Ionic Digital Opens on Nasdaq at $2.25B Valuation

Ionic Digital made its public debut on the Nasdaq with a market valuation of approximately $2.25 billion, despite opening at $50 per share, down 5.7% from the reference price.

The company's shares began trading after a direct listing, which allows existing shareholders to sell their current holdings without raising new capital.

Ionic Digital initially focused on bitcoin mining but has since pivoted towards AI infrastructure, using its power capacity and facilities to support high-performance computing and AI data centers.

The company's 10-year lease agreement with NScale is expected to generate around $2 billion in total contracted revenue, providing a degree of income visibility.