Analyst Fair Value Estimate: $15.81/Share.
Current Offering Price: $5.50/Share
4 / 5 Speculative
Executive Summary
The AI boom has created an infrastructure problem.
Demand for computing power is rising faster than new data centers can be built. Projects that could help close the gap are being delayed by limited power, rising costs, equipment backlogs, and construction timelines stretching years into the future.
BluSky AI is taking a different approach.
The company plans to manufacture modular AI data centers in factories, then deploy them on sites where power is already available. BluSky reports that these facilities, called SkyMods™, can come online roughly 3X faster than conventional data centers.
Fundamental Research Corp. analyzed BluSky’s model, market opportunity, leadership, planned capacity, and financial outlook in a commissioned research report1.
Its conclusion: a “Buy” rating and an estimated fair value of $15.81 per share.
BluSky is currently offering shares directly to investors for $5.50 through a Regulation A+ offering. That puts FRC’s estimate at nearly 3X the current offering price.
The potential depends on the company raising capital, building its planned facilities, and converting demand for AI computing into paying customers.
But it presents an intriguing investment question:
Could BluSky’s current price be overlooking what the company could become if its plan succeeds?
Here are the five factors behind FRC’s bullish valuation.
5 Reasons Why the Analyst Is So Optimistic
Data centers are a huge, fast-growing market
The market for AI data centers is growing quickly. Fundamental Research Corporation puts it at roughly $147 billion in 2025, on the way to a projected $811 billion by 20302. The electricity AI needs is climbing just as fast. FRC cites projections showing power demand from data centers growing far faster than almost any other part of the economy3.
Sources: FRC, citing Grand View Research for market size and the IEA for electricity demand.
BluSky AI is solving a real and urgent problem for AI
The world wants far more AI computing than it can currently build, held back by three things: not enough power, high costs, and slow construction. BluSky's factory-built approach aims straight at that gap.
Sources: FRC for the constraint analysis; the company for deployment timelines.
A bigger company shows what is possible
To show BluSky AI’s potential, FRC points at CoreWeave, the largest public company doing this kind of AI infrastructure, worth around $46 billion. CoreWeave's revenue went from $16 million in 2022 to a projected $13 billion in 2026. Using CoreWeave's economics as a yardstick, FRC estimates that if BluSky builds out all of its planned capacity, it could eventually generate around $1.2 billion a year in revenue.
Sources: FRC and various. That $1.2 billion is a modeled if-it-all-works scenario applied to capacity BluSky plans but has not built. The company earns no revenue today.
The market hasn’t priced BluSky AI’s potential
Here is what caught FRC's eye. Set against similar companies, BluSky looks cheaply priced for what FRC believes it could become. That comparison is how the firm arrived at $15.81 a share. FRC reached the number three separate ways and averaged them: a cash-flow model, a revenue comparison against peers, and an earnings comparison against peers. It also applied a large discount for conservatism, precisely because the company is so early.
Source: FRC. Fair value is FRC's opinion of worth, not a target and not a prediction. The full build-out behind it is a plan, not a fact.
The people running it are AI infrastructure veterans
Founder and CEO Trent D'Ambrosio has 25+ years of executive leadership across Fortune 500 companies and startups. Around him: an operations chief with three decades in data centers, a growth leader who came from Lenovo and was named one of the “50 Most Powerful Women in Technology,” and an independent director with a background at firms including Goldman Sachs and UBS.
Source: FRC management biographies.
The bottom line
An outside firm looked at BluSky AI and saw a small, early company aiming at a very big and very real shortage.
The offering is open now at a fixed share price of $5.50. See the full opportunity and decide for yourself.
Become a Shareholder
SOURCES
2. https://www.grandviewresearch.com/industry-analysis/ai-data-center-market-report
3. https://www.iea.org/reports/energy-and-ai/energy-demand-from-ai
4. https://www.cnbc.com/2026/08/11/coreweave-crwv-q2-earnings-report-2026.html
DISCLAIMER
BluSky AI Inc. has paid Fundamental Research Corp a fee for research coverage and distribution of reports. Fees ranging between $20,000 and $30,000 will be paid to FRC by BluSky AI to commission this report, research coverage, and distribution of reports. FRC states that this fee creates a potential conflict of interest which readers should consider. FRC and its analysts do not own any shares of BluSky AI and do not have any investment banking business with the company.
FRC defines its fair value estimate as "the theoretical value of the company's equity using widely accepted methods of valuation such as discount cash flow or comparables. IT IS NOT A TARGET PRICE OR PREDICTION OF THE FUTURE STOCK PRICE." The $15.81 estimate is as of FRC's July 10, 2026 initiating coverage report and is based on the average of three valuation methodologies. FRC defines a BUY rating as "fair value is 12% above the current market price; or risk and reward is favorable," and states that its ratings are not a recommendation to acquire, dispose of, or take no action regarding a security. The distribution of FRC's ratings is BUY 74%, HOLD 3%, SELL/SUSPEND 23%.
FRC assigns BluSky AI a risk rating of 4 (Speculative), defined by FRC as a company with "little or no history of generating earnings or cash flow" that "may be in start-up mode or in a turnaround situation." FRC identifies key risks including early-stage and pre-revenue status, execution, capital requirements, competition, GPU supply, and permitting. FRC notes that its forecasts are best estimates, that it has not independently verified all information, and that actual results will likely vary.
Fundamental Research Corp report used with permission. Not investment advice.
The Regulation A Offering is currently priced at $5.50. The current OTC-traded BSAI stock price is shown in the chart at the top of this page. New shares are issued within 30 days on average. There are no additional fees for purchasing Reg A Shares. See investment risk disclosures in the Form 1-A and further below.