all Required Approvals are obtained | 50% |
| First calendar day of every month, starting on January 1, 2026 through December 1, 2027 | 2.08333% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Early Expiration of Option</u>. Notwithstanding any provision herein to the contrary, any portion of the Option granted hereunder that has not vested and become exercisable prior to the date of Optionee's termination of employment (the "**Employment Termination Date**") will expire on such Employment Termination Date, provided, however, that an employee's employment being transferred from the Company to Ault Capital Group, Inc. ("**ACG**") whether or not pursuant to the Employee Matters Agreement to be entered into by the Company and ACG, shall not be deemed a termination for purposes of the Employment Termination Date. In this circumstance, a termination of employment from ACG will be deemed the Employment Termination Date. Any portion of the Option granted hereunder which has vested and become exercisable prior to the Employment Termination Date will expire on the earlier to occur of (i) six (6) months after the Employment Termination Date or (ii) the close of business on the tenth anniversary of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Procedure for Exercise</u>. At any time after all or any portion of the Options granted hereunder have become exercisable with respect to any Option Shares and prior to the close of business on the tenth anniversary of the date of this Agreement, Optionee may exercise all or any portion of the Option granted hereunder with respect to Option Shares vested pursuant to Section 2(b) above by delivering written notice of exercise to the Company (the "**Exercise Notice**"), which Exercise Notice is attached hereto as **<u>Exhibit B</u>**, together with (i) a written acknowledgment that Optionee has read and has been afforded an opportunity to ask questions of management of the Company regarding all financial and other information provided to Optionee regarding the Company and its subsidiaries and (ii) payment in full by delivery of a cashier's, personal or certified check or wire transfer of immediately available funds to the Company in the amount equal to the number of Option Shares to be acquired multiplied by the option exercise price. As a condition to any exercise of the Option, Optionee will permit the Company to deliver to him or her all financial and other information regarding the Company and its subsidiaries which it believes is necessary to enable Optionee to make an informed investment decision. In the event that, at the time of the exercise of the Option, the Option Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), the Optionee will deliver to the Company his or her Investment Representation Statement in the form attached hereto as **<u>Exhibit C</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Securities Laws Restrictions</u>. Optionee represents that when Optionee exercises any portion of the Option he or she will be purchasing the Option Shares represented thereby for Optionee's own account and not on behalf of others. Optionee understands and acknowledges that U.S. federal and state securities laws govern and restrict Optionee's right to offer, sell or otherwise dispose of any Option Shares unless Optionee's offer, sale or other disposition thereof is registered under the Securities Act and federal and state securities laws or, in the opinion of the Company's counsel, such offer, sale or other disposition is exempt from registration thereunder. Optionee agrees that he or she will not offer, sell or otherwise dispose of any Option Shares in any manner which would: (i) require the Company to file any registration statement (or similar filing under applicable securities law) with the Securities and Exchange Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder or any other applicable U.S. or local securities law. Optionee further understands that the certificates for any Option Shares which Optionee purchases will bear a legend as the Company deems necessary or desirable in connection with the Securities Act or other rules, regulations or laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Limited Transferability of the Option</u>. The Option granted hereunder is personal to Optionee and is not transferable by Optionee except pursuant to the laws of descent or distribution. Only Optionee or his or her legal guardian or representative may exercise the Option granted hereunder.

**3. Responsibility for Taxes**. Regardless of any action taken by the Company or Optionee's employer (the "**Employer**") with respect to any and all income tax, social insurance, payroll tax, payment on account, employment or other tax-related withholding (the "**Tax-Related Items**"), Optionee acknowledges that the ultimate liability for all Tax-Related Items legally due by Optionee is and remains his or her responsibility and that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including the grant, vesting, exercise, assignment, release or cancellation of the Option, the subsequent sale of Class A Common Stock acquired pursuant to such exercise, or the receipt of any dividends and (ii) do not commit to structure the terms of the grant or any other aspect of the Option to reduce or eliminate Optionee's liability for Tax-Related Items.

Prior to the relevant taxable event, Optionee shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer. In this regard, Optionee authorizes the Company and/or the Employer, at their discretion, to satisfy the obligations with regard to all applicable Tax-Related Items legally payable by one or a combination of the following methods: (1) withholding Optionee's wages or other cash compensation paid to Optionee by the Company and/or the Employer; (2) withholding from the proceeds of the sale of Option Shares acquired upon exercise of the Option; (3) selling or arranging for the sale of Option Shares acquired upon exercise of the Option (on Optionee's behalf and at his or her direction pursuant to this authorization); or (4) withholding Option Shares, provided that only the amount of shares of Class A Common Stock necessary to satisfy the minimum amount of Tax-Related Items is withheld or such other amount that does not trigger adverse accounting consequences. For these purposes, the fair market value of the Option Shares to be withheld shall be determined on the date that Tax-Related Items are to be determined. If the obligation of Tax-Related Items is satisfied by reducing the number of Option Shares issuable upon exercise of the Option, Optionee is deemed (for tax purposes) to have been issued the full number of Option Shares subject to the Option, notwithstanding that a number of the Option Shares is held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of the Option.

