Whitefiber Inc., an AI-focused cloud infrastructure firm, is preparing to go public with an initial public offering that could raise as much as $132.8 million. According to a recent filing with the U.S. Securities and Exchange Commission, the New York-based company—recently spun off from Bit Digital Inc.—plans to offer 7.8 million shares at a price range of $15 to $17 per share.
At the top of that range, Whitefiber’s valuation would reach roughly $592.6 million. The IPO is scheduled to price the week of August 4, with shares expected to list on the Nasdaq Capital Market under the ticker symbol WYFI.
Whitefiber delivers high-performance computing (HPC) and GPU cloud services tailored for developers working in artificial intelligence and machine learning. In the first quarter of 2024, the company posted $16.8 million in revenue and $1.4 million in net income—nearly doubling its revenue from the same period last year.
The launch of Whitefiber reflects a broader trend in the tech sector, as former cryptocurrency mining companies pivot toward AI infrastructure in response to changing industry economics. Parent company Bit Digital has recently sold about $30 million in Bitcoin