Mining giant raises 2.7 billion yuan: turns into an AI landlord and goes public - 36Kr

Ionic Digital went public on Nasdaq on July 28 via a direct listing, with shares rising 25% on day one.

The company, rebuilt from Celsius Network bankruptcy assets, recently raised $400 million in private funding at a $2 billion pre-money valuation.

Its core business has shifted from Bitcoin mining to building and leasing AI data centers in Texas, with long-term contracts already securing about $2 billion in revenue.

The move highlights growing AI infrastructure spending on power, facilities, and leases, and could signal a broader trend of mining-site conversions.