German Bitcoin mining and cloud computing company, Northern Data AG, is reportedly considering an initial public offering (IPO) for two of its entities in the United States. The IPO is expected to value the company at up to $16 billion. Bloomberg reports that executives at Northern Data, Europe’s largest Bitcoin miner by market cap, have reached out to several advisers about the IPO and are aiming for a potential listing in the first half of 2025. The company plans to list its cloud computing and data center arms, known as “Taiga” and “Ardent,” respectively, on the Nasdaq. Additionally, Northern Data’s Bitcoin mining business, Peak Mining, may have a separate listing. This is not the first time Northern Data has considered an IPO for its cryptocurrency mining business in the U.S. In February 2021, the company explored the idea but did not proceed. While banks have suggested a valuation between $10 billion and $16 billion, the plans are still under deliberation, and Northern Data may decide to cancel the IPO. Northern Data was established in Germany in 2009 and is one of the earliest Bitcoin mining firms. The company currently operates three divisions: Taiga, Ardent, and Peak Mining. Peak Mining, the U.S. Bitcoin mining unit, is developing 700 megawatts of high-performance computing data centers that are expected to provide up to 40 exahashes. The company initially focused on mining operations on the Ethereum network before shifting back to Bitcoin. As profit margins in the mining sector decrease, Northern Data, along with other Bitcoin mining firms like Core Scientific, TeraWulf, and Hut 8 Corp, has expanded into the AI space. In November 2023, Northern Data secured $610 million in debt financing from stablecoin issuer Tether to support its mining and AI businesses.
Northern Data a Bitcoin mining firm plans a 16 billion IPO for its US cloud and mining divisions