Bitzero Surges on $2.6B Norwegian Cloud Deal and Nasdaq Listing

A massive pre-contract with a European cloud provider has catapulted Bitzero into the spotlight just as its shares begin trading on the Nasdaq. The data-center operator now finds itself at the center of a dual catalyst — a marquee US listing backed by a 15-year revenue stream worth billions.

The company inked a preliminary agreement with OneQode Networks to reserve 110 megawatts of capacity at its Norwegian facility, which runs on cheap hydropower suited to energy-hungry AI workloads. If the deal becomes final, Bitzero will lock in guaranteed revenue of roughly $2.6 billion over 15 years, translating to annual net income of $151 million once fully utilized. Operations are slated to start in the first half of 2027, though both sides still need to complete technical and financial due diligence.

Investors had already been placing their bets well before Tuesday’s confirmation. The stock closed Monday at €6.50, up about 53% in the previous 30 days. Tuesday’s session added more fuel: shares touched a new 52-week high of €7.85 before settling at €6.90, a daily gain of roughly 6%. That pushed the one-month return to nearly 63%. For context, the stock traded as low as €1.71 as recently as April 23.

The rally has left the shares technically extended. The 14-day relative strength index sits at 72.7, and the 30-day annualized volatility is running above 200%. The earlier 52-week high of €7.65, set on June 8, was quickly overtaken.

Should investors sell immediately? Or is it worth buying Bitzero?

Bitzero now trades on the Nasdaq under the ticker AIBZ. The company simultaneously delisted from the OTCQB Venture Market and changed its symbol on the Canadian Securities Exchange. For existing shareholders, no action is required — certificates and security numbers remain unchanged.

Alongside the listing, Bitzero reshuffled its board. Founder and former CEO Mohammed Bakhashwain stepped into the chairman role after Gilles Seguin resigned from both the chair and the board. Two new independent directors joined: Guido Contesso, bringing financial expertise, and Selena Barrera, who will oversee corporate governance. The company framed these changes as part of the Nasdaq transition.

Expansion plans extend beyond Norway. In Finland, Bitzero received a technical assessment for its Kokemäki site and aims to add up to 520 megawatts of capacity there, potentially creating one of Europe’s largest independent data centers.

The market has already priced in a good portion of the Norwegian deal. The real test now is converting that preliminary agreement into a binding contract — and delivering on the operational milestones that would justify the stock’s elevated valuation on the world’s most prominent tech exchange.