Northern Data Eyes IPO for AI Unit, Valuing Business at Up to $16 Billion

Northern Data, a German Bitcoin miner and cloud computing firm, is reportedly planning to list its cloud computing and data center business on the Nasdaq in the first half of 2025. The company is considering two separate listings, Taiga for its cloud computing arm and Ardent for its data centers, at a potential valuation of up to $16 billion. This move comes as Northern Data seeks to capitalize on the growing demand for AI and cloud computing services. While Northern Data's Bitcoin mining business, Peak Mining, could also have a separate listing, the company has faced challenges in the past with an IPO attempt for its mining operations. Northern Data's foray into the AI space mirrors other Bitcoin miners like Core Scientific, TeraWulf, and Hut 8 Corp who are looking for new revenue streams as profit margins in Bitcoin mining shrink. The company recently secured $610 million in debt financing from Tether to fuel its investments in mining and AI.