Bitari targets $30 million raise in Nasdaq IPO filing

A Texas-based Bitcoin mining infrastructure company is taking the public markets route. Bitari Inc. filed an S-1 registration statement with the SEC on August 21, 2026, seeking to raise $30 million through an initial public offering on the Nasdaq Global Market under the ticker BIAI.

The offering covers 4,285,715 shares of common stock priced at $7.00 each, with gross proceeds expected to hit approximately $30 million and net proceeds landing around $27 million after underwriting and related expenses.

What Bitari actually does

Bitari builds and operates the physical infrastructure that makes Bitcoin mining possible. Its current footprint centers on a 20 MW operational site in Wheeler, Texas. A second 20 MW facility is under development in Dumas, Texas, and the company holds a contracted 20 MW site in Marion, Indiana.

For the nine months ended April 30, 2026, Bitari posted revenues of approximately $8.37 million and a net income of $183,905.

US Tiger Securities is serving as underwriter, and the company has also secured an over-allotment option covering an additional 642,857 shares. Nasdaq listing approval is still pending.

A controlled company from day one

After the IPO closes, AI Power X Inc. is expected to retain approximately 85.87% of voting power in Bitari, making it a controlled company under Nasdaq’s governance rules. Public shareholders will hold economic exposure but limited governance leverage.

Where the money is going

Bitari plans to deploy the roughly $27 million in net proceeds as follows: 40% toward acquisitions, 30% toward expansion and branding, 15% toward new infrastructure, 10% toward research and development, and 5% for general corporate purposes.

The AI data center wildcard

The S-1 discloses a joint venture with Aleria Technology LLC to build an AI data center at Bitari’s Wheeler, Texas site, with a potential energy capacity of up to 1,300 MW. To move that project forward, Bitari anticipates making a $15 million security deposit by late August 2026, a meaningful financial commitment relative to the $27 million the company expects to net from the entire IPO.

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