Author: Heart of Computing Power

On August 21, 2026, a company with only 4 full-time employees, Bitari Inc. (stock code: BIAI), officially submitted its S-1 prospectus to the US SEC, planning to go public on the Nasdaq Global Market.

This small team immediately presented some striking data to the market:

Offering a price of $7 per share, they plan to issue 4.286 million shares, raising approximately $30 million, with a total share capital of 43,085,715 shares after the issuance, giving the company a total valuation of $302 million based on the offering price.

However, looking at the financial report, for the past 9 months ending April 30, 2026, the company's revenue was $8.37 million, with a net profit of only $183,900.

How can a basic infrastructure company with only 4 employees and operating at a minimal profit sustain a market value of $300 million in the capital market?

1. This is a rental operator of mining farms

When talking about the Bitcoin industry, many people picture giants who buy thousands of mining machines and profit massively from the volatile prices.

But Bitari is completely taking a different path.

In simple terms, they do not buy mining machines or participate in mining; instead, they are a standard "rental operator of mining farms."

They set up server rooms in regions with low electricity costs, connect to power, install cooling systems, and then rent these facilities and cabinets to external miners, providing one-stop hosting and operation services.

In the past 9 months, income from hosting and operation services was approximately $8.12 million, accounting for about 96.9% of total revenue.

For the 12 months ending April 30, 2026, the total revenue was $11 million.

The company currently plans a total capacity of 60 MW, distributed across three projects:

The 20 MW Wheeler project in Texas has already been operational and is the company's core base, with an overall online rate of about 98.5% for its facilities over the past two fiscal years.

The 20 MW Dumas project in Texas was completed and put into operation in July 2026.

The 20 MW Marion project in Indiana is a contracted cooperative mining site.

The advantage of this model is that cash flow is relatively stable and does not directly bear the risk of Bitcoin price fluctuations.

However, the rental operator business has a realistic downside.

Building server rooms requires significant capital investment; for instance, the Dumas site alone spent $80,000 on land, not including construction costs.

Power is supplied by Xcel Energy, and operation maintenance is outsourced to JWT Technology, making these two major partners a significant part of the costs.

Thus, their $8.37 million revenue over the past 9 months resulted in a net profit of only $183,900.

This is a tough job of earning stable minimal profits, which is completely different from the highly elastic crypto assets perceived in the secondary market.

2. Major shareholder holds 90% of the voting power

Aside from the business model, Bitari's equity structure is also a prominent part of the prospectus.

The prospectus shows that after the issuance is completed, the controlling shareholder, AI Power X Inc., will hold 85.87% of Bitari's shares, and possess 85.87% of the voting rights.

The public shareholders in the secondary market collectively hold only about 10% of the shares.

According to Nasdaq’s listing rules, companies with such a concentrated equity structure are classified as "Controlled Companies."

As per the regulations, controlled companies can apply for exemptions from some typical corporate governance constraints:

Board of Directors is not required to consist of a majority of independent directors; nominees do not need to be selected or recommended solely by independent directors; and the nominations and corporate governance committee and compensation committee do not need to be entirely comprised of independent directors.

However, Bitari mentioned in the prospectus that they do not plan to rely on these exemptions currently, but may choose to do so in the future.

This means that outside of the day-to-day operations of the 4-person team, the controlling shareholder has absolute authority over the company’s strategic direction, asset disposal, and major operational decisions.

For public investors subscribing to this 10% floating shares, buying stocks feels more like following the predetermined strategy of the controlling shareholders, with external capital having almost no substantial check on corporate governance.

3. Borrowing AI to tell a new story for the mining farm

After deducting underwriting fees, about $27 million of the net funds raised from this IPO clearly outlines the company's next steps.

In addition to allocating the largest share of funds for the 20 MW expansion of the Texas Dumas mining farm and reserving new sites in regions with low electricity prices like West Virginia and Indiana, Bitari also disclosed in the prospectus a key expenditure.

They plan to pay a $15 million deposit and initial investment to the AI computing power data center joint venture project.

This deposit accounts for more than half of the total net fundraising.

Transitioning from Bitcoin mining farms to AI computing power infrastructure is a popular direction for energy and computing assets in North America right now.

Bitcoin server rooms have low requirements for network latency, but AI high-performance computing demands extremely rigorous conditions regarding power density, precise temperature control, and network architecture.

Transforming the mining site's power reserves and physical server rooms into data centers that meet AI standards not only requires overcoming technical hurdles but also necessitates substantial subsequent capital support.

For Bitari, the $15 million deposit is a ticket to entering the AI realm, while the real test lies in future multi-party cooperation and the execution of engineering projects.

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From the mining farm server room in Texas to the trading hall at Nasdaq, Bitari has built an asset platform connecting low-cost electricity, miner hosting, and AI computing power expectations with a 4-person team.

Under the $302 million valuation, on one side is the past 9 months' minimal hosting profit of $183,900 and highly concentrated control, while on the other side is an expansion blueprint towards AI computing power infrastructure.

When traditional mining hosting meets the surging wave of AI, will the capital market ultimately price it using the utility rental operator scale, or will it be willing to pay for this computing power transformation expectation?

The answer is clear, and so are the decisions.

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