European Mining Giant Northern Data Aims to List on Nasdaq in 2025 with a Valuation of Up to 16 Billion
German Bitcoin mining and cloud computing company Northern Data plans to merge its “cloud computing” and “data center” businesses into an independent entity and list on the US Nasdaq stock exchange in the first half of 2025, with estimated valuations between $10 billion and $16 billion, according to Bloomberg. The company is reportedly in talks with banks for advisory services and professional consultations. The current plan involves merging Northern Data’s cloud computing company “Taiga”, data center company “Ardent”, and Bitcoin mining company “Peak Mining” into one entity and listing them on Nasdaq. However, the IPO plans may still change or be cancelled. Northern Data’s stock (NB2.DE) rose 24.4% within a day and a half after the news was released, with an additional 19.6% increase today. Last November, the company received €575 million ($623 million) in unsecured debt financing from stablecoin issuer Tether to expand its mining and AI businesses. As Bitcoin’s halving event has put pressure on the profitability of mining companies, many miners have diversified their businesses through high-performance computing (HPC) projects or becoming GPU hosting providers to develop new sources of income. Northern Data, too, has actively promoted advancements in the AI and machine learning fields through the launch of AI accelerators and generative AI platforms. Other players entering the AI field to tackle the challenge of shrinking mining profits include Core Scientific and Hut 8.
