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Northern Data, Europe’s largest crypto mining company, is planning a major move: an initial public offering (IPO) in the United States. This IPO could value the company up to $16 billion and is expected to happen in the first half of next year. Northern Data is in talks with advisers for its combined artificial intelligence cloud computing and data center businesses. These businesses, known as Taiga and Ardent, could be valued as high as $16 billion. The company has asked the advisers to pitch for roles and may choose lead banks in the coming months. Northern Data plans to list its cloud computing and data center activities on Nasdaq. Banks have suggested that the business could be valued between $10 billion and $16 billion. The company may also sell a minority stake in the unit to investors before the IPO. Current performance and market context Northern Data shares have dropped about 5% this year, giving it a market value of about €1.3 billion ($1.4 billion). Based in Frankfurt, Germany’s financial capital, Northern Data went public in 2018. The company’s decision to consider a U.S. IPO comes amid a surge in investments in cloud computing firms involved in the AI race. For instance, CoreWeave, a cloud computing provider, raised $8.6 billion in funding, including a $1.1 billion preferred equity investment, giving it a $19.1 billion valuation. Northern Data had earlier considered an IPO for the cloud unit alone and a separate U.S. listing for its Bitcoin mining operations. Peak Mining, Northern Data’s U.S. Bitcoin mining unit, has nearly 700 megawatts of data centers under construction or development, making it one of the largest crypto miners in the U.S. The company is adapting to thinner profit margins in crypto mining by transforming its energy-intensive data centers into digital infrastructure that can support…

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Filed under: News - @ July 2, 2024 4:24 pm