Germany-based computing services firm Northern Data AG is preparing an initial public offering in the U.S. of an entity comprising its artificial intelligence cloud computing and data center businesses, according to a Bloomberg report. The company operates large-scale crypto mining facilities in Europe and the U.S.
While the firm has yet to make decisions about the offering, banks estimated the valuation of Northern Data’s entity up for IPO to be in the range of $10 billion to $16 billion, the report said. The company might sell a minority stake to investors before going public, sources told Bloomberg. The company did not immediately respond to The Block’s inquiry about whether the potential U.S. listing for the bitcoin mining unit is still in the works.
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