Northern Data Plans IPO for AI Division, Valued Up to $16 Billion

German company Northern Data AG is planning an IPO in the US for its AI division, with a valuation of up to $16 billion, according to sources cited by Bloomberg.

As reported by the agency, the company is in discussions with potential advisors for its combined cloud computing and AI data processing operations ahead of the upcoming public offering.

The IPO is planned for the first half of 2025 on Nasdaq, involving two divisions:

• Taiga, which focuses on cloud computing;
• Ardent, responsible for data centers.

Banks have suggested a valuation between $10 billion and $16 billion, Bloomberg added. Northern Data is considering selling a minority stake to investors before the stock market listing.

The plan is still under discussion, and conditions may change, the agency emphasized.

In November last year, Northern Data informed analysts and investors about the possibility of conducting an IPO solely for its cloud division, independent of its bitcoin mining business, Bloomberg reported.

In May, the company’s US digital asset mining division, Peak Mining, acquired a site with access to 300 MW in Texas. The firm has nearly 700 MW for data centers under active construction or development, making it one of the largest miners in the US, the agency noted.

In November last year, Northern Data secured a credit financing agreement with Tether for €575 million. These funds are intended for acquiring equipment for the Taiga Cloud division, which offers cloud computing services for generative AI projects in Europe. The financing will also support the expansion of Ardent Data Centers and the scaling of Peak Mining.

According to a Bitwise analyst’s forecast, by 2030, the global GDP is expected to increase by $20 trillion due to the digital asset and artificial intelligence industries.