Crypto mining giant Northern Data is anticipating significant growth in 2024 as it intensifies its focus on high-performance computing (HPC) solutions.

Northern Data Group, a German-listed Bitcoin mining company, predicts its sales will surge to €240 million this year, tripling its 2023 results. This growth is driven by the company’s substantial investment in HPC solutions for artificial intelligence (AI).

In its audited 2023 financial results, Northern Data, headquartered in Frankfurt, reported revenue of €77.5 million, surpassing the market guidance of €65 million to €75 million. The company highlighted that adjusted EBITDA was “in line with expectations,” following significant investments in the required teams and structure to realize the potential of HPC applications.

With $1 billion in debt and equity funding secured last year, Northern Data plans to accelerate its efforts to meet the growing demand for HPC and the generative AI boom. The company projects its revenue to reach €570 million in 2025.

Northern Data is also considering the possibility of filing for an initial public offering (IPO) for its combined artificial intelligence cloud computing and data center businesses in the U.S. next year. Sources close to the matter suggest the IPO could value the entity between $10 billion and $16 billion. Additionally, the company might sell a minority stake in the unit to investors before the listing.

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