In the world of investing, we often talk about the next big thing and right now in May 2026, the biggest thing just may be raw power as AI demand explodes.
The global tech industry has hit a massive brick wall, a lack of sustainable energy infrastructure.
Well, we are joined today by Kevin O'Leary, a strategic investor in Bitzero & Chairman of O'Leary Ventures, and Mohammed Bakhashwain, Founder, President & CEO of Bitzero Holdings.
Gentlemen, great to have you here.
Thank you so much for joining me.
Thanks, Remy.
Well, Mo, let's start out with you because we all know that AI Catex has been a theme that we're all focused on.
So tell me about the pivot.
So I'm not sure if you saw the announcement we made yesterday that that crystallizes Bit Zero's direction into serving the demand that we see in the market for AI compute.
Our assets are strategically positioned to leverage that demand with scale that we've been building over the past years ahead of the market catching up to what we've been doing or to the demand being as much as we see it today.
The announcement we made yesterday is a bid zero statement that we are leveraging our assets in the best interest of our shareholders at any given cycle, whether it's AI, whether it's crypto, whether it's quantum tomorrow we will leverage every power source at our disposal, add to our assets as much as we can as we go ahead.
This is one of many agreements we anticipate to have.
In our assets.
Norway is up to 300 megawatts.
This is just 110 that we've already announced that we're doing.
We're pursuing other discussions about the expansion in Norway.
Our Finland site is actively being worked on with CBRE Red Engineering.
We're working with the best in class engineering teams and Houses like CBRE, Turner and Townsend, which are going to give us an edge, also working with the clients that we seek to land for our capacity now and in the future.
Yeah, and Kevin, you have been beating the drum on Bit Zero for years, and when we're talking about 2026, I think geopolitics have been front and center as we monitor the situation in the Middle East.
So why Bit Zero and why do they have an advantage when they come, when it comes to environmental as well?
As a geographic advantages.
So Bit zero, my investment thesis was, as in other investors are definitely coming to this theme, is they have power.
They have power contracts at very, very attractive prices.
So a company like Bit Zero that has power, land permits fiber, becomes very attractive to many, many, many different constituencies.
In addition to that, which is almost serendipitous because nobody knew war would break out in the Middle East, you now want a geography with very good stability because if you're going to spend billions of dollars building whatever you're building or do whatever you're doing with that power, whether it's manufacturing or whether it's, you know, building AI computer, whatever it is, you want stability.
And of course Norway and Finland are legendary for that, but there's something else that is also interesting about what occurred yesterday, and I think A lot of investors like me are very concerned about, not concerned, but we scrutinize for this.
So many people are running around the world saying, I'm building a data center here.
I'm building a data center there, but they never seem to land LOIs, letters of intent, let, let alone binding LOIs, which means not only has some negotiation already done towards a lease, but the economics are understood.
And so what Bitzeo announced yesterday.
It was over a $100 million deal.
It kicks in.
I mean, we should ask Mo when my assumption, the market's assumption, sometime next year at the back end, right?
Yeah, around Q3.
So we expect this to come to fruition upon completion of the lease.
We expect it to take 12 months.
So somewhere falling in Q327, where we start cash flowing on, on that lease, it will be approximately $170 million per annum in revenues.
Out of that, the operating expenses are not a significant portion, so we'd be looking at an expected EBITDA of approximately $150 million per annum, which puts bid zero in a completely different sphere and changes our size completely and puts us in Like instead of a speculative power asset and mining, we would be a full compute platform that will leverage its assets for AI and any other industry.
Being a platform, being a compute platform today, I'm sure you see the market multiples Remi every day.
That's, that's basically where it is.
Yeah, because when we look at the latest earnings from the hyper scalers, we know everybody is paying attention to what's happening in artificial intelligence, but of course it is about the energy demand.
So before I let you go, Mo, tell us what gives you that competitive advantage here.
Timing we acquired their assets in the in an opportune timing, and we've developed them ahead of the of the demand.
Our strategic locations, as Kevin said, stability in the region.
The Nordics are one of the most stable regions to build data centers.
The stability of the grid.
Finland has the most stable grid, an advanced grid in the world.
Norway has one of the most stable grids in the world, and 99% renewable energy. predominantly hydro, and in both our sites we are powered by the most stable renewable energy sources in the world, nuclear and hydro.
I don't think there are other operators that can tick those boxes today, especially in Europe, or have the go-live dates that we can offer to the market.
That's what puts us at the forefront of anyone trying to get clients or to land LOIs for sites in Europe.
From what we see.
Any site in Europe that can bring online meaningful capacity at scale would take at least 3 years from today, so we can bring capacity online in Norway and in Finland between 2026 and 2027.
I doubt there's much out there in Europe that can claim that.
Well, Mo, it was great having you on the show.
Thank you so much for joining us.
Thank you.
