Last close As at 05/08/2026
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▲ 2.33 (44.59%)
Market capitalisation
EUR486m
Research: TMT
Northern Data Group has announced plans to develop a state-of-the-art AI and HPC data centre in Maysville, Georgia in the United States. This initiative aligns with the company’s strategy of expanding its global AI and high-performance computing (HPC) footprint while maintaining its European roots.
Northern Data Group |
Further US HPC expansion |
Company announcement |
Tech hardware and equipment |
4 December 2024 |
Share price performance
Business description
Analyst
Northern Data Group is a research client of Edison Investment Research Limited |
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Northern Data Group has announced plans to develop a state-of-the-art AI and HPC data centre in Maysville, Georgia in the United States. This initiative aligns with the company's strategy of expanding its global AI and high-performance computing (HPC) footprint while maintaining its European roots.
Year end |
Revenue (€m) |
EBITDA* |
PBT* |
EPS* |
EV/BITDA |
P/E |
12/22 |
193.3 |
(41.3) |
(251.6) |
(10.6) |
9.6 |
N/A |
12/23 |
77.5 |
(12.3) |
(137.6) |
(4.8) |
24.0 |
N/A |
12/24e |
206.0 |
55.9 |
(107.3) |
(2.0) |
9.0 |
N/A |
12/25e |
526.1 |
269.3 |
1.1 |
0.0 |
3.5 |
N/A |
12/26e |
613.4 |
325.3 |
52.5 |
0.6 |
3.0 |
63.7 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The new facility will be constructed on a 63-acre site, already owned by the group and initially intended for mining operations, although currently, there is no infrastructure in place. The site is expected to deliver 120MW of capacity, with potential expansion to 180MW over time and the creation of up to 100 jobs. Management expects the facility to be fully operational by Q127, with an initial 60MW possibly going live before then. The estimated cost of construction is likely to be in the range of $10–15m per megawatt (MW).
The investment follows the company’s strategy of building a global AI and HPC business from its European roots and will be its largest HPC facility by some margin. The Boden facility in Sweden has capacity of 40MW, while Northern Data’s 5MW capacity Pennsylvania site is scheduled for expansion to 20MW by H225. Once operational, the facility is likely to serve both Northern Data's Taiga Cloud AI infrastructure-as-a-service and Ardent co-location businesses, although the exact balance of these uses is yet to be determined. The investment provides Northern Data with more flexibility in terms of locating its capacity closer to demand as the market evolves.
The company has not discussed how the build-out will be funded. The planned sale of the Peak Mining business will boost resources, with the recent US election results and the Trump administration’s pro-crypto stance providing a significantly more favourable environment for this transaction. Since the election, Bitcoin has appreciated by c 45%, whereas the Global X Blockchain ETF has appreciated by c 34%. It is also worth noting that CoreWeave, Taiga’s most direct peer, is reported to be planning a 2025 IPO, with reports stating that the business is aiming for a $35bn valuation, although we do not have access to up-to-date financial information to make a valuation comparison.
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Research: Metals & Mining
KEFI has announced that it is raising c £10.6m by issuing c 1.9bn shares at a price of 0.55p. The full raise is in five parts: a firm placing, a retail offer, a conditional placing, a conditional subscription and a conditional issue. The first two have now been completed, raising £5.4m (gross) via the issue of 988.5m shares. The remaining three require shareholder approval from a general meeting on 2 January. Assuming this to be the case, they will raise a combined £5.1m (gross) via the issue of a further 933.2m shares.