Who is 2CRSi?
2CRSi is a French technology group that designs, manufactures, and distributes high-performance, energy-efficient servers and data center infrastructure. Headquartered in Strasbourg and listed on Euronext Paris, the company is led by CEO Alain Wilmouth. Over the past year its shares rose roughly sevenfold on the back of surging revenue, recasting 2CRSi as a French champion of the AI and data center build-out — a reputation Grizzly Research's report sets out to challenge.
Activ8 Classification
Business Model
2CRSi sells high-performance, energy-efficient servers and data center hardware, historically routing the bulk of its sales through its Boston Limited subsidiary, which the report says generated more than 83% of group revenue before its June 2023 sale. After that disposal, revenue excluding Boston fell to €34.7 million, and the company's growth narrative shifted to the United States, where it reported large server contracts tied to data center operators. Grizzly Research argues this US revenue — now most of the group's total — rests largely on contracts and counterparties it contends were fabricated.
Grizzly Research's Key Allegations
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01
After 2CRSi sold Boston Limited — which the report says generated more than 83% of group revenue — in June 2023, its US revenue abruptly surged from roughly 3% of the prior year's total to the majority of group sales. Grizzly Research alleges that almost the entire revenue of 2CRSi is fabricated through an undisclosed related-party scheme.
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02
The report identifies the counterparty to 2CRSi's headline $610 million US contract — and a later $290 million order — as NewYork GreenCloud, a company it says was incorporated on the same day the contract was announced. 2CRSi's CEO appears as "Co-Founder & CEO" on NYGC's fundraising deck, and NYGC's website was, per the report, built and hosted by 2CRSi's own IT department.
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03
NYGC's founder, Joseph Church, is described as a veterinarian with no data center experience whose network of related entities is registered at the Plattsburgh, New York animal hospital he co-owns. The report alleges these companies and their credentials were largely fabricated to underpin 2CRSi's US announcements.
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04
Drawing on a published interview with Church, the report states NYGC will not have data center operations until at least 2028, has signed no customers, and lacks funding beyond debt — directly contradicting 2CRSi's statements that servers under the contract would ship as early as summer 2026.
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05
Technical experts cited by the report call NYGC's specifications — a 1.02 PUE, a biomass-powered hyperscale AI campus, and an 18MW-to-41MW pyrolysis upgrade — effectively impossible. The report flags the same pattern of opaque, oversized contracts in 2CRSi's recent German (€110 million), Canadian (€140 million), and EU "ÆTHER" consortium announcements.
Key Charts
Stripping out the divested Boston Limited subsidiary, group revenue rose from €34.7M to €167.6M in a single year. The report alleges this US-led surge was largely fabricated through related-party contracts.
The US went from 3% of revenue to roughly half in a single year. The report notes 2CRSi separately attributed 71% of that year's revenue to Asia in another release — an inconsistency it flags.
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