Bitzero is like Equinix for Bitcoin miners.

• IT Energy Infrastructure and Power: Bitzero provides the essential IT energy infrastructure and power supply for data centers.
• Bitcoin Mining: The company directly engages in the process of mining Bitcoin.
• Third-Party Hosting and Services: Bitzero offers hosting space, operational support, and maintenance services for other cryptocurrency mining companies.

Bitzero Holdings Inc. (AIBZ) primarily sells its services to other companies.

Its major customers are third-party Bitcoin mining companies that utilize Bitzero's data center space, IT energy infrastructure, and operating and maintenance services for their mining operations.

The provided company description does not specify the names of these individual customer companies.

Mohammed Bakhashwain, Founder, President & CEO, Chairman

Mohammed Bakhashwain is the Founder of Bitzero Holdings Inc. and currently serves as its President, Chief Executive Officer, and Chairman. He has a background in real estate and crypto, having been an investor and active in both spaces since early 2013, which drove him to found Bitzero.

Igor Kostioutchenko, Chief Financial Officer

Igor Kostioutchenko is the Chief Financial Officer of Bitzero Holdings Inc. He is a Certified Public Accountant (CPA) and is based in Canada.

Giovanni Gaudenzi, Head of Finance & Director

Giovanni Gaudenzi serves as the Head of Finance and a Director at Bitzero Holdings Inc. As of November 2025, he had been the head of finance for the past two years and had previously served as the company's CFO for a period of time.

Frank Aadnevik, CEO of Norway Subsidiary, Head of Operations

Frank Aadnevik is the CEO of Bitzero's Norway Subsidiary and the Head of Operations. He has a background in data centers, having executed multiple conventional data centers in his previous career before joining Bitzero.

1. Volatility of Cryptocurrency Prices: Bitzero's business is highly exposed to Bitcoin pricing, network difficulty, and the overall cryptocurrency market. Fluctuations in Bitcoin's price directly impact the profitability of its mining operations, as the value of block rewards and transaction fees can increase or decrease significantly with market swings.
2. Energy Costs and Availability: A core component of Bitzero's business model is securing competitively priced electricity, particularly hydroelectric power in regions like Norway, to power its data centers and Bitcoin mining operations. Changes in energy economics, rising energy prices, and challenges in ensuring reliable and affordable power access can quickly narrow its competitive advantage and negatively affect revenue and profitability.
3. Funding and Execution Risks: Bitzero faces an auditor-flagged "going concern" risk, indicating significant uncertainty about its ability to continue as a going concern without additional funding. The company has substantial capital needs for its data center expansion projects in the North American and Scandinavian regions. The ability to secure adequate funding on acceptable terms, manage operational uptime, and successfully execute these large-scale infrastructure buildouts and long-term contracts presents a significant risk.

The increasing global regulatory and environmental scrutiny on energy-intensive Bitcoin mining operations. This includes potential government restrictions, bans, increased taxes, or heightened environmental compliance costs, which could directly impact Bitzero's own mining profitability and the demand for its data center hosting services.

Addressable Markets for Bitzero Holdings Inc. (AIBZ)

Bitzero Holdings Inc. operates in several key addressable markets related to data centers and cryptocurrency mining. These markets exhibit significant current valuations and strong growth projections, particularly in North America and the Scandinavian regions where the company operates.

IT Energy Infrastructure and Power for Data Centers

The global data center power market was valued at USD 22.8 billion in 2025 and is projected to grow to USD 71.8 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 15.7% from 2026 to 2033. North America held the largest revenue share in this market in 2025. Specifically, the North America data center power market is estimated at USD 16.88 billion in 2026 and is forecast to grow to USD 23.39 billion by 2031, with a CAGR of 6.75% during that period. Looking further ahead, the North America data center power market is expected to reach a projected revenue of USD 37.24 billion by 2035, growing at a CAGR of 16% from 2026.

In the Scandinavian region, the broader Nordic data center market, which includes power and other infrastructure, was valued at USD 7.16 billion in 2024 and is estimated to reach USD 14.93 billion by 2030, with a CAGR of 12.8%. The Sweden data center power market alone is estimated at USD 217.68 million in 2026 and is projected to reach USD 262.67 million by 2031, with a CAGR of 3.83%.

