Ionic Digital Lists on Nasdaq, Valued at $2.25 Billion

Ionic Digital, a bitcoin miner and AI infrastructure provider, made its Nasdaq debut on Tuesday, securing a valuation of about US$2.25 billion. The company's shares opened at $50 apiece, down nearly 5.7% from the reference price of $53 set by the Nasdaq on Monday.

This tepid debut reflects market volatility and investors' scrutiny of companies' aggressive spending to build out AI capabilities. According to Matt Kennedy, senior strategist at Renaissance Capital, Ionic Digital is expected to be the largest direct listing since 2021, having recently raised money at a roughly $2.4 billion valuation.

Ionic Digital was formed in 2024 to acquire the bitcoin mining assets of Celsius Mining and later pivoted to AI and high-performance computing infrastructure in 2025. The company signed a 10-year lease with AI cloud provider Nscale worth about $2 billion in contracted revenue.