BroadChain Financial News has learned that on July 2nd, according to Bloomberg, Northern Data is in talks with potential advisors regarding a joint project involving artificial intelligence, cloud computing, and data center operations for an IPO in the United States. The estimated valuation for this IPO could reach as high as $16 billion.
Sources indicate that Northern Data AG has invited several potential advisors to bid and may appoint a lead bank in the coming months.
As per current plans, Northern Data is expected to list on the Nasdaq in the first half of 2025 as an entity comprising its cloud computing business (known as Taiga) and data centers (known as Ardent).
Sources suggest that investment banks have advised valuations for these businesses to be in the range of $10 billion to $16 billion.
Northern Data may also consider selling minority stakes in the related businesses to investors before the listing.
Deliberations are still ongoing and details may change, with Northern Data potentially deciding not to proceed with the strategic options under consideration.
According to a statement in May, Peak Mining is Northern Data’s bitcoin mining division in the United States, with nearly 700 megawatts of data centers currently under construction or development. This would position Northern Data as one of the largest cryptocurrency mining companies in the United States.
