Europe’s Biggest Bitcoin Miner Northern Data Plans IPO in 2025, Says Report

Germany-based Bitcoin mining company, Northern Data, is reportedly in discussions with potential advisors regarding a planned U.S. initial public offering set for the following year. The European crypto mining behemoth, Northern Data AG, is contemplating the prospect of launching an initial public offering (IPO) for its combined artificial intelligence (AI) cloud computing and data center businesses in the United States in the upcoming year. Sources familiar with the matter, as cited in a Bloomberg report, disclosed that the IPO is anticipated to value the entity at a range between $10 billion and $16 billion. The sources further indicated that the Frankfurt-headquartered Bitcoin miner might divest a minority stake in the unit to investors before the listing.

Presently, the miner is engaged in discussions with various potential advisors to vie for a role and could assign lead banks in the ensuing months. However, as of now, no definitive decision has been reached. The rationale behind the amalgamation of its AI and data center units by the company remains ambiguous. Notably, Northern Data had previously contemplated an IPO solely for the cloud unit and a distinct U.S. listing for its Bitcoin mining operations back in November.

Following this development, Northern Data’s shares on the XETRA stock exchange experienced a notable surge of over 5% to €25, according to data sourced from Google Finance. In September 2023, Tether revealed a collaboration with Northern Data to concentrate on initiatives revolving around AI, peer-to-peer communications, and data storage solutions. While the stablecoin issuer opted not to disclose specific figures related to the collaboration, it refuted claims suggesting a $420 million expenditure on 10,000 H100 GPUs from Northern Data.