Northern Data AG Plans 16 Billion Nasdaq IPO for AI and Cloud Divisions
Northern Data AG is making waves with plans for a US IPO for its cloud computing and data center businesses. The company secured $610 million in debt financing in November 2023 to support its AI and mining ventures.
Exciting news from Northern Data AG! The German Bitcoin miner is gearing up for an initial public offering (IPO) for its cloud computing and data center businesses, with a valuation target of up to $16 billion, according to a Bloomberg report.
Ardent Data Centers, our cutting-edge colocation provider, has begun an exciting site upgrade. The 41,000 sqft building will be retrofitted with the latest liquid cooling technology for an additional power capacity of up to 20 MW.
The company is planning to list its “Taiga” and “Ardent” as two separate entities on the Nasdaq in the first half of 2025. Northern Data, Europe’s largest Bitcoin miner, is consulting with advisers about the IPO, with an estimated valuation between $10 billion and $16 billion. The company might sell a minority stake to investors before going public.
Northern Data’s Bitcoin mining division, Peak Mining, may also see a separate listing. Despite considering an IPO for its cryptocurrency mining business in the U.S. back in February 2021, the company has yet to move forward with those plans.
Facing narrowing profit margins in Bitcoin mining, Northern Data has expanded into the AI sector. In November 2023, the company secured $610 million in debt financing from Tether to bolster its mining and AI ventures.
Founded in 2009 as Northern Bitcoin AG, Northern Data now operates three business divisions: Taiga, Ardent, and Peak Mining. The company has evolved from a Bitcoin mining company to a significant player in the AI and cloud computing industries, creating new opportunities for investments in these rapidly growing fields.
Northern Data’s ambitious plans highlight its evolution from a Bitcoin mining company to a significant player in the AI and cloud computing industries, paving the way for future innovations and investments.