1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
BIAI
Expected IPO date
2026-10-19
Sector
Financials
Subsector
Capital Markets
Offer Price
$7.00
Shares Offered
4.29M
Shares Outstanding Pre-IPO
38.8M
43.09M
$301.6M
9.9%
Implied Upside vs Midpoint
Description
We are a Texas-headquartered, digital infrastructure company focused on providing secure and efficient hosting and O&M services for Bitcoin mining operations. Leveraging our purpose-built and fully operated mining sites located in Wheeler, Texas, and Dumas, Texas, as well as a contracted mining site in Marion, Indiana, we have developed operational processes and service capabilities that have supported stable operations and consistent service delivery for our customers. Through ongoing monitoring, established infrastructure, and third-party service arrangements, we seek to provide reliable power availability, network connectivity, and comprehensive facility management under normal operating conditions, with the objective of supporting mining machine uptime and computational performance. Our hosting services encompass the entire lifecycle of Bitcoin mining operations, including mining machine deployment, preventive maintenance, system optimization, power management, and performance analytics, offering customers a fully integrated, one-stop infrastructure solution. Looking ahead, we intend to expand our operational footprint across North America, enhancing our presence in key energy regions such as Texas, West Virginia, and Indiana, while pursuing opportunities to evolve from a traditional hosting service provider into a comprehensive consulting platform focused on digital assets. Since the fiscal year ended July 31, 2025, we have undertaken one consulting project. We are also actively expanding our talent pool and improving our marketing system. --- Bitari was incorporated under the laws of the State of Texas as a corporation on April 19, 2022. Our principal executive office is located at 16544 HWY 152, Wheeler, TX 79096. Our telephone number is 669-205-9999 and our website address is www.bitari.net.
▼ More expensive than its peers on 2 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 26.6x | 6.2x | ||
EV / EBITDA | >100x | — | — | |
Price / earnings | >100x | 20.2x | ||
Revenue growth | -4.7% | 50.0% | ||
Gross margin | 18.8% | — | — | |
Operating margin | 14.3% | 12.9% | ||
Net margin | 11.2% | 27.3% | ||
Free cash flow margin | 6.1% | 14.6% | ||
Rule of 40 | 13.5% | 69.0% | ||
Net cash / market cap | 0.3% | 4.4% | ||
Debt / equity | 0.67 | 0.00 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2026-08-21 | S-1 | — | $7.00 | 4,285,715 | $30.0M |
| 2026-09-15 | S-1/A | — | $7.00 | 4,285,715 | $30.0M |
| 2026-09-29 | S-1/A | — | $7.00 | 4,285,715 | $30.0M |
| 2026-10-14 | S-1/A | — | $7.00 | 4,285,715 | $30.0M |