$130 Billion in AI Data Centers were Just Blocked. Where Does the AI Boom Go Now

(NASDAQ:AIBZ) Bitzero signed a binding letter for a 15-year lease worth roughly $2.6 billion with cloud and network provider OneQode in May, committing the full 110-megawatt initial capacity of its Namsskogan, Norway site. The company began trading on the Nasdaq on June 9, after previously being listed on a junior exchange. Bitzero controls more than a gigawatt of low-cost, clean power capacity across Norway and Finland, with its Finland site in Kokemäki planned to support up to a full gigawatt and a confirmed 400 kV grid connection. The Namsskogan site draws 100% renewable hydroelectric power at 3 to 4 cents per kilowatt-hour and holds its own license to connect directly to the high-voltage grid. Bitzero expects the OneQode agreement to generate roughly $2.6 billion in revenue over the life of the lease, with operations slated to begin in the first half of 2027 and an estimated 85% net operating income margin, equating to around $178 million in annual revenue at full capacity and about $151 million in net operating income. The company estimates the campus can scale toward 315 megawatts, and its North Dakota site is a decommissioned anti-ballistic missile complex repurposed for sensitive computing.