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About Ionic Digital
Ionic Digital is a North American company that originally operated large-scale Bitcoin mining sites. Its current business model has shifted to converting its existing power infrastructure into data centers for AI and high-performance computing, while retaining a small Bitcoin mining operation in Midland, Texas.
Its core asset is the Cedarvale site in Ward County, Texas, with 234 MW of power capacity under a 10-year triple-net lease to AI cloud provider Nscale. This reflects its key competitiveness: turning existing power-rich sites into fast-deployable AI data centers, bypassing the multi-year construction timelines that plague the AI industry. The company directly addresses the pain points of power scarcity and slow deployment by offering "market-ready" power assets.
In the past six months, the transformation has accelerated. Q1 2026 revenue was $51.4 million, with $44 million from infrastructure leasing and only $7.4 million from mining. Q2 2026 revenue reached $48.6 million, 90% of which came from leasing. Mining output has declined sharply to about 20-25 BTC per month as the Oklahoma site was fully wound down. The company completed a direct listing on Nasdaq in July 2026.
A notable negative factor is that its remaining Bitcoin holdings still cause GAAP losses due to price volatility — in Q2 2026 it recorded a $28.2 million non-cash fair value loss and a $35.3 million net loss. Meanwhile, reported lease revenue and actual cash receipts also show timing differences.
Ionic Digital was established in January 2024, inheriting Celsius Network's bitcoin mining assets through bankruptcy restructuring. In fiscal 2024, it held 2,393.4 BTC and generated $138.4 million in mining revenue. During 2025, monthly production fluctuated between 20 and 35 BTC, with holdings gradually increasing to 2,815.6 BTC.
In 2026, the company pivoted strategically, leasing its 234 MW Ward County, Texas facility to Nscale under a 126-month lease worth $1.95 billion, transitioning to AI/HPC infrastructure. In June, it raised $400 million in a private placement. In July, its SEC registration became effective, and on July 28 it listed on Nasdaq via a direct listing under ticker IOND, jumping 26% on debut to a $2.8 billion market cap, providing an exit route for Celsius claimholders.
These milestones mark the full path from bankruptcy restructuring to public listing and from mining to AI infrastructure.
In Q2 2026, Ionic Digital reported total revenue of $48.6M, up 31% YoY, with digital infrastructure leasing accounting for 90%. Net loss was $35.3M versus a $31.9M profit a year earlier, driven by a $28.2M non-cash loss on bitcoin fair value and $27.2M income tax expense. The company reaffirmed full-year 2026 revenue of $190–195M and Adjusted EBITDA of $137.5–142.5M. Overall, the transition from bitcoin mining to HPC/AI infrastructure leasing is progressing, but profitability remains pressured by crypto volatility and tax items.
No reliable information found on co-founders.
Current core executives:
- CEO Andy Stewart: Nearly 25 years of executive experience in digital infrastructure; former CEO of Evoque, CFO/CSO of TierPoint; current Senior Advisor at Morgan Stanley Infrastructure and board member of Flexential.
- CFO Chris Hickman: Over 20 years in finance; former CEO/CFO of Tillman Infrastructure, senior roles at Crown Castle and Noble Energy.
- General Counsel Richard Carson: Over 30 years of legal experience; former Chief Legal Officer of Prahsys and senior roles at Magellan Midstream, etc.
- Chief Strategy Officer Antonio Piraino: Former Global Head of Digital Advisory at Uptime Institute and CTO of ScienceLogic.
- Chief Development Officer Mark Lambourne: Led over 1 GW of data center development; former European MD at Digital Realty, COO of Global Switch.