Finally, Optionee shall pay to the Company or the Employer any amount of the Tax-Related Items that the Company or the Employer may be required to withhold as a result of Optionee's purchase of Option Shares that cannot be satisfied by the means previously described. The Company or the Employer may refuse to honor the exercise of the Option and shall have no obligation to deliver Option Shares until Optionee has satisfied the obligations in connection with the Tax-Related Items as described in this section.

**4. Optionee's Representations**. Optionee hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution, delivery and performance of this Agreement by Optionee does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Optionee is a party or by which he or she is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as disclosed to the Company in writing, Optionee is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity (other than the Company or any of its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Optionee, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Optionee has consulted with (or has had an opportunity to consult with) independent legal counsel regarding his or her rights and obligations under this Agreement and that he or she fully understands the terms and conditions contained herein and therein.

**5. Nature of Grant**. By entering into this Agreement and accepting the Option evidenced hereby, Optionee further acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Option is not issued under a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, under any compensation plan the Company has adopted or may adopt, even if Options have been granted repeatedly in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all decisions with respect to future Options, if any, will be at the sole discretion of the Executive Committee of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) intentionally omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Option is an extraordinary item which does not constitute compensation of any kind for services of any kind rendered to the Company, the Employer or any current subsidiary retaining Optionee and which is outside the scope of Optionee's employment contract, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end-of-service payments, bonuses, long-service awards, pension, welfare or retirement benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the event that Optionee is not an Optionee of the Company or any subsidiary, the grant of an Option will not be interpreted to form an employment contract or relationship with the Company; and furthermore, the Option will not be interpreted to form an employment contract with the Employer, the Company or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the future value of the underlying Class A Common Stock is unknown and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the underlying Class A Common Stock does not increase in value, the Option will have no value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if Optionee exercises the Option and obtains Option Shares, the value of the Option Shares acquired upon exercise may increase or decrease in value, even below the Option Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in consideration of the grant of the Option, no claim or entitlement to compensation or damages arises from termination of the option or diminution in value of the Option or Option Shares purchased through exercise of the Option resulting from termination of Optionee's employment or service relationship by the Company or the Employer or by any subsidiary retaining Optionee (for any reason whether or not in breach of applicable labor laws) and Optionee irrevocably releases the Company, the Employer or the subsidiary retaining him or her from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen then, by signing this Agreement, Optionee shall be deemed irrevocably to have waived his or her entitlement to pursue such a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notwithstanding any terms or conditions of this Agreement to the contrary, in the event of involuntary termination of Optionee's employment (whether or not in breach of local labor laws), Optionee's right to receive Options that become exercisable under this Agreement, if any, will terminate effective as of the date that Optionee is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law); furthermore, in the event of involuntary termination of Optionee's employment (whether or not in breach of local labor laws), his or her right to receive Option Shares pursuant to the exercise of the Option after termination of employment, if any, will be measured by the date of termination of Optionee's active employment; the Committee shall have the exclusive discretion to determine when Optionee is no longer actively employed for purposes of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it is Optionee's sole responsibility to investigate and comply with any applicable exchange control laws in connection with the issuance and delivery of Option Shares pursuant to the exercise of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Company, the Employer or the subsidiary retaining Optionee are not providing any tax, legal or financial advice, nor are the Company, the Employer or the subsidiary retaining Optionee making any recommendations regarding Optionee's acquisition or sale of the Option Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Optionee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding this Agreement before taking any action related hereto.

**6. Data Privacy**. Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Optionee's personal data as described in this document by and among, as applicable, the Employer, the Company and any subsidiary for the exclusive purpose of implementing and administering this Agreement.

Optionee understands that the Employer, the Company and any subsidiary of the Company hold certain personal information about Optionee, including, but not limited to, his or her name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all Options or any other entitlement to Options awarded, canceled, exercised, vested, unvested or outstanding in Optionee's favor, as the Employer, the subsidiary retaining Optionee and/or the Company deems necessary for the purpose of implementing and administering this Agreement (the "**Data**").

