(Bloomberg) -- Northern Data AG could float its cloud computing unit Taiga, the German bitcoin miner said Thursday as it unveiled a debt financing package to buy more chips and boost its generative AI offerings.

“We have absolutely structured the company in a way that gives us more flexibility,” Rosanne Kincaid-Smith, the firm’s chief operating officer said at a meeting with investors and analysts in Frankfurt. “A listing of our Taiga unit could absolutely be an option,” she said, adding that the bitcoin mining operations may also warrant a flotation in the US at some point.

Northern Data earlier this year established three distinct units — bitcoin mining operations dubbed Peak Mining, generative AI cloud service provider Taiga, and its Ardent data center business.

The Frankfurt-based company said Thursday it secured a €575 million ($610 million) debt-financing facility from Tether Group, with the focus on expanding its generative AI Cloud Service Provider offerings. It also released a financial update.

Fresh Guidance

The ramp-up costs for its AI cloud business means the firm will record a loss between €5 million and €20 million before interest, taxes, depreciation and amortization — or Ebitda — this year, Northern Data said, adding it expects revenue of between €65 million and €75 million.

Further guidance:

• 2024: Gradual ramp up of its newly purchased H100 processing units with revenue of €200 million to €240 million and and adjusted Ebitda of €50 million to €80 million
• 2025: First full year when the NVIDIA H100 processors will be in full utilization with revenue of €520 million to €570 million and an Ebitda of €300 million to €350 million

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