Northern Data AI cloud computing and data center business plans to IPO in the U.S. next year, with a valuation of $16 billion

Mining company Northern Data AG is in talks with potential advisers about a joint project for its artificial intelligence cloud computing and data center businesses for an IPO in the United States that could be valued at up to $16 billion, according to people familiar with the matter. The company has invited several potential advisers to bid and may appoint a lead bank in the coming months, the people said. Under current plans, Northern Data would list an entity consisting of its cloud computing business, called Taiga, and data center, called Ardent, on Nasdaq as early as the first half of next year, they said. The banks have suggested a valuation of about $10 billion to $16 billion for the business, the people said. Northern Data could also sell a minority stake in the unit to investors before the listing. Deliberations are ongoing, details could change, and the company could decide not to move forward with the strategic options it is considering. A Northern Data representative declined to comment. Peak Mining, the company's U.S. bitcoin mining unit, currently has nearly 700 megawatts of data centers under construction or development, according to a May statement; that would make it one of the largest cryptocurrency mining companies in the U.S. (Bloomberg)