$BIAI · Bitari Inc
Bitari Inc., a Texas-based Bitcoin mining hosting and O&M services provider, filed Amendment No. 4 to its S-1 for a firm-commitment IPO of 4,285,715 shares at an expected $7.00 per share, targeting approximately $30 million in gross proceeds. The company generated $11.3 million in revenue and $1.26 million in net income for FY2025, with $8.4 million revenue and $184K net income for the nine months ended April 30, 2026. Post-offering, AI Power X Inc. will control 85.87% of voting power, and Nasdaq listing approval remains pending.
- 4,285,715 shares offered at $7.00/share, targeting ~$30M in gross proceeds before underwriting discounts
- Underwriter over-allotment option for 15% additional shares; total gross proceeds could reach $34.5M
- Post-IPO, AI Power X Inc. will hold 85.87% voting control, making Bitari a Nasdaq "controlled company"
- Revenue was $11.3M (FY2025) and $8.4M (9M ended April 2026); net income $1.26M and $184K respectively
- Cornerstone investors Aleria Technology and Nano Labs (Nasdaq: NA) indicated non-binding interest of up to $3M and $1.5M
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A small-cap Bitcoin mining infrastructure play seeking Nasdaq listing with a controlled-company structure and an AI data center pivot narrative, testing investor appetite at a ~$30M IPO size.
Bitari joins a wave of Bitcoin mining infrastructure IPOs, positioning as a hosting/O&M pure-play with an AI data center pivot narrative. Controlled-company structure (85.87% post-IPO voting) mirrors other founder-dominated crypto-infra listings.
Bitcoin price dependency: revenue tied to mining economics; power supply concentration risk with limited electricity suppliers; land-use rights depend on lease/easement contracts subject to dispute or termination; Nasdaq listing not yet approved — offering is conditioned on final approval with no guarantee.