Bitzero Holdings Inc. is a provider of IT energy infrastructure and power for data centers. It offers Bitcoin mining and also hosts third-party mining companies, supplying space along with operating and maintenance services. The company operates four data centers across the North American and Scandinavian regions and has a collaboration with Vertiv. Bitzero Holdings Inc. is based in Vancouver, Canada.
Bitzero's $2.6B Norway AI Lease Anchors Its Power-First Growth Story
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Landmark $2.6B Norway AI Lease Bitzero signed a binding 15-year lease with OneQode for all 110 megawatts of its Norway data center, worth about $2.6 billion. At full capacity it should bring in roughly $176 million a year at very high margins, turning the company into a real AI infrastructure player.
This is the single biggest new event and the main reason AIBZ is moving.
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Cheap Power Gives Bitzero an Edge Bitzero's all-in electricity cost is about 4.3 cents per kilowatt-hour, roughly half what most major data center operators pay. That low cost makes its AI and Bitcoin operations far more profitable and attractive to customers as power becomes the scarce resource in AI.
Explains the durable competitive advantage behind the lease and future growth.
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AI Power Demand Boom Validates Strategy The IEA and McKinsey report AI data centers will need far more electricity, with grid connections taking years. Bitzero already controls over one gigawatt of low-cost power across Norway, Finland, and North Dakota, positioning it to benefit as tech giants scramble for reliable energy.
Shows the big-picture demand trend that makes Bitzero's power assets valuable.
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Execution and Financing Risks Remain Bitzero is still losing money and must raise about $1.1 billion in debt to build the Norway site, with a definitive lease not yet signed. Delays or financing problems could hurt the stock, even though the long-term opportunity is large.
Provides the necessary counterweight so readers see the full picture, not just the upside.
Q2 2026
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Bitzero's $2.6B Norway AI Lease Anchors Its Power-First Growth Story
▲
Landmark $2.6B Norway AI Lease Bitzero signed a binding 15-year lease with OneQode for all 110 megawatts of its Norway data center, worth about $2.6 billion. At full capacity it should bring in roughly $176 million a year at very high margins, turning the company into a real AI infrastructure player.
This is the single biggest new event and the main reason AIBZ is moving.
▲
Cheap Power Gives Bitzero an Edge Bitzero's all-in electricity cost is about 4.3 cents per kilowatt-hour, roughly half what most major data center operators pay. That low cost makes its AI and Bitcoin operations far more profitable and attractive to customers as power becomes the scarce resource in AI.
Explains the durable competitive advantage behind the lease and future growth.
▲
AI Power Demand Boom Validates Strategy The IEA and McKinsey report AI data centers will need far more electricity, with grid connections taking years. Bitzero already controls over one gigawatt of low-cost power across Norway, Finland, and North Dakota, positioning it to benefit as tech giants scramble for reliable energy.
Shows the big-picture demand trend that makes Bitzero's power assets valuable.
◆
Execution and Financing Risks Remain Bitzero is still losing money and must raise about $1.1 billion in debt to build the Norway site, with a definitive lease not yet signed. Delays or financing problems could hurt the stock, even though the long-term opportunity is large.
Provides the necessary counterweight so readers see the full picture, not just the upside.
News & notes movingAIBZ
Canada
AIBZ▼
Bitzero Holdings Refiles Financial Statements After BCSC Review
Bitzero Holdings Inc. has amended and refiled its annual and interim financial statements and related management's discussion and analysis following a review by the British Columbia Securities Commission of the company's continuous disclosure record. The refilings cover the audited consolidated financial statements for the year ended September 30, 2025, and the unaudited interim condensed consolidated financial statements for the three and nine months ended June 30, 2026. The amendments relate to the classification and presentation of warrants issued in connection with the company's senior secured loan, known as the JGB First Warrants, which contain provisions that may result in a variable number of common shares being issued and therefore do not satisfy the fixed-for-fixed condition under IAS 32. As a result, the warrants are now classified as derivative financial liabilities measured at fair value through profit or loss rather than being presented within senior secured loans, leading to a reclassification of $7,716,025 from non-current liabilities to current liabilities as at September 30, 2025, with no change to total liabilities. The reclassification is non-cash and did not affect the company's total assets, total liabilities, shareholders' equity, net loss, total comprehensive loss or cash and cash equivalents, though working capital deficiency widened to $14,066,701 from $6,350,676 as previously filed. The amended and restated filings replace and supersede the previously filed documents and are available on SEDAR+.
