🌎 Northern Data Eyes $16 Billion U.S. IPO for AI and Data Center Units

Germany’s Bitcoin mining company Northern Data is reportedly in discussions with potential advisers about a U.S. initial public offering (IPO) planned for next year.

Northern Data’s Potential IPO

European crypto mining giant Northern Data AG is considering an initial public offering (IPO) for its combined artificial intelligence (AI) cloud computing and data center businesses in the U.S. next year. The IPO is expected to value the entity between $10 billion and $16 billion. The Frankfurt-headquartered Bitcoin miner might sell a minority stake in the unit to investors before the listing.

Advisory Talks Underway

Northern Data is currently in talks with several potential advisers to pitch for a role and could mandate lead banks within the coming months. No final decision has been made thus far.

Why Combine AI and Data Center Units?

It remains unclear why Northern Data decided to combine its AI and data center units. The company had previously considered an IPO for the cloud unit alone and a separate U.S. listing for its Bitcoin mining operations last November.

Following the news, Northern Data shares on the XETRA stock exchange surged over 5% to €25.

Recent Collaboration with Tether

In September 2023, Tether announced a collaboration with Northern Data to focus on initiatives around AI, peer-to-peer communications, and data storage solutions. The stablecoin issuer did not disclose any figures related to the deal but refuted reports suggesting it had spent $420 million on 10,000 H100 GPUs from Northern Data.