Northern Data May Be Testing Limits of AI Frenzy With Unit IPO
- Northern Data eyes $10 billion to $16 billion unit valuation
- German firm’s market value was €1.3 billion at Monday’s close
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A small German crypto company backed by stablecoin giant Tether Group is aiming high in a potential listing that includes its artificial intelligence cloud computing unit, in a deal that may put the stock-market frenzy for all things AI to the test.
Northern Data AG is speaking with potential advisers about a US initial public offering of its combined AI cloud computing and data center businesses, Bloomberg News reported. Banks asked to pitch for a role have suggested valuations from about $10 billion to $16 billion. That compares with a market capitalization of €1.3 billion ($1.4 billion) as of Monday’s close.