NEW YORK, July 28, 2026, 16:03 EDT
- Ionic Digital was at $61.96 at 3:55 p.m., following an opening price of $50.
- June shareholders are restricted from selling 7.55 million converted shares under $70 for a period of six months.
- Ionic’s 234-megawatt Nscale lease will start generating fixed rent on August 1.
Ionic Digital Inc. NASDAQ:IOND recovered from an initial drop following its direct listing on Tuesday. The most recent confirmed price stood at $61.96 as of 3:55 p.m. EDT, marking a 16.9% gain over the exchange’s $53 reference price. The U.S. cash market had closed moments earlier.
The stock began trading at $50 per share, putting the company’s valuation close to $2.25 billion. In late session, the implied market capitalization climbed to around $2.78 billion, marking an intraday gain of approximately $537 million.
The figure that stands out is $70.
Participants in the $400 million private placement conducted in June were issued 7.55 million convertible shares at a price of $53 per share. Under the terms, they committed not to sell the shares for less than $70 for a six-month period. With the company’s Nasdaq debut, the preferred shares converted automatically.
The shares represent 16.8% of Ionic’s pro forma common stock. The restriction could limit placement supply under $70. Above $70, the contractual price floor would not restrict transfers. That level was 13.0% higher than the latest quote.
| Reference point | Share price | Change from $53 | Implied equity value* |
|---|---|---|---|
| Nasdaq benchmark and June sale | $53.00 | — | $2.38 billion |
| Initial auction price | $50.00 | -5.7% | $2.25 billion |
| Trade at 3:55 p.m. | $61.96 | +16.9% | $2.78 billion |
| Threshold for placement transfer | $70.00 | +32.1% | $3.14 billion |
Equity values are calculated based on 44.921 million pro forma common shares. 3.019 million placement warrants are not included. The $70 amount represents a transfer threshold rather than a target price.
Ionic shares changed hands at $61.96, representing roughly 14.5 times the midpoint of its projected 2026 revenue. The company has guided for full-year revenue to land between $190 million and $195 million. This ratio reflects equity value to sales, rather than an enterprise-value multiple.
Ionic’s valuation is largely based on its shift to AI infrastructure. The company’s preliminary estimates for the second quarter indicate a net loss between $34 million and $35 million. Preliminary adjusted EBITDA is projected at $36 million to $37 million, disclosed as a non-GAAP measure.
A significant agreement will generate fixed rent beginning this week. The 234-megawatt Nscale lease commences payments on August 1. Ionic anticipates about $1.95 billion in contracted revenue by January 2037.
NVIDIA Corporation NASDAQ:NVDA is backing as much as $860.3 million in rent payments for the initial five years of the lease. Nscale has also pledged an additional 89 megawatts once it becomes accessible. The expanded capacity still needs regulatory clearance.
Matt Kennedy, senior strategist at Renaissance Capital, said Ionic was set to become the “largest direct listing since 2021.” The business started 2024 holding bitcoin-mining assets purchased from Celsius Mining. In 2025, it pivoted to focus on AI and high-performance computing infrastructure. Reuters
Ionic did not generate any proceeds from the listing, as all shares made available for trading came from current shareholders. The large majority of common shares are available for public trading, though affiliates are subject to certain restrictions.
Risks continue to center on supply and execution. Holders of unlocked legacy shares are able to sell, and shares from placements may become available if the $70 price level is reached. Regulatory sign-off is still needed for the additional 89 megawatts. Initial quarterly numbers remain subject to revision.
The upcoming test is if shares remain above the opening range set on Tuesday. Key operational checks are expected with the start of August’s rent and the release of full second-quarter results.
