Northern Data Weighs AI Unit IPO at Up to $16 Billion Value

-- Northern Data AG is speaking with potential advisers about a US initial public offering of its combined artificial intelligence cloud computing and data center businesses that could fetch a valuation of as much as $16 billion, according to people familiar with the matter.‘Upflation’ Is the Latest Retail Trend Driving Up Prices for US ConsumersThe company has asked several potential advisers to pitch for a role and could mandate lead banks within the coming months, the people said.

The move comes as cloud computing firms in the AI race are attracting a flood of investment. CoreWeave Inc., a closely held cloud computing provider, raised $8.6 billion in funding including a $1.1 billion preferred equity investment that gave the startup a $19.1 billion valuation, Bloomberg News has reported.Northern Data was considering an IPO for the cloud unit alone, and separately, a US listing for its Bitcoin mining operations, it told analysts and investors in November.

Would-be public companies in the crypto industry such as stablecoin issuer Circle and digital-asset exchange Kraken have faced headwinds. The US Securities and Exchange Commission has butted heads with Kraken for allegedly running an unlicensed exchange, which the company disputes, while the regulatory status of stablecoins remains uncertain.

Th company is using the funds for purchases of the most sought-after Nvidia Corp. chips. About 20,000 H100s, one of the semiconductor firm’s most advanced AI chips, will be deployed by the end of the summer.RTO Mandates Are Killing the Euphoric Work-Life Balance Some Moms FoundLEAWOOD, Kan., July 01, 2024 -- CrossFirst Bankshares, Inc.

-- Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp. has been wealthier than the company’s co-founder.

Source: Tech Daily Report (techdailyreport.net)

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