Northern Data AG Eyes $16B Valuation with Upcoming Nasdaq IPO

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Exciting news from Northern Data AG! German Bitcoin miner Northern Data AG is planning an initial public offering (IPO) for its cloud computing and data center businesses, aiming for a valuation of up to $16 billion, according to a Bloomberg report

Potential Separate Listing for Peak Mining

As per the report, the company plans to list its “Taiga” and “Ardent” as two separate entities on the Nasdaq in the first half of 2025. Sources familiar with the matter said Northern Data, Europe’s largest Bitcoin miner by market cap, has been consulting with advisers about the IPO. Even though the firm has not officially announced the offering plans, Northern Data’s IPO valuation is estimated to be between $10 billion and $16 billion. The company might sell a minority stake to investors before going public.

The company’s Bitcoin mining division, Peak Mining, might also be listed separately. Although Northern Data considered an IPO for its cryptocurrency mining business in the U.S. in February 2021, it still needs to proceed.

Expansion into AI

The firm has expanded into the AI sector due to narrowing profit margins in Bitcoin mining. Other Bitcoin miners like Core Scientific, TeraWulf, and Hut 8 Corp have made similar moves. Northern Data secured $610 million in debt financing from Tether in November 2023 to boost its mining and AI ventures.

Founded 2009 as Northern Bitcoin AG, Northern Data has three business divisions: Taiga, Ardent, and Peak Mining. Peak Mining, its U.S. Bitcoin mining unit, operates high-performance computing data centers. Northern Data shifted its focus back to Bitcoin mining after mining on the Ethereum network.

This represents a significant advancement in the AI and cloud computing sectors, potentially creating opportunities for other companies to invest in this field.

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