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· 25% in Iron Mountain on June 29
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Ionic Digital (Nasdaq: IOND) went public on Tuesday.
The stock stagged a big rally – closing up 26% on the first day of trading.
Ionic wasn’t a conventional Initial Public Offering. It was a direct listing. This means the company didn’t issue any new shares or raise additional capital when it went public.
Nasdaq posted a “reference price” of $53 and a market value of $2.4 billion. This was the price at which the company raised $400 million in June 2026.
Yesterday shares of IOND opened at $50, about 5.7% below the $53 reference price. News coverage initially described the deal as flop.
Then buyers took over. The stock closed at $62.90 — up 25.8% from the open.
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It was the largest direct listing since 2021.
Ionic Digital was formed in January 2024 to take over Celsius Mining's bitcoin operations during the Celsius Network restructuring. Shares went to eligible creditors. It started as a pure-play miner in west Texas.
Last year the company began to transition from mining digital assets to become a AI data center.
In October 2025, Ionic leased the entire 234 megawatts of current capacity at its Ward County, Texas property to Nscale under a 126-month triple-net agreement. Total contracted revenue is roughly $1.95 billion. The company has committed to adding another 89 megawatts, which could push the Nscale relationship toward $2.6 billion.
The first payment arrived in November 2025.
The pivot shows up plainly in the numbers. First-quarter leasing revenue was $44 million. Bitcoin mining revenue fell 82% to $7.4 million.
For the full year, the company provided the following guidance:
· $190 million to $195 million in revenue
· $36 million to $37 million adjusted EBITDA
· $34 million to $35 million preliminary net loss
One more detail worth sitting with. Ionic Digital runs its entire business with just with fifteen employees.
In June, Attestor, Oaktree, Sachem Head, and Citadel put $400 million into Series A convertible preferred at $53 a share. That deal also included three tranches of warrants.
Now the risk, and it's specific to this structure. A direct listing has no underwriter supporting the price and none of a traditional IPO's lockup mechanics. Former Celsius creditors have waited four years for liquidity, and every one of them can sell.
The 26% jump shows that that buying interest outweighed the sellers. Whether that holds depends on whether creditors start dumping their shares now that the stock is tradable.
My new AI is predicting big moves for several stocks this week.
Ian Wyatt
Editor, IPO Watch