Digital infrastructure firm Ionic Digital raises $400M at $2B valuation

Ionic Digital Inc., a digital infrastructure company focused on AI and high-performance computing (HPC) workloads, has completed a $400 million equity private placement. The round was led by new investors Attestor, Oaktree Capital Management, and Sachem Head Capital Management, with additional participation from Citadel and Weiss Asset Management.

The transaction implies a pre-money equity valuation of $2.0 billion for Ionic Digital. Proceeds from the raise will be used for general corporate purposes, including continued development of the company’s digital infrastructure assets.

Andy Stewart, Chief Executive Officer of Ionic Digital, said the financing reinforces the company’s balance sheet and supports its buildout efforts. He emphasized the backing of the new investor group as Ionic Digital scales its platform to meet growing demand for AI and HPC infrastructure.

A representative of the new investor group said they see sustained growth in demand for digital infrastructure as a source of attractive long-term investment opportunities. They cited Ionic Digital’s portfolio of assets, development platform, and experienced management team as key factors in the investment decision.

Ionic Digital positions itself as a fast-track provider of HPC and data center infrastructure aimed at supporting intensive AI workloads. The company focuses on mitigating industry bottlenecks such as constrained power availability and long development timelines by delivering fully ready assets with extensive due diligence.

J.P. Morgan and BTIG, LLC acted as co-placement agents on the transaction, while White & Case LLP served as legal counsel to Ionic Digital.