Optionee acknowledges and understands that Data may be transferred to any broker as designated by the Company and any third parties assisting in the implementation and administration of this Agreement, that these recipients may be located in Optionee's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than Optionee's country. Optionee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Optionee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing and administering this Agreement, including any requisite transfer of such Data as may be required to a broker or other third party with whom Optionee may elect to deposit any Class A Common Stock acquired upon exercise of the Option. Optionee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Optionee understands, however, that refusing or withdrawing his or her consent may affect his or her ability to exercise or realize benefits from the Option. For more information on the consequences of Optionee's refusal to consent or withdrawal of consent, Optionee understands that he or she may contact his or her local human resources representative.

**7. Notices**. Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, or by regular mail, first class and prepaid, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify):

---

| | |
|:---|:---|
| If to the Company, to: | Hyperscale Data, Inc. |
|  | 11411 Southern Highlands Parkway, Suite 190 |
|  | Las Vegas, NV 89141 |
|  | Attention: President and General Counsel |

---

If to the Optionee, to the address on file with the Company.

**8. Third Party Beneficiaries; Successors and Assigns**. The parties hereto acknowledge and agree that, except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Optionee, the Company and their respective heirs, successors and assigns (including subsequent holders of Option Shares); provided, however, that the rights and obligations of Optionee under this Agreement shall not be assignable except in connection with a permitted transfer of Option Shares as provided herein.

**9. Complete Agreement**. This Agreement and the other documents referred to herein embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

**10. No Strict Construction**. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

**11. Counterparts**. This Agreement may be executed in separate counterparts, each of which may be delivered via facsimile and is deemed to be an original, and all of which taken together constitute one and the same agreement.

**12. Governing Law**. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to principles of conflicts of laws and each of the parties hereto irrevocably submit to and consent to the jurisdiction and venue of the courts of New York, New York or the federal courts for the United States for the United States District Court for the Southern District of New York, and no other courts where this Option is made and/or to be performed.

**13. Severability**. If all or any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement not declared to be unlawful or invalid. Any section of this Agreement (or part of such a section) so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such section or part of a section to the fullest extent possible while remaining lawful and valid.

**14. Electronic Delivery**. The Company may, in its sole discretion, decide to deliver any documents related to Options, or Option Shares purchased under this Agreement, by electronic means. Optionee hereby consents to receive such documents by electronic delivery and agrees to any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

**15. Amendment and Waiver**. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company's Board of Directors and Optionee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.

**16. Tax Treatment**. Neither party makes any representations or warranties to the other party with respect to the tax treatment of the transactions contemplated hereby.

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| |
|:---|
| **HYPERSCALE DATA, INC.** |
| By: |

---

---

| |
|:---|
| **OPTIONEE**: |
| By: |
| Name: |

---

**<u>Exhibit A</u>**

**HYPERSCALE DATA, INC.**

**EXERCISE NOTICE** 

Hyperscale Data, Inc.

11411 Southern Highlands Parkway, Suite 190

Las Vegas, NV 89141

Attention: President and General Counsel

Effective as of today, ______________, ___ the undersigned (the "**Optionee**") hereby elects to exercise the Optionee's option to purchase ___________ shares of the Class A Common Stock (the "**Shares**") of Hyperscale Data, Inc. (the "**Company**") under and pursuant to the Stock Option Agreement (the "**Option Agreement**") dated _______________, 2025.

**Representations of the Optionee**. The Optionee acknowledges that the Optionee has received, read and understood the Option Agreement and the other documentation referred to therein; the Optionee agrees to abide by and be bound by their terms and conditions.

**Rights as Stockholder**. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in the Option Agreement.

**Delivery of Payment**. The Optionee herewith delivers to the Company the full Exercise Price for the Shares in the form(s) provided for in the Option Agreement.

**Tax Consultation**. The Optionee understands that the Optionee may suffer adverse tax consequences as a result of the Optionee's purchase or disposition of the Shares. The Optionee represents that the Optionee has consulted with any tax consultants the Optionee deems advisable in connection with the purchase or disposition of the Shares and that the Optionee is not relying on the Company for any tax advice.

**Taxes**. The Optionee agrees to satisfy all applicable federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations.

**Restrictive Legends**. The Optionee understands and agrees that the Company may cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "**ACT**") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

**Successors and Assigns**. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Optionee and his or her heirs, executors, administrators, successors and assigns.

**Headings**. The captions used in this Exercise Notice are inserted for convenience only and shall not be deemed a part of this agreement for construction or interpretation.

**Interpretation**. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by the Optionee or by the Company forthwith to the board of directors of the Company (the "**Board**"), which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Board shall be final and binding on all persons.

