Boost Run Tests the AI Compute Trade at the SPAC Gate

CHICAGO and NEW YORK, April 13, 2026 - Boost Run is arriving at the public-market gate with the right theme and a demanding structure: AI cloud infrastructure, rapid revenue growth, a live Nasdaq listing plan and a SPAC vote now set for April 30.

This is not a clean primary IPO. Boost Run Inc. is the public company being used for Willow Lane Acquisition Corp.'s proposed business combination with Boost Run, LLC. The registration statement is effective, the definitive prospectus is out, and the combined company is expected to trade on Nasdaq under BRUN if shareholders approve the transaction and closing conditions are met.

The draw is obvious. Boost Run sells instant, scalable GPU infrastructure for AI workloads, a corner of the market where capacity, power, hardware access and customer demand have become public-investor shorthand for the next leg of AI infrastructure spending. The company has said its platform lets customers spin up GPU compute through a user interface or API, with reseller and distribution channels aimed at enterprise and government buyers.

The financial texture is better than a story stock, but still early. Revenue rose to $26.9 million in 2025 from $7.9 million in 2024, according to the prospectus. The same filing shows a $16.3 million net loss, $77.4 million of total assets and $69.3 million of total liabilities at year-end. Interest expense also climbed to about $2.0 million in 2025 from roughly $0.2 million a year earlier, a reminder that scaling GPU infrastructure is capital hungry even before the public-company layer is added.

There is useful demand color around the deal, though not in the form of a traditional cornerstone order. When the transaction was announced, Willow Lane said fundamental investors had purchased $24.4 million of shares from existing Willow Lane holders at $10.60 per share. The merger announcement put a $614 million post-money equity value on the combined company, assuming no redemptions and more than $112 million of cash in Willow Lane's trust at closing.

Since then, Boost Run has tried to add operating substance to the AI-infrastructure pitch. In February, it announced a two-year, $127 million contract with Fluidstack and expanded relationships tied to GPUs, data center capacity and equipment financing, including arrangements involving Dell and Data Sales. Those announcements matter because they speak to the three constraints investors will underwrite here: contracted demand, access to hardware, and power or colocation capacity.

The uncertainty is just as clear. Willow Lane pushed its extraordinary shareholder meeting to April 30 after waiting for SEC effectiveness, with redemption demands due by 5:00 p.m. Eastern time on April 28. Redemptions can reshape the cash delivered to Boost Run, and Nasdaq listing still depends on the transaction closing and meeting exchange requirements. The prospectus also registers up to 80.8 million Class A shares and 11.5 million warrants, giving investors a large capitalization table to parse alongside earnout and lock-up terms.

BTIG's name is attached to the SPAC's original underwriting economics and later deferred-fee arrangements, while BTIG, Craig-Hallum and D.A. Davidson have been named as capital markets advisers to Willow Lane. That gives the transaction more market infrastructure than many microcap AI listings, but the real bookbuilding event is now the vote and redemption process.

Boost Run deserves attention because it is a pure-play AI compute listing trying to come public at the precise moment investors want more ways to own infrastructure behind model demand. The question for BRUN is whether that appetite survives the SPAC mechanics, the leverage and the proof burden that comes with turning contracted GPU demand into durable public-company margins.