Overview
- Ionic Digital set a $53 per-share reference price for a Nasdaq direct listing on Tuesday and registered up to 10.8 million existing shares for potential sale under the ticker IOND.
- The $53 price matches the per-share value of the $400 million Series A convertible preferred round closed in June and implies a roughly $2.4 billion post-money valuation.
- Ionic projects 2026 revenue of $190–195 million and adjusted EBITDA of $36–37 million while reporting a preliminary net loss of $34–35 million.
- The company’s revenue visibility rests on a 10-year triple-net lease with Nscale at its Cedarvale, Texas site covering 323 MW and expected to produce about $1.95–$2.0 billion in contracted revenue over the term.
- Concentration with a single large tenant, the operational work needed to convert former mining sites for hosting, and the lack of underwriting price support in a direct listing create potential downside for investors and near-term share-price volatility.