$BIAI · Bitari Inc
Bitari Inc., a Texas-based Bitcoin mining hosting and O&M services provider, filed Amendment No. 3 to its S-1 registration for a firm-commitment IPO of 4,285,715 shares at an assumed $7.00 per share, targeting approximately $30 million in gross proceeds. The company operates mining sites in Wheeler and Dumas, Texas, and a contracted site in Marion, Indiana, generating $11.29 million in revenue and $1.26 million in net income for FY2025. Post-offering, AI Power X Inc. will hold 85.87% of voting power, and Nasdaq listing approval remains pending.
- Proposed IPO of 4,285,715 shares at $7.00/share, targeting ~$30M in gross proceeds before over-allotment.
- Post-IPO, AI Power X Inc. will control 85.87% of voting power, making Bitari a Nasdaq-controlled company.
- Revenue was $11.29M (FY2025) and $8.37M (9mo ended April 2026); net income $1.26M and $0.18M respectively.
- Cornerstone investors Aleria Technology and Nano Labs (Nasdaq: NA) indicated non-binding interest for up to $4.5M combined.
- Nasdaq listing not yet approved; offering is conditioned on final Nasdaq approval.
Price data unavailable.
A small-scale Bitcoin mining host ($11.3M revenue) is testing public-market appetite at a $7.00 IPO price with extreme insider control and non-binding cornerstone interest.
Bitari joins a wave of Bitcoin mining infrastructure IPOs targeting Nasdaq, competing with established hosting providers like Core Scientific and Riot Platforms. Its small scale ($11.3M FY2025 revenue) and controlled-company structure differentiate it from larger, more diversified peers.
Bitcoin mining hosting is capital-intensive and dependent on a limited number of electricity suppliers; any power disruption or cost increase could materially harm operations. Revenue is concentrated in a small number of customers, and Bitcoin price declines directly threaten client profitability, O
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