European Bitcoin mining company Northern Data is reportedly exploring the option of launching an initial public offering (IPO) in the United States next year. The company, known for its involvement in artificial intelligence (AI) cloud computing and data center operations, is considering valuing the IPO between $10 billion and $16 billion. Sources familiar with the matter disclosed that Northern Data, based in Frankfurt, may sell a minority stake in the unit to investors before going public. Discussions are ongoing with potential advisers to select lead banks for the IPO, although a final decision has not been reached yet.

The decision to merge its AI and data center divisions for the IPO has raised questions, as Northern Data had previously contemplated separate IPOs for its cloud unit and Bitcoin mining operations. The company's shares experienced a notable increase on the XETRA stock exchange following the news, surging over 5% to €25. In a previous collaboration with Tether in September 2023, Northern Data focused on AI projects, peer-to-peer communications, and data storage solutions. Tether denied claims of a substantial investment in Northern Data but highlighted their joint efforts in innovation and technology.