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 …