Northern Data AG Aims for 16 Billion Valuation in Forthcoming Nasdaq IPO
Exciting developments from Northern Data AG! The German Bitcoin mining giant Northern Data AG is gearing up for an initial public offering (IPO) to showcase its cloud computing and data center businesses, targeting a valuation of up to $16 billion, according to a recent Bloomberg report.
The company is considering a unique strategy: it plans to list its subsidiaries “Taiga” and “Ardent” separately on the Nasdaq by the first half of 2025. Sources familiar with the matter revealed that Northern Data, the largest Bitcoin miner in Europe by market capitalization, has been in discussions with advisors regarding this IPO. Although official details are yet to be disclosed, Northern Data’s IPO valuation is anticipated to range between $10 billion and $16 billion. Initially, the company might offer a minority stake to investors ahead of the public offering.
Additionally, Northern Data’s Bitcoin mining division, Peak Mining, is also being considered for a separate listing. Despite previous considerations for a U.S.-based IPO of its cryptocurrency mining business in February 2021, the plans are still pending.
To diversify its revenue streams amid narrowing margins in Bitcoin mining, Northern Data has ventured into the artificial intelligence (AI) sector. This strategic move echoes similar actions by competitors like Core Scientific, TeraWulf, and Hut 8 Corp. In November 2023, Northern Data secured a substantial $610 million debt financing from Tether to bolster its mining and AI initiatives.
Established in 2009 as Northern Bitcoin AG, Northern Data operates through three primary divisions: Taiga, Ardent, and Peak Mining. Its U.S.-based Bitcoin mining arm, Peak Mining, manages cutting-edge high-performance computing data centers. Following a period of focus on the Ethereum network, Northern Data has now realigned its efforts towards Bitcoin mining, underscoring its commitment to the sector.
This strategic expansion into AI and cloud computing marks a significant milestone, potentially paving the way for new investment opportunities within these burgeoning fields.
Tags: IPO