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The demand for generative AI models, machine learning applications, and large language model (LLM) training is fueling explosive growth in cloud computing, positioning Taiga Cloud to become a key player in the AI infrastructure space. The level of demand and scarcity of the NVIDIA GPU assets is reflected in high margins. Demand for these products is massively outstripping supply, providing significant scarcity value and pricing power. The company will leverage this scarce infrastructure to democratise AI for start-ups and research organisations who wish to utilise and study AI but may be unable to tap the sold-out capacity of large hyperscalers.

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Northern Data’s Peak Mining division is a top Bitcoin mining operation. A higher Bitcoin price post-halving would boost mining revenue as block rewards become more valuable, increase mining margins, making Northern Data’s energy-efficient operations more profitable, and renew institutional investment in blockchain & crypto startups, increasing demand for HPC services to support decentralized finance (DeFi), AI-driven crypto trading, and blockchain analytics.

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Through Ardent Data Centers, Northern Data is building next-generation liquid-cooled data centers designed to maximize computing power and efficiency. With new facilities in Pittsburgh, Norway, and Sweden, the company is expanding in strategic locations to support the growing demand for AI and high-performance computing (HPC) while benefiting from low-cost, renewable energy.

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Data Center Expansion

Northern Data is expanding its data center capacity, with plans to add more facilities and increase computing power. Initial capacities are used to power their Taiga cloud business, but excess capacity will be sold into the market, likely garnering a premium in the current demand environment.

Taiga Cloud Scaling

Deployment of 20,000+ NVIDIA GPUs to meet AI model demand, securing long-term cloud contracts.

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Selling Crypto Assets

In October 2024, management announced they were exploring the sale of their crypto-mining business. If carried out, this divestment would provide additional cash to fund further data centre growth. This would also clean the story up for investors, there are plenty of institutional investors who want more AI exposure without the complications of the crypto mining business. There has been no official update on these plans at time of writing.

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Strategic M&A & AI Partnerships

There is potential for partnerships with sovereign cloud initiatives, AI startups, and acquisitions of niche data centers, which would help establish Northern Data as the go-to provider for carbon-neutral, high-performance AI infrastructure.

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Northern Data is positioning itself as Europe’s AI cloud leader, but faces competition from AWS, Google, and Microsoft Azure, which have larger customer bases and deeper capital reserves. The ability to differentiate via low-latency, high-performance infrastructure will be key to capturing market share.

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There are several reasons behind the outsourcing of AI workloads:

Cost Efficiency – Setting up in-house AI infrastructure requires significant capital investment in hardware, software, and specialized personnel. By using third-party AI cloud services, companies can access scalable computing power on demand without the heavy upfront costs.

Scalability – Third-party cloud providers offer high-performance computing (HPC) environments with virtually unlimited scalability. This allows companies to scale up or down quickly based on their needs, without worrying about capacity limitations.

Speed to Market – Using third-party services enables companies to accelerate the development and deployment of AI applications. These platforms provide ready-made tools, APIs, and infrastructure, reducing the time required to build AI solutions from scratch.

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Northern Data AG was founded in 2019, initially focusing on cryptocurrency mining infrastructure following the merger of Northern Bitcoin AG and Whinstone US, a leading data center developer in Texas. The company initially concentrated on large-scale Bitcoin mining operations. As demand for high-performance computing (HPC) grew, Northern Data expanded its services by acquiring Decentric Europe and Ardent Data Centers, which strengthened its GPU-based computing capabilities for AI, blockchain, and scientific research. These acquisitions positioned Northern Data as a leader in energy-efficient data centers, marking its transition from mining to broader HPC services.

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The market for high-performance computing and cloud services is highly competitive, with major players like Amazon Web Services (AWS), Google Cloud, and Microsoft Azure offering similar services. Northern Data may face challenges competing against these established tech giants, both in terms of pricing and technological capabilities. Impressively, the company has secured access to the highly demanded NVIDIA GPUs, including the latest Blackwell range.

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