Ionic Digital Inc (IOND) shares surged 5.94% during intraday trading on its Nasdaq debut, marking a volatile start for the crypto-mining-turned-AI data center company. The stock opened at $50 per share, below the $53 reference price set by Nasdaq for its direct listing.
The company's public debut is the largest direct listing since 2021, according to Renaissance Capital. Ionic Digital was formed in 2024 to acquire the cryptocurrency mining assets of crypto lender Celsius Mining and has since pivoted to focus on the data center space to capitalize on the AI boom. Last month, the company raised $400 million in an investment round led by Attestor, Oaktree Capital Management, and Sachem Head Capital Management.