Germany’s Bitcoin mining company Northern Data is reportedly in talks with potential advisers about a U.S. initial public offering planned for next year.

European crypto mining giant Northern Data AG is mulling the possibility of conducting an initial public offering (IPO) for its combined artificial intelligence (AI) cloud computing and data center businesses in the U.S. next year, according to a Bloomberg report, which cites sources familiar with the matter.

The IPO is expected to value the entity between $10 billion and $16 billion, according to the sources. They added that the Frankfurt-headquartered Bitcoin miner might sell a minority stake in the unit to investors before the listing.

The miner is currently in talks with several potential advisers to pitch for a role and could mandate lead banks within the coming months, the sources said, noting that no final decision has been made thus far.

It remains unclear why the company decided to combine its AI and data center units, as Northern Data had previously considered an IPO for the cloud unit alone and a separate U.S. listing for its Bitcoin mining operations last November, the report notes.

Following the news, Northern Data shares on the XETRA stock exchange surged over 5% to €25, according to data from Google Finance.

In September 2023, Tether announced a collaboration with Northern Data to focus on initiatives around AI, peer-to-peer communications, and data storage solutions. The stablecoin issuer didn’t disclose any figures related to the deal but refuted reports suggesting it had spent $420 million on 10,000 H100 GPUs from Northern Data.