**Governing Law; Severability**. This Exercise Notice is to be construed in accordance with and governed by the internal laws of the State of New York without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of New York to the rights and duties of the parties. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

**Notices**. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the mail by certified mail, with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party.

**Further Instruments**. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this agreement.

**Entire Agreement**. The Option Agreement is incorporated herein by reference and together with this Exercise Notice constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee's interest except by means of a writing signed by the Company and the Optionee.

---

| | |
|:---|:---|
| Submitted by: | Accepted by: |
| OPTIONEE: | HYPERSCALE DATA, INC. |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

**<u>Exhibit B</u>**

**HYPERSCALE DATA, INC.**

**INVESTMENT REPRESENTATION STATEMENT**

OPTIONEE: _________________

COMPANY: Hyperscale Data, Inc.

SECURITY: Class A Common Stock

AMOUNT: _____________

DATE: ______________

In connection with the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following:

Optionee is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment for Optionee's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "**Securities Act**").

Optionee acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act, have not been registered under the Securities Act and are being issued to the Optionee in reliance upon a specific exemption therefrom, which exemption depends, upon among other things, the bona fide nature of Optionee's investment intent as expressed herein. Optionee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Optionee further acknowledges and understands that the Company is under no obligation to register the Securities. Optionee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company.

Optionee is familiar with the provisions of Rule 701 and Rule 144, each as promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Optionee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited "broker's transaction" or in transactions directly with a market maker (as said term is defined under the Exchange Act); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Optionee understands that no assurances can be given that any such other registration exemption will be available in such event.

Optionee represents that he or she is a resident of the state of _________________.

---

| |
|:---|
| OPTIONEE: |
| By: |
| Name: |
| Title: |
| Date: |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Hyperscale Data, Inc.**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common Stock | (1) | Other | 13304167 | $0.72 | $9579000.24 | 0.0001381 | $1322.86 |
| Equity | Common Stock | (2) | Other | 250000 | 0.2970 | 74250.00 | 0.0001381 | 10.25 |
| Equity | Common Stock | (3) | Other | 300000 | 0.14 | 42000.00 | 0.0001381 | 5.80 |
| Equity | Common Stock | (4) | Other | 1645833 | $0.16 | $263333.28 | 0.0001381 | $36.37 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $9958583.52 |  | 1375.28 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1375.28 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock, par value $0.001 per share (the "Common Stock") of Hyperscale Data, Inc. (the "Company") that may be offered or issued pursuant the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "Plan") or under any of the option award agreements outside the Plan (the "Award Agreements") as a result of one or more adjustments under the Plan or an Award Agreement to prevent dilution resulting from one or more stock splits, stock dividends or similar transactions effected without the Company's receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock (b) The proposed maximum offering price per unit is estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act. The proposed maximum offering price per unit and maximum aggregate offering price are based upon the exercise price per share of outstanding equity awards under the Plan or Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock, par value $0.001 per share (the "Common Stock") of Hyperscale Data, Inc. (the "Company") that may be offered or issued pursuant the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "Plan") or under any of the option award agreements outside the Plan (the "Award Agreements") as a result of one or more adjustments under the Plan or an Award Agreement to prevent dilution resulting from one or more stock splits, stock dividends or similar transactions effected without the Company's receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock (b) The proposed maximum offering price per unit is estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act. The proposed maximum offering price per unit and maximum aggregate offering price are based upon the exercise price per share of outstanding equity awards under the Plan or Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(3) (a) Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock, par value $0.001 per share (the "Common Stock") of Hyperscale Data, Inc. (the "Company") that may be offered or issued pursuant the Hyperscale Data, Inc. 2025 Stock Incentive Plan (the "Plan") or under any of the option award agreements outside the Plan (the "Award Agreements") as a result of one or more adjustments under the Plan or an Award Agreement to prevent dilution resulting from one or more stock splits, stock dividends or similar transactions effected without the Company's receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock (b) The proposed maximum offering price per unit is estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act. The proposed maximum offering price per unit and maximum aggregate offering price are based upon the exercise price per share of outstanding equity awards under the Plan or Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(4) (a) Pursuant to Rule 416(a) promulgated under the Securities Act, this Registration Statement shall also cover any additional shares of Common Stock of the Company that may be offered or issued pursuant the Plan or under any of the Award Agreements as a result of one or more adjustments under the Plan or an Award Agreement to prevent dilution resulting from one or more stock splits, stock dividends or similar transactions effected without the Company's receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock. (b) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based upon the average of the high and low prices of the Common Stock, as reported on the NYSE American on April 23, 2026, which date is within five business days prior to the filing of this registration statement.