Ionic Digital, the bitcoin miner formed out of the Celsius bankruptcy, filed to go public on Nasdaq after a sharp pullback in its mining operations and a rapid shift toward AI infrastructure leasing.
Ionic amended the Nscale lease in February 2026 to add a contractual obligation for Nscale to lease another 89 MW if the capacity becomes available, at the same price per megawatt. If Ionic secures that additional capacity in the second half of 2027, total contracted revenue under the Nscale agreement would rise to about $2.6 billion. The company cautioned that the added power remains subject to regulatory approval and that Nscale faces no penalty if Ionic cannot deliver it.
The S-1 shows that Ionic is now trying to position itself less as a hashrate-growth story and more as a power-and-land monetization platform. Its Ward County site currently has 234 MW of installed capacity, and the company is seeking to expand the property to as much as 700 MW.
The company’s proposed public listing would be structured as a direct listing on the Nasdaq Global Select Market under the ticker “IOND,” rather than a traditional underwritten IPO. The filing registers the resale of up to 10.8 million shares held by selling stockholders. Ionic said it will not receive proceeds from those sales. About 37.2 million additional outstanding Class A shares may also be freely sold in the public market under securities-law exemptions tied to the Celsius bankruptcy process.
Ahead of the listing, Ionic completed a $400 million private placement on June 26, before an estimated $16.8 million in transaction fees. The company sold about 7.55 million shares of Series A convertible preferred stock at $53 per share, along with three tranches of warrants to buy about 1.01 million Class A shares each at exercise prices of $63.60, $74.20 and $87.45. The preferred shares convert into Class A common stock upon a Nasdaq listing or other qualifying public-market transaction. Investors agreed not to transfer the preferred stock, the converted Class A shares, the warrants or warrant shares at prices below $70 per share for six months after listing, subject to limited exceptions.