AIBZ · Regulation · Negative BCSC review forced refiling of financials, reclassifying JGB First Warrants as derivative liabilities and widening working capital deficiency to $14.07M
Vertiv Raises 2026 Guidance on AI Data Center Demand
Vertiv Holdings Co raised its full-year 2026 guidance, now expecting net sales of US$13,800 million to US$14,200 million and diluted EPS of US$5.82 to US$5.92, explicitly tying the stronger outlook to AI data center demand. The company also reported higher second-quarter revenue and net income year over year and completed its US$599.84 million share repurchase program. Earlier in August, Bitzero Holdings Inc. announced a collaboration with Vertiv to support AI and HPC data center build-outs. Vertiv is scheduled to present at the OCP APAC Summit 2026 in Taipei, highlighting its role in advanced, high-density AI infrastructure and integrated power-and-cooling solutions.
AI Power War Is Underway as Bitzero Signs $2.6 Billion Norway Lease
Bitzero Holdings Inc. has signed a binding letter for a 15-year, $2.6 billion lease to host enterprise AI workloads at its Norway site, marking one of the first major moves in a global battle for AI-grade electricity. The deal with OneQode covers the entire 110 megawatts at the Namsskogan site, with implied annual revenue of $178 million at full capacity and an 85% net operating margin, and commissioning is targeted for the first half of 2027. Bitzero, which trades on Nasdaq under ticker AIBZ, holds more than 1 gigawatt of secured capacity across four sites in Norway, Finland and the U.S., with all-in power costs of roughly 3 to 4 cents per kilowatt-hour. The company has also deployed its first eight NVIDIA Blackwell B300 servers in Norway, partnered with top-10 NVIDIA Cloud Partner Hydra Host, and retained CBRE as strategic broker for its 200-megawatt Finland site. The broader AI power war is intensifying as U.S. hyperscalers like Microsoft, Amazon, Google and Meta commit billions to secure clean electricity, while Nordic countries tighten regulations and Gulf sovereign wealth funds take strategic positions in AI infrastructure.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Artificial Intelligence › AI Power & Cooling ▲Demand
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Supply
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
AIBZ · Demand · Positive Bitzero has secured over 1 GW capacity in Norway and a $2.6B binding LOI to host enterprise AI workloads, positioning it to benefit from AI-driven electricity demand.
Phoenix Group Holdings plc · Capital · Positive Phoenix Group holds a 20.8% equity stake in Bitzero, which is highlighted as a potential undervalued AI power play.
Big Tech’s $3 Trillion Struggle to Secure Enough Electricity
Big Tech is facing a critical shortage of electricity to power AI data centers, with utilities quoting two- to four-year wait times just for feasibility studies. Global data center power demand could rise 165% by the end of the decade, according to Goldman Sachs. Companies like Amazon, Microsoft, and Google are racing to lock in long-term power deals, such as Amazon’s agreement with Talen Energy for up to 1,920 megawatts of nuclear power and Microsoft’s 20-year deal with Constellation Energy to restart Three Mile Island for 835 megawatts. Bitzero, which controls over a gigawatt of clean power capacity across Norway, Finland, and North Dakota, has already secured a 15-year lease with OneQode Networks for its full 110-megawatt Norway campus, potentially generating $2.6 billion in contracted revenue. Shark Tank’s Kevin O’Leary is a strategic investor, noting that Bitzero’s sustainable, low-cost electricity positions it as a power provider in an era where AI and Bitcoin mining compete for the same resource.
Artificial Intelligence › AI Power & Cooling ▲Demand
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor ▲Demand
Energy Transition & Power Demand › Behind-the-Meter & On-site Power ▲Demand
MSFT · Demand · Positive Microsoft's 20-year deal with Constellation Energy to restart Three Mile Island for 835 MW secures power for its AI data centers.
MSFT · Supply · Negative Microsoft faces electricity shortages and long wait times for data center power, threatening AI expansion.
AIBZ · Demand · Positive Bitzero's clean power capacity is in high demand from AI data centers, with a 15-year lease secured for its Norway campus.
CEG · Demand · Positive Microsoft's 20-year deal to restart Three Mile Island for 835 MW of nuclear power directly benefits Constellation.
TLN · Demand · Positive Amazon's agreement with Talen for up to 1,920 MW of nuclear power directly benefits Talen.
Bitzero · Demand · Positive Bitzero's clean power capacity is in high demand from AI data centers, with a 15-year lease secured for its Norway campus.
AI Infrastructure Buildout Shifts Focus to Energy as Scarce Resource
Trillions of dollars are being poured into AI factories, but the scarcest resource is energy, not chips or models. McKinsey estimates AI-related infrastructure spending could exceed $5 trillion by 2030, while JLL projects developers may require roughly 100 gigawatts of new data-center capacity over the same period. Utilities face multi-year waits for grid connections, forcing companies like Microsoft, Google, and Amazon to secure dedicated power. Bitzero, which controls a development pipeline exceeding one gigawatt of potential capacity across Norway, Finland, and North Dakota, announced a binding letter with OneQode Networks for a 15-year lease on the full 110 megawatts of its Namsskogan campus, valued at approximately $2.6 billion. Kevin O'Leary, a key backer, said he considers Bitzero a real estate power company with sub-six cents per kilowatt-hour power, land, permits, and water, adding that perhaps 50 percent or more of announced U.S. data centers won't be built due to lack of grid power.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers Supply
Artificial Intelligence › AI Power & Cooling ▲Demand
Energy Transition & Power Demand › Behind-the-Meter & On-site Power ▲Demand
AIBZ · Demand · Positive Bitzero announced a binding 15-year lease for 110 MW of its Namsskogan campus valued at $2.6 billion, indicating strong demand for its data center capacity.
Bitzero · Demand · Positive Bitzero announced a binding 15-year lease for 110 MW of its Namsskogan campus valued at $2.6 billion, indicating strong demand for its data center capacity.
OneQode Networks · Demand · Positive OneQode Networks signed a 15-year lease for the full 110 MW of Bitzero's Namsskogan campus, valued at ~$2.6B, securing long-term data center capacity.
Bitzero secures 110 MW Norway lease with OneQode as AI power crunch deepens
Bitzero has signed a binding 15-year lease for the full 110 megawatts at its Norway data center site with AI cloud provider OneQode, a deal worth up to $2.6 billion. The company controls over one gigawatt of potential capacity across Norway, Finland, and North Dakota, with power costs as low as three to four cents per kilowatt-hour, roughly 70 percent below the U.S. average. Bitzero is already cash flow positive from Bitcoin mining, with an all-in breakeven around $50,000 per coin, well below the industry average of $75,000 to $82,000. Strategic investor Kevin O'Leary has called the company 'really a power company,' highlighting its early-mover advantage in securing cheap, sustainable electricity before the current grid crisis. While tech giants like Microsoft and Google target 2028 or later for new nuclear capacity, Bitzero's Norway site is expected to begin deployment by early 2027.
AI Data Centers Consume 670,000 Barrels of Oil Equivalent Daily, IEA Says
Data centers powering artificial intelligence consumed about 670,000 barrels of oil equivalent per day in 2024, according to the International Energy Agency, and that figure is projected to more than double to 1.5 million barrels of oil equivalent daily by 2030 as electricity demand surges toward 945 terawatt-hours. The IEA estimates data centers drew roughly 415 terawatt-hours from global grids last year, a load that is expected to strain power infrastructure already facing four-year grid connection wait times, transformer shortages, and transmission bottlenecks. Bitzero Holdings Inc., backed by Kevin O'Leary, has positioned itself ahead of this trend by securing over one gigawatt of low-cost, renewable power capacity across Norway, Finland, and North Dakota, and on May 5th it announced a 15-year lease deal with OneQode Networks for the full 110-megawatt capacity of its Namsskogan, Norway site, marking its entry into the large-scale AI data center infrastructure market. The agreement, valued at roughly $2.6 billion over its term, is structured at about $135 per kilowatt per month with a 3% annual escalator, potentially generating $176 million to $178 million in annual revenue at full utilization. Bitzero's all-in energy cost of 4.3 cents per kilowatt-hour, including taxes and grid fees, gives it a significant cost advantage as hyperscalers like Nvidia, Amazon, and Meta Platforms drive hundreds of billions of dollars into AI infrastructure that increasingly depends on access to reliable, low-cost power.
Bitzero Holdings advances 110 MW Norway data center campus with OneQode lease
Bitzero Holdings Inc. reported continued progress on its 110 MW Norway data center campus, with foundations under construction for two 60 MW transformers and the regional grid operator upgrading its substation to integrate new Siemens GIS switchgear. The infrastructure milestones follow Bitzero’s addition to the Nasdaq Composite Index and a 15-year lease agreement for the Norway campus with OneQode Networks. The company is pushing to build large-scale AI and high-performance computing capacity in the Nordic region, though it remains loss-making and faces financing and execution risks.
Kevin O'Leary-backed BitZero secures low-cost power for AI and Bitcoin mining
BitZero, a digital infrastructure company backed by Canadian billionaire Kevin O'Leary, has assembled over 1 gigawatt of growth capacity across Norway, Finland, and North Dakota, positioning it to supply cheap electricity to both Bitcoin mining and AI data centers. Its flagship hydro-powered facility in Norway delivers 40 megawatts of self-mining capacity at power costs below $0.05 per kilowatt-hour, and a newly announced 110-megawatt Norway project could generate roughly $176 million in annual recurring revenue from long-term AI compute contracts. The company's all-in energy cost of about 4.3 cents per kilowatt-hour is less than half that of major U.S. peers, putting its cost per Bitcoin near $50,000 today. BitZero trades on NASDAQ under the ticker AIBZ and on the CSE under AIBZ-U.
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