German Bitcoin mining and cloud computing company, Northern Data AG, is reportedly planning 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. According to Bloomberg, executives at Northern Data, which is Europe’s largest Bitcoin miner by market cap, have reached out to several advisers about the IPO and are aiming for a listing in the first half of 2025.
Under the current plan, Northern Data intends to list its cloud computing and data center arms, known as “Taiga” and “Ardent,” on the Nasdaq. Additionally, the company may consider a separate listing for its Bitcoin mining business, Peak Mining. This possibility was mentioned to analysts and investors in November.
However, this is not the first time Northern Data has considered an IPO. Earlier this year, the company explored the idea of listing its cryptocurrency mining business in the US but did not proceed with it.
While the banks have suggested a valuation between $10 billion and $16 billion, discussions are still ongoing, and plans may change. Northern Data has not yet responded to requests for comment.
Northern Data Group, originally known as Northern Bitcoin AG, was established in Germany in 2009, making it one of the earliest Bitcoin mining companies. It currently operates three divisions: Taiga, Ardent, and Peak Mining. Peak Mining, the company’s US Bitcoin mining unit, is developing 700 megawatts of high-performance computing data centers, which are expected to deliver up to 40 exahashes in the future.
Initially, Peak Mining focused on mining operations on the Ethereum network before transitioning to proof-of-stake in September 2022. However, the company has since shifted its focus back to Bitcoin.
As profit margins in the mining sector continue to decline, Northern Data, along with other Bitcoin miners 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 firm Tether to support investments in its mining and AI businesses.