Bitcoin Mining

The global Bitcoin Miner Market, focusing on hardware, is anticipated to be worth USD 11.72 billion in 2026 and is expected to grow steadily to USD 151.2 billion by 2035, at a substantial CAGR of 26.7%. For the broader cryptocurrency mining market, the global size was valued at USD 26.89 billion in 2025 and is predicted to increase to approximately USD 62.29 billion by 2035, with a CAGR of 7.77% from 2026 to 2035.

North America is a significant region for Bitcoin mining hardware, projected to hold approximately 45% of the global market share. The U.S. cryptocurrency mining market size is estimated at USD 10.57 billion in 2026 and is projected to reach approximately USD 20.77 billion by 2035, growing at a CAGR of 7.80%.

Hosting and Operating & Maintenance Services for Third-Party Mining Companies (Data Center Colocation)

The global data center colocation market, which encompasses hosting and maintenance services, is projected to grow from USD 99.2 billion in 2026 to USD 184.4 billion by 2033, exhibiting a CAGR of 9.3%. North America dominated this market with a 38.4% revenue share in 2025. The North America data center colocation market was valued at USD 29.87 billion in 2025 and is projected to reach USD 32.73 billion in 2026.

Within the Scandinavian region, the Nordic data center market (including colocation) was valued at USD 7.16 billion in 2024 and is estimated to reach USD 14.93 billion by 2030, at a CAGR of 12.8%. Specifically, the data center colocation market for Sweden is projected to reach USD 720 million by 2031 with a 7.6% CAGR.

Bitzero Holdings Inc. (AIBZ) is positioned for future revenue growth over the next two to three years, driven by several key initiatives in its IT energy infrastructure and data center operations.

Here are 3-5 expected drivers of future revenue growth for Bitzero:

1. Expansion of Data Center Capacity and Strategic Hosting Partnerships: Bitzero aims to grow its revenue through the development of new data centers and securing long-term hosting agreements with third-party companies. The company has four data centers across North America and Scandinavia. A notable example of this strategy is the 15-year, 110MW lease agreement with OneQode Networks at its Norway data center, projected to generate approximately $2.6 billion in total contracted revenue over its term. Additionally, Bitzero has expanded its Nordic development portfolio with a land reservation agreement for a new site in Finland, indicating future capacity growth.
2. Growth in High-Performance Computing (HPC) and AI Infrastructure Hosting: Bitzero is strategically focusing on providing sustainable infrastructure for high-performance computing (HPC) and artificial intelligence (AI) data centers. This strategic shift into the rapidly expanding AI/HPC market is anticipated to be a significant driver of revenue as demand for these specialized computing services continues to increase.
3. Continued Bitcoin Mining Operations: As a provider of IT energy infrastructure, Bitzero also engages in Bitcoin mining. The company emphasizes its low cost of mining, which contributes to its revenue streams from digital asset production. Sustained or enhanced efficiency in its Bitcoin mining activities will continue to be a revenue driver.
4. Leveraging Clean, Low-Carbon Energy Sources: Bitzero's commitment to powering its data centers with clean, low-carbon energy sources provides a competitive advantage. This focus on sustainability can attract clients seeking environmentally responsible data solutions and potentially lead to more favorable operational costs, thereby supporting revenue growth and market differentiation.

Share Issuance

• On July 30, 2026, Bitzero Holdings Inc. closed a private placement, issuing 5,828,342 special warrants at US$4.25 each, resulting in approximately US$25 million in gross proceeds.
• Each special warrant will convert into one common share and one common share purchase warrant, with each warrant exercisable at US$5.00 per share for five years.
• The number of basic shares outstanding significantly increased from 310 million in fiscal year 2023 to 392 million as of March 2026 (TTM).

Inbound Investments

• Bitzero Holdings Inc. received an inbound investment of approximately US$25 million from institutional investors through a private placement that closed on July 30, 2026.

Capital Expenditures

• The net proceeds from the US$25 million private placement are intended for continued product and service development and to develop and expand its sustainable high-performance compute (HPC) data center platform.
• In June 2026, Bitzero secured a land reservation agreement for a new Finland site, furthering its strategy to build sustainable power and infrastructure for data center development.
• The company reported negative free cash flow of -US$46.13 million in fiscal year 2025 and -US$41.06 million in the trailing twelve months ending March 2026, indicating ongoing capital deployment.