Key Highlights

● Bitzero described a 15-year letter agreement with OneQode covering 110 megawatts in Norway.

● Estimated term Revenue is US$2.6 billion; the Lease was not yet definitive.

● The Kokemäki site in Finland is in pre-design for up to 520 megawatts.

● Bitzero completed a US$25 million private Placement on 30 July and repaid a Debt facility.

Latest verified development

Bitzero Holdings Inc (NASDAQ:AIBZ), a Vancouver-based developer of power-intensive data centres for high-performance computing and artificial intelligence, announced an investor-relations engagement on 2 October 2026. Its most substantive recent document is the 15 June 2026 update, issued after its first week of trading on Nasdaq.

What the June update said

In that filing, Bitzero described a 15-year binding letter agreement with OneQode Networks for the full 110-megawatt Namsskogan campus in Norway. It put total revenue over the term at about US$2.6 billion, excluding annual escalations and power costs, and net Operating Income at about US$151 million a year at full capacity, based on an expected site Margin of around 85%.

Crucially, the company stated that a definitive lease had not been executed. A letter agreement is not a completed lease, and these figures are company estimates rather than reported results.

Capacity pipeline

The same document said two new 60-megawatt transformers were scheduled for delivery to the Norwegian site in September, and described pre-design work in Kokemäki, Finland, for up to 520 megawatts, with an initial phase of up to 80 megawatts targeted for service delivery in 2027. Longer-term planned capacity there was given as 600 to 1,000 megawatts.

A January operational update, reported by The Energy Magazine, said an expansion phase should bring about 110 megawatts of energised capacity by the fourth quarter of 2026, with a further phase potentially raising the total to about 325 megawatts by the fourth quarter of 2027 if completed as planned. These are company targets rather than delivered capacity.

Board changes accompanied the listing: founder and chief executive Mohammed Bakhashwain became chair, and two independent directors joined.

Financial context

According to market data, Bitzero reported revenue of US$24.9 million for 2025, up 10.1% from US$22.6 million, with a loss of US$16.6 million. Trailing twelve-month revenue is shown as US$30.9 million, with a net loss of US$41.3 million, or US$0.84 per share.

The company refiled its annual and interim financial statements on 9 September 2026, which affects comparisons with earlier figures. It also reported full repayment of a debt Facility and completed a US$25 million private placement on 30 July.

OneQode lease and Norwegian capacity

The 110-megawatt Namsskogan campus carries the story: the OneQode letter agreement, with about US$2.6 billion of term revenue attached, still has to become a definitive lease.

Alongside it sit the two 60-megawatt transformers due in September and the Kokemäki project, which would add up to 520 megawatts if built as pre-designed.