Northern Data a Bitcoin mining firm plans a 16 billion IPO for its US cloud and mining divisions

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, with a valuation of up to $16 billion. According to Bloomberg, executives at Northern Data, Europe’s largest Bitcoin miner by market capitalization, have reached out to several advisers and are considering a listing in the first half of 2025. The company intends to list its cloud computing arm, Taiga, and its data center arm, Ardent, on the Nasdaq. In addition, Northern Data has expressed the possibility of a separate listing for its Bitcoin mining business, Peak Mining. The company had previously considered an IPO for its mining business in February 2021. While the banks have suggested a valuation between $10 billion and $16 billion, discussions are ongoing and plans may change. Northern Data has not yet responded to requests for comment. Northern Data Group, formerly known as Northern Bitcoin AG, was established in Germany in 2009 and has become one of the pioneering Bitcoin mining firms. It currently operates three business divisions: Taiga, Ardent, and Peak Mining. Peak Mining, the company’s U.S. Bitcoin mining unit, has 700 megawatts of high-performance computing data centers in development and aims to provide up to 40 exahashes in the future. The company initially focused its mining operations on the Ethereum network before shifting back to Bitcoin. As mining profit margins decline, Northern Data and other Bitcoin miners have expanded into the AI sector. In November 2023, the company secured $610 million in debt financing from stablecoin issuer Tether to support its mining and AI investments.