Ionic Digital, the firm that evolved from Celsius Mining into an AI infrastructure provider, will start trading on Nasdaq under the ticker IOND on July 28. The company's direct listing is valued at around $2.4 billion, marking the largest direct listing on the exchange since 2021.
The company emerged in early 2024 after spinning off assets from Celsius Network's mining division. It pivoted from bitcoin mining to focusing on AI data infrastructure, attracting significant investor interest. In June 2026, Ionic closed a $400 million Series A funding round valuing the company at $2 billion pre-money, pushing its valuation to approximately $2.4 billion post-money.
Direct Listing Details
Unlike traditional IPOs, Ionic's direct listing involves selling up to 10.8 million shares held by existing shareholders without issuing new stock, so no fresh capital will be raised. Nasdaq has set the reference price at $53 per share. The company's projected annual revenue stands between $190 million and $195 million, meaning the valuation implies a revenue multiple near 12 to 13 times. Ionic also secured a substantial lease deal in Texas, locking in nearly $2 billion in contracted revenues.
Major investment banks J.P. Morgan, Jefferies, and BTIG are advising the process. The direct listing route suits Ionic since the company already raised significant funds in its Series A round, allowing liquidity for current investors without dilution or lockups.
