Bitari Inc. has publicly filed an S-1 with the U.S. Securities and Exchange Commission on Aug. 21, 2026, seeking to list on the Nasdaq Global Market under the ticker BIAI. The company, which has four full-time employees, plans to sell 4.286 million shares at $7 each and raise about $30 million.
Based on 43,085,715 shares outstanding after the offering, the proposed price gives Bitari an implied valuation of about $302 million.
The financials in the filing show a business that remains only marginally profitable. For the nine months ended April 30, 2026, Bitari reported $8.37 million in revenue and net income of $183,900. For the 12 months through April 30, total revenue was $11 million.
Hosting and operations make up nearly all revenue
Bitari is not a self-mining operator. It does not purchase mining machines for its own account or mine bitcoin directly. Its model is closer to a hosting landlord for mining infrastructure: the company builds facilities in regions with low electricity costs, connects power, installs cooling systems, and rents out space and cabinets to third-party miners while providing hosting and operations services.
Over the past nine months, hosting and operations services generated about $8.12 million, or roughly 96.9% of total revenue. That leaves Bitari heavily dependent on infrastructure and service income rather than direct exposure to mining output.
The company’s planned capacity totals 60 MW across three projects:
- Wheeler, Texas: 20 MW in operation, described as the company’s core base. Facilities under the company recorded overall uptime of about 98.5% over the past two fiscal years.
- Dumas, Texas: 20 MW, completed and placed into operation in July 2026.
- Marion, Indiana: 20 MW, operated as a contracted partner mining site.
This structure gives Bitari a more stable revenue profile and avoids direct exposure to bitcoin price swings. It also comes with a capital-heavy cost base. At the Dumas site alone, land acquisition cost $80,000, excluding construction expenses. Power is supplied by Xcel Energy, and operations are outsourced to JWT Technology, both of which represent major cost items.
That cost structure helps explain why $8.37 million in revenue over nine months translated into only $183,900 in net income.
AI Power X will keep effective control after the IPO
The filing also highlights a tightly concentrated ownership structure. After the offering, controlling shareholder AI Power X Inc. is expected to hold 85.87% of Bitari’s shares and 85.87% of the voting power.
Public investors in the secondary market will collectively own only around 10%. Under Nasdaq rules, a company with this kind of ownership concentration can be classified as a Controlled Company.
That status allows a company to seek exemptions from some standard corporate governance requirements, including:
- a board that does not need a majority of independent directors;
- director nominees that do not need to be selected or recommended solely by independent directors;
- nominating and corporate governance committees, as well as compensation committees, that do not need to be made up entirely of independent directors.
Bitari said in the filing that it does not currently intend to rely on those exemptions, though it may choose to do so in the future.
In practice, the post-offering structure leaves the controlling shareholder with decisive authority over strategy, asset decisions, and major operating matters.
IPO proceeds target both mining expansion and AI compute
Bitari expects net proceeds of about $27 million after underwriting fees. The filing lays out a clear use of funds.
A large portion will go toward a 20 MW expansion at the Dumas, Texas mining site and toward preparing new locations in low-power-cost regions including West Virginia and Indiana. The filing also discloses a separate planned payment: a $15 million deposit and initial investment tied to an AI compute data center joint venture.
That $15 million amount accounts for more than half of the expected net proceeds. The spending plan shows Bitari trying to extend beyond bitcoin mining infrastructure into AI compute data centers.
The filing presents a company built on low-cost power access, hosting services for miners, and a new push toward AI-linked infrastructure. The numbers at the center of the listing are straightforward: four employees, $8.37 million in revenue over nine months, $183,900 in net income, and an implied valuation of about $302 million.