Every AI bull case being pitched right now, from Big Tech earnings calls to trillion-dollar valuation models, shares a common blind spot. They all assume the electricity will be there when they need it. Bitzero Holdings is betting that assumption is wrong, and that the companies who locked up cheap power early will name their price later.

The company, listed on the CSE as BITZ.U and on the OTCQB as BTZRF, has assembled more than 1 gigawatt of planned operational capacity across three geographies: Norway, Finland, and North Dakota. It has secured long-term power purchase agreements at roughly $0.02 per kilowatt-hour, a rate that makes most US data center operators look like they’re paying resort minibar prices for electricity.

The Norway deal and Finland buildout

In May 2026, Bitzero signed a binding 15-year lease with OneQode Networks for the full 110 megawatt capacity at its Namsskogan site in Norway. That single deal is projected to generate approximately $2.6 billion in lifetime revenue, with site net operating income margins of about 85%.

Meanwhile, the company broke ground on its Kokemäki data center in Finland back in December 2025. That facility is targeted for up to 1 GW of capacity on its own, which would make it one of the larger data center buildouts in the Nordics.

Bitzero’s power mix leans heavily on renewables. The company draws from hydroelectric, nuclear, wind, and solar sources.

From Bitcoin mining to AI hosting

Bitzero didn’t start as an AI infrastructure play. The company currently operates roughly 2.8 exahashes per second of Bitcoin mining capacity. But like several of its peers, it has recognized that the economics of hosting AI and high-performance computing workloads can be significantly more attractive than mining alone, especially in post-halving environments where Bitcoin block rewards shrink.

Bitzero’s approach is to run shared infrastructure that can flex between workloads. When AI demand is high and contracts are lucrative, capacity shifts toward HPC hosting. When Bitcoin prices spike and mining becomes more profitable per megawatt, the company can reallocate.

CEO Mohammed Bakhashwain has emphasized the strategy of securing land, power, and project permits ahead of the anticipated demand surge.

What this means for investors

Bitzero’s blended site power costs of $0.03 to $0.035 per kWh, after accounting for all-in expenses beyond the raw PPA rate, are competitive with the cheapest operators globally.

The company counts investor Kevin O’Leary among its backers, and recently made its public market debut on Nasdaq.

The risks are real, though. Bitzero’s 1 GW target is planned capacity, not operational capacity. Building out data centers at that scale requires billions in capital expenditure, and the company will need to continue raising funds or securing debt financing to reach full buildout.

The 15-year OneQode lease offers some revenue visibility that most competitors lack at this stage. If the projected $2.6 billion in lifetime revenue holds and the 85% NOI margins prove durable, that single contract could justify a significant portion of the company’s valuation.

For crypto-native investors, the dual exposure is interesting. Bitzero’s 2.8 EH/s of mining capacity means the stock retains meaningful Bitcoin sensitivity, while the AI hosting pivot adds a growth narrative that trades at much higher multiples in public markets.