Germany-based computing services firm Northern Data AG is preparing an initial public offering in the U.S. of an entity comprising its artificial intelligence cloud computing and data center businesses, according to a Bloomberg report. The company operates large-scale crypto mining facilities in Europe and the U.S.

Northern Data is evaluating potential advisors and may appoint lead banks in the coming months, Bloomberg reported on Tuesday, citing sources familiar with the matter. The company reportedly aims to list the entity on the Nasdaq as early as the first half of 2025.

While the firm has yet to make decisions about the offering, banks estimated the valuation of Northern Data’s entity up for IPO to be in the range of $10 billion to $16 billion, the report said. The company might sell a minority stake to investors before going public, sources told Bloomberg.

Northern Data reportedly told analysts and investors last November that it was preparing for an IPO for its cloud unit and a separate listing in the U.S. for its bitcoin mining business. 

The company did not immediately respond to The Block’s inquiry about whether the potential U.S. listing for the bitcoin mining unit is still in the works.

The computing services firm’s U.S. bitcoin mining unit, Peak Mining, purchased its second 300 megawatts mining site in May. The unit owns nearly 700 megawatts of mining centers in development, which would make the company one of the largest miners in the country, Bloomberg reported. The unit mined 2,298 BTC in 2023, down 18% year-on-year, the company said in a financial statement. Peak Mining earned over €59.7 million ($64 million) in BTC revenue last year.

Last year, Northern Data secured a loan of €575 million from stablecoin firm Tether, following the USDT issuer’s strategic investment in Northern Data to support the company’s blockchain and AI services in September. In January, the two further strengthened their ties as Northern Data acquired a €400 million investment vehicle from Tether, solidifying Tether's position as a key investor in the computing firm.

Northern Data AG shares closed up 5.04% on Monday but have fallen 5.84% so far this year. The company was listed on Xetra, a trading venue operated by the Frankfurt Stock Exchange, in 2018.

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