$BIAI · Bitari Inc
Bitari Inc., a Texas-based Bitcoin mining hosting and O&M services provider, filed Amendment No. 2 to its S-1 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 generated $11.29 million in revenue for FY2025 and $8.37 million for the nine months ended April 30, 2026, with net income declining sharply from $990,960 to $183,905 year-over-year for the nine-month period. Post-IPO, AI Power X Inc. will hold 85.87% of voting power, making Bitari a Nasdaq "controlled company."
- Proposed IPO of 4,285,715 shares at $7.00/share for ~$30M gross proceeds before over-allotment.
- AI Power X Inc. will hold 85.87% voting control post-IPO, making Bitari a Nasdaq controlled company.
- Revenue was $11.29M (FY2025) and $8.37M (9mo Apr 2026); net income fell to $183,905 in 9mo FY2026 from $990,960 YoY.
- Aleria Technology LLC indicated non-binding interest in purchasing up to ~$3M of IPO shares.
- Nasdaq listing not yet approved; offering is conditioned on final Nasdaq approval.
Price data unavailable.
A Bitcoin mining host with declining profitability seeks public-market capital at a moment when post-IPO insider voting control will exceed 85%, raising governance and dilution concerns for minority
Bitari joins a wave of Bitcoin mining infrastructure IPOs (e.g., Core Scientific, Iris Energy) targeting Nasdaq listings. The controlled-company structure with 85.87% insider voting power post-IPO is atypical and may deter governance-focused institutional investors.
Bitcoin price sensitivity: revenue depends on mining economics; a sustained BTC price decline could impair customer demand. Customer concentration risk: revenue derives from a small number of customers. Power supply dependency: operations rely on limited electricity suppliers; any disruption or cost
Get filings like this before the market reacts.
Real-time SEC filing alerts, AI summaries, and a free daily digest — plus portfolio tracking that ties filings to your positions.