Europe’s largest crypto miner eyes U.S. IPO for 2025

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.

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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 generative AI applications.

The struggles with going public in America

The crypto industry has faced some challenges with public listings in the United States. Companies like Circle and Kraken have encountered major regulatory issues.

The U.S. Securities and Exchange Commission clashed with Kraken over allegations of operating an unlicensed exchange, a claim the company disputes. The regulatory status of stablecoins also remains uncertain, which gave Circle a tough time.

Despite these challenges, Northern Data is moving forward with its plans. In 2023, the company unveiled a debt financing package to buy more chips and enhance its generative AI offerings.

Rosanne Kincaid-Smith, Northern Data’s Chief Operating Officer, mentioned at a meeting with investors and analysts in Frankfurt that the company is structured for flexibility. She added:

“A listing of our Taiga unit could absolutely be an option.”

She also hinted that the Bitcoin mining operations might be floated in the U.S. eventually. Northern Data has organized its operations into three distinct units.

Bitcoin mining (Peak Mining), generative AI cloud services (Taiga), and data centers (Ardent). This structure allows the company to be more adaptable and explore various strategic options, including potential public listings.


Reporting by Jai Hamid

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