- Northern Data AG is exploring a U.S. initial public offering of its artificial intelligence (AI) cloud computing and data center unit ata valuation of up to $16 billion.
- The company, which provides infrastructure for high-performance computing, plans to recruit an entity consisting of its cloud computing unit Taiga and data center Ardent on the Nasdaq stock exchange as early as the first half of next year.
OUR TAKE
After two below-average years, the U.S. IPO market is showing signs of hope in 2024 as investors show renewed interest in hopes of a soft landing for the economy.
-Tuna Tu, BTW Media reporter
What happened
After two years of below-average water, Germany-based Northern Data AG is exploring a U.S. initial public offering of its artificial intelligence (AI) cloud computing and data center unit ata valuation of up to $16 billion.
The company, which provides infrastructure for high-performance computing, plans to recruit an entity consisting of its cloud computing unit Taiga and data center Ardent on the Nasdaq stock exchange as early as the first half of next year. The U.S. IPO market is showing signs of hope in 2024, with investors showing renewed interest in hopes of a soft landing for the economy.
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Why it’s important
Following the launch of OpenAI’s ChatGPT, demand for AI has grown rapidly, and AI-based startups have attracted huge investments. Tech giants, including Microsoft and Alphabet Inc., have been investing billions of dollars in the infrastructure needed to support AI applications.
Northern Data could also sell a minority stake in the unit to investors before going public, but could decide not to proceed with the strategic options under consideration, it said.
