Polibeli Group signed a memorandum of understanding on July 2, 2026 to look at building an AI computing center in Thailand. It has not decided to build anything.
The company, listed on Nasdaq as PLBL, announced the deal through GlobeNewswire. Its partner is AUTHAIKAM COMPANY LIMITED, a Thailand-based firm. The document is non-binding apart from customary clauses on confidentiality, compliance, governing law and dispute resolution.
The two sides agreed to work on preliminary evaluation: information exchange, site visits, land and power assessments, due diligence and talks on possible development. If the project goes ahead, it may include planned power capacity of up to approximately 100 megawatts. Polibeli said it has made no decision to proceed and has committed no capital. Any future deal depends on due diligence, feasibility, internal approvals, financing and regulatory requirements.
The stock reaction
Traders did not wait. PLBL closed at $10.26, up 18.20%, on volume of roughly 848,000 shares, according to MGI Editions, a market commentary site. That was far above the stock’s recent average. It traded between about $8.73 and $10.90 during the session.
MGI Editions called the move speculative and described the stock as high risk. It pointed to a small public float, which can make prices swing sharply in either direction, and to a registration covering up to 30.1 million Class A ordinary shares held by Xingyun International, plus shares tied to warrants. Xingyun is cited as controlling 99.19% of voting power.
The company behind it
Polibeli is headquartered in Jakarta, Indonesia. It runs a digital supply chain platform that serves small and medium-sized businesses in Asia-Pacific, Europe and North America, helping retailers source consumer goods such as electronics accessories, home appliances, skincare and toys. It went public in August 2025 through a SPAC merger.
Data center operation is not part of that business. Revenue for 2025 was $26.42 million, down from $30.23 million in 2024. The net loss narrowed to $5.97 million from $10.98 million. MGI Editions put the market capitalization near $3.76 billion.
The company has not announced a final development agreement, financing, land, power contracts or customers for the project. MGI Editions listed what it would watch next: whether the MOU becomes a definitive agreement, whether a site and power source are named, and whether a capital partner appears.
Sources
- PLBL Stock Surges on 100MW Thailand AI Data Center MOU: AI Infrastructure Breakout or Low-Float Rally? – MGI Editions
- Polibeli Signs Non-Binding MOU to Evaluate Potential 100 MW AI Computing Center Project in Thailand
