The future
is open

A public company building the infrastructure for open, decentralized AI.

Staking revenue1,226 τUS$321,454, quarter ended June 30, 2026 · Source: MD&A Validator performance8.0%^†Annualized staking yield, quarter ended June 30, 2026 · Source: MD&A

Publicly tradedXTAO.U · XTAIFTSX Venture Exchange · OTC Markets

† Historical, not a forecast: 1,226 TAO earned in the quarter ended June 30, 2026 on 61,201 TAO held at March 31, 2026, annualized. Measured before Bittensor’s Root Reborn upgrade (August 2026), which changed how root rewards accrue.

xTAO in 60 seconds: a film from our founder and CEO, Karia Samaroo

Investors and partners

Bittensor’s co-founders on xTAO

“xTAO has created an institutional product for Bittensor. We’re aligned on the vision and glad to be working alongside them.”

Ala ShaabanaCo-founder, Bittensor · xTAO advisor

“We built Bittensor because ownership of AI should not be concentrated in the hands of a few companies. The technology inherent to machine learning is imitation — it reflects the people and incentives behind it, which is why it’s critical that networks like ours remain open, permissionless, and decentralized. Companies like xTAO show how aligned, long-term capital can accelerate adoption, strengthen validator operations, and bring institutional credibility to an ecosystem that must ultimately belong to everyone.”

Jacob SteevesCo-founder, Bittensor

What xTAO does

Our business

xTAO Inc. is a publicly traded technology company building infrastructure for Bittensor and decentralized AI.

Validator rewards

We generate revenue by operating a validator on Bittensor, the decentralized AI network.

Treasury asset holdings

We hold TAO, the native token of Bittensor, on our balance sheet and earn staking rewards.

API usage and licensing

We are building access for consumers and enterprises to products created on the Bittensor network, through our validator.

The numbers

Why xTAO

TAO owned~63,242 τAs of September 25, 2026, up more than 6× since March 2025 · Source: news release, September 25, 2026 Staking yield8.0%^†Annualized, quarter ended June 30, 2026 · Source: MD&A RevenueUS$321KUS$321,454 of staking revenue, quarter ended June 30, 2026 · Source: financial statements Revenue since inceptionUS$1.25MThrough June 30, 2026 · Source: financial statements Revenue ÷ operating expenses2.7×^*1.8× on operating expenses as reported, quarter ended June 30, 2026 · Source: financial statements Cash, short-term investments and stablecoinsUS$3.97MAs at June 30, 2026. No debt and no preferred shares · Source: MD&A

TAO held

Sources: xTAO MD&A for the periods ended June 30, 2025 (holdings at March 31, 2025), December 31, 2025, March 31, 2026 and June 30, 2026; xTAO news releases of July 30, 2025 and September 25, 2026. Growth includes TAO bought with financing proceeds and TAO earned from staking. *Approximate, as reported September 25, 2026.

* Non-IFRS ratio: revenue of US$321,454 divided by operating expenses excluding US$53,532 of non-cash share-based compensation (US$121,096). The most directly comparable IFRS figure is revenue divided by total operating expenses of US$174,628, or 1.8×. Non-IFRS measures have no standardized meaning under IFRS and may not be comparable to similar measures of other issuers. Revenue is the TAO earned from staking, valued when earned; operating cash flow was −US$161,438, and turning TAO income into cash requires selling TAO.

Sources: xTAO interim financial statements and MD&A, quarter ended June 30, 2026 (cash and short-term investments US$3,539,151; USDC US$376,484; USDT US$49,940); audited financial statements for the years ended March 31, 2025 and 2026 (staking revenue US$65,237 and US$860,051); news release of September 25, 2026. All dollar figures in US dollars.

Capital allocation

Our priorities

Operate a best-in-class validator

Infrastructure, security, uptime and yield versus peers.

Grow stake behind the validator

More TAO staked through our validator, compounding over time.

Keep a liquidity reserve

US$3.97M in cash, short-term investments and stablecoins at June 30, 2026, against quarterly cash used in operations of US$0.16M.

Buy back shares when it adds value

Normal course issuer bid for up to 1,427,609 shares, active since June 30, 2026.

Issue equity only when we expect it
to create shareholder value

Judged on cash runway, expected return and dilution.

About Bittensor

Bitcoin opened up money. Bittensor is opening up intelligence.

Today, a handful of companies control the most capable AI. Bittensor is the alternative: an open network where anyone can contribute AI, anyone can use it, and the best work is rewarded in TAO, the network’s native asset.

The network

How Bittensor works

Subnets

Markets that each produce one kind of AI: coding, inference, data and more.

Miners

Independent operators who compete to supply that AI.

Validators

The judges who score the work. xTAO operates here.

TAO

The asset the network issues to reward good work.

21MMaximum TAO supply

~64%Of issued TAO staked

256Subnet markets for AI, at most

US$50M+Estimated annualized subnet revenue

Sources: taostats.io, October 11, 2026; xTAO release, June 10, 2026 (256 subnets); SubConnect update, October 2, 2026 (an estimate). Third-party figures have not been independently verified.

Research