Ionic Digital set for largest direct listing since 2021 at $2.4B valuation

Ionic Digital is heading for a direct listing on Nasdaq under the ticker IOND with a post-money valuation of roughly $2.4 billion. That would make it the largest direct listing since 2021. Trading is expected to begin on July 28, with Nasdaq setting a reference price of $53 per share.

From Celsius’s ashes to a $2.4B valuation

Ionic Digital was established in January 2024 to manage assets spun out of Celsius Mining, the operational arm of Celsius Network. The company subsequently shifted its focus toward AI data infrastructure. In June 2026, Ionic closed a $400 million Series A round at a pre-money valuation of $2 billion, putting the post-money figure at approximately $2.4 billion.

J.P. Morgan, Jefferies, and BTIG are advising on the listing.

The numbers behind the listing

The direct listing will consist of up to 10.8 million shares owned by existing stockholders. No new shares are being issued, which means Ionic isn’t raising fresh capital through this move. Ionic’s projected annual revenue sits between $190 million and $195 million. At a $2.4 billion valuation, that works out to a multiple of roughly 12-13x revenue.

Ionic has locked down a major lease agreement in Texas with $1.95 billion in contracted revenues.

Why a direct listing, and why now

In a direct listing, existing shareholders sell their stock directly to the public. There’s no lockup period, no underwriter discount, and no dilution from new share issuance. For Ionic, the company already secured its war chest with the $400 million Series A, so the direct listing provides liquidity for existing investors rather than fresh capital.