Ionic Digital, the company formed to hold Celsius Mining's assets through Celsius Network's bankruptcy restructuring, said this week it expects 2026 revenue of $190 million to $195 million, offering investors its first financial outlook ahead of its Nasdaq debut, according to TheEnergyMag .
Ionic's shares are set to begin trading on the Nasdaq Global Select Market under the ticker IOND on July 28, in a direct listing that could value the company at roughly $2.4 billion, according to a separate announcement earlier this week.
The company guided to second-quarter revenue of $47.5 million to $48.5 million and adjusted EBITDA of $36 million to $37 million, with full-year adjusted EBITDA of $137.5 million to $142.5 million. It said 90% to 92% of revenue in both periods is expected to come from digital infrastructure leasing rather than bitcoin mining. Ionic also projected second-quarter capital expenditures of $5.5 million to $6.5 million and full-year spending of $45 million to $60 million, excluding any new site acquisitions, alongside a preliminary second-quarter net loss of about $34 million to $35 million driven largely by non-cash changes in the fair value of its cryptocurrency holdings.
The leasing revenue is anchored by a single large contract. Ionic's flagship asset is a 234 MW facility in Ward County, Texas, which it leases to Nscale, a global hyperscaler, under a 126-month triple-net agreement, according to Renaissance Capital. Residual bitcoin mining continues only at smaller sites in Reagan and Glasscock Counties, Texas, and the company also holds a bitcoin treasury it says it intends to deploy in support of its broader growth strategy. In its registration statement, Ionic said it generated $44 million in digital infrastructure leasing revenue in the first quarter from the Ward County facility alone, while cryptocurrency mining revenue fell about 82% year over year to $7.4 million.
Ionic emerged from Celsius Mining's bankruptcy in January 2024 and is based in Washington, D.C. It booked $152 million in revenue for the twelve months ended March 31, 2026, per Renaissance Capital. Celsius creditors received approximately 37 million Class A shares in Ionic as part of that restructuring, making Friday's listing the first public market test of what those shares, distributed as partial recovery from the lender's 2022 collapse, are actually worth.
The listing itself is a direct listing rather than a traditional IPO: existing shareholders' shares will trade, but Ionic will not raise new proceeds, and there are no underwriters on the deal, with J.P. Morgan instead serving as financial advisor. The company separately raised $400 million last month from institutional investors who purchased Series A convertible preferred stock at $53.00 per share, along with three tranches of warrants, a price that implies the roughly $2.4 billion valuation for Friday's debut.
