Bitcoin Miner Seeks $227M Value on AI Infrastructure Pivot

Atlantic HPC Group is seeking to merge with Aperture AC in a SPAC transaction that values the company at $227 million. This valuation is based on revenue from bitcoin mining, but the company's future growth plans focus on AI infrastructure.

The deal assigns Atlantic a pre-money equity value of $150 million and assumes no redemptions. Assuming no redemptions, the combined company would have a pro forma equity value of $324 million.

Atlantic's current business is built almost entirely on bitcoin mining, with $28.6 million in revenue for fiscal 2026 and an adjusted EBITDA of $4.4 million. However, the company forecasts that its revenue will fall to $24.7 million in fiscal 2027, all from mining.

The company's pitch centers on power, with 98 MW of utility-approved capacity across six sites, including 51 MW already in operation for bitcoin mining and another 47 MW under development for HPC data centers.