The IPO is now cleared to price and begin trading, likely within 1-2 days. Monitor the final pricing, first-day trading performance, and subsequent quarterly filings for revenue and net income trends given the pre-IPO declines.
Price Chart
Executive Summary
The SEC declared Bitari Inc.'s S-1 registration statement effective on October 29, 2026, clearing the way for its IPO of 4,285,715 shares at $7.00 per share on Nasdaq under ticker BIAI. The company is a Bitcoin mining hosting and O&M provider with declining revenue and net income, and post-IPO control will be held by AI Power X Inc. at 85.87% voting power.
Key Facts
- Effectiveness date: October 29, 2026
- IPO registration (S-1) declared effective
- Offering: 4,285,715 shares at $7.00 per share
- Nasdaq listing under ticker BIAI
- Post-IPO, AI Power X Inc. will hold 85.87% voting control
- FY2025 revenue $11.3M (down 4.7% YoY from $11.8M)
- FY2025 net income $1.26M (down 33.1% YoY from $1.89M)
- Material weakness in internal controls
- West Virginia site delayed due to supplier bankruptcy
- Pending litigation over alleged water damage to customer servers
Financial Impact
IPO proceeds of approximately $30M ($7.00 x 4,285,715 shares) before underwriting discounts and expenses
Risk Factors
- Declining revenue and net income trends may pressure post-IPO valuation
- 85.87% voting control by AI Power X Inc. creates concentrated governance risk
- Material weakness in internal controls raises financial reporting risk
- West Virginia site delay and supplier bankruptcy may impact growth plans
- Pending litigation could result in material liabilities
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-003371 |
| Document: 9999999995-26-003371-index.html | 9999999995-26-003371 |
| Document: 9999999995-26-003371.txt | 9999999995-26-003371 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | NT 10-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 30, 2026 2d ago | EFFECT | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | 3 | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | 3 | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | 3 | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 26, 2026 6d ago | S-1/A | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 14, 2026 18d ago | S-1/A | No price | awaiting T+20 | awaiting T+20 | No price |
Sep 28, 2026 4w ago | S-1/A | No price | awaiting T+20 | awaiting T+20 | No price |
Sep 15, 2026 6w ago | S-1/A | No price | awaiting T+20 | awaiting T+20 | No price |
US Market Status
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