Atlantic HPC Group is asking public-market investors to value a business built almost entirely on bitcoin mining as an AI infrastructure platform before that AI business has produced material revenue.
The California-based company agreed to merge with Aperture AC in a SPAC transaction that assigns Atlantic a $150 million pre-money equity value. Assuming no redemptions, the investor presentation shows a $324 million pro forma equity value and a $227 million enterprise value for the combined company. Atlantic shareholders would own 46% at closing, before potential earnout shares.
The enterprise value sits against $28.6 million of unaudited fiscal 2026 revenue and $4.4 million of adjusted EBITDA. Atlantic also reported a $10.1 million net loss and $3.7 million of EBITDA before adjustments. The company says substantially all revenue generated to date has come from bitcoin mining, including self-mining and colocation.
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The transition does not immediately change that mix. Atlantic forecasts fiscal 2027 revenue falling to $24.7 million, with all of it still coming from mining, while adjusted EBITDA swings to a $3.9 million loss. Its projections do not show AI infrastructure revenue until fiscal 2028, when management expects $13.2 million from AI infrastructure and $22.8 million from mining, for $36.0 million of total revenue.
Atlantic’s pitch centers on power. It says it has 98 MW of utility-approved capacity across six sites, with 51 MW in operation for bitcoin mining and another 47 MW under development for HPC data centers. The presentation defines “under development” as sites where land and power have been secured but physical construction has not begun. Another 23 MW is categorized as held for future development.
The first AI-focused project is a planned Ohio campus at Atlantic’s Alledonia site. Phase I calls for a 5 MW AI-ready data center, while the broader plan targets roughly 35 MW. Atlantic says it has signed a non-binding letter of intent for an expected first AI infrastructure customer. Three million earnout shares are contingent on the company securing a binding, arm’s-length lease for that 5 MW phase with a non-affiliated tenant for at least seven years.
The transaction is expected to close in the first quarter of 2027, subject to shareholder, regulatory, and exchange approvals. If completed, the combined company plans to trade on Nasdaq under the ticker AHPC. Atlantic’s SEC-filed disclosures caution that its AI/HPC business has not generated material revenue and that there is no assurance it will secure definitive customer agreements or successfully execute the transition.
