German Bitcoin miner and cloud computing firm Northern Data AG is reportedly preparing for an initial public offering (IPO) of two of its subsidiaries in the United States, aiming for a valuation of up to $16 billion. According to a July 1 report from Bloomberg, sources familiar with the matter revealed that Northern Data, Europe’s largest Bitcoin miner by market capitalization, has approached several advisors to explore an IPO. The company is targeting a potential listing in the first half of 2025.
Under the current plan, Northern Data intends to list its cloud computing and data center entities, named “Taiga” and “Ardent,” respectively, on the Nasdaq. In addition, the firm previously disclosed plans for a separate listing of its Bitcoin mining business, Peak Mining, as indicated in discussions with analysts and investors in November.
Northern Data had considered a U.S. IPO for its cryptocurrency mining operations back in February 2021, though those plans did not materialize. The banks advising Northern Data have proposed a valuation ranging between $10 billion and $16 billion, although final decisions are pending and the IPO may be subject to change or cancellation.
Northern Data Group, originally founded as Northern Bitcoin AG in Germany in 2009, holds a prominent position as one of the earliest Bitcoin mining firms. Today, the company operates through three primary divisions: Taiga, Ardent, and Peak Mining. The latter, its U.S.-based Bitcoin mining unit, is developing 700 megawatts of high-performance computing data centers, projected to deliver up to 40 exahashes.
Initially focusing on Ethereum mining operations, Peak Mining transitioned from proof-of-work to proof-of-stake in September 2022, subsequently returning its focus to Bitcoin mining. As competition intensifies and profit margins narrow within the mining sector, Northern Data, like other Bitcoin miners, has diversified into artificial intelligence (AI).
In November 2023, Northern Data secured $610 million in debt financing from stablecoin issuer Tether to bolster investments in its mining and AI ventures.