Bitari, Bitcoin Mining Hosting Services, Files for Nasdaq Global Market IPO

Bitari, a Texas-based digital infrastructure provider focused on hosting and operations for Bitcoin mining, filed for an initial public offering on the Nasdaq Global Market under the ticker “BIAI.” The company plans to sell 4,285,715 shares at an expected price of $7.00 per share, implying gross proceeds of about $30.0 million and estimated net proceeds of approximately $27.0 million. Listing approval is pending, and after the IPO the company will remain a controlled company with AI Power X Inc. holding about 85.9% of voting power.

Business Description

Bitari provides turnkey hosting and operations & maintenance (O&M) services for Bitcoin miners, delivering power, connectivity, cooling, deployment support, and on‑site management. The company operates purpose‑built sites in Wheeler, Texas (20MW), Dumas, Texas (20MW), and a contracted site in Marion, Indiana (20MW), and it partners with Xcel Energy for power and JWT Technology for third‑party O&M. Its model emphasizes high uptime (about 98.5% across the past two fiscal years), strategic power sourcing in low‑cost regions, and scalable site development. Revenue is primarily from hosting fees tied to electricity consumption, supplemented by O&M and consulting services. Bitari plans to expand capacity in the U.S., including a 100MW project in West Virginia via a PPA with Element H Data, and is evaluating an AI data center transition in Wheeler, Texas through agreements with Aleria Technology LLC and Ricloud AI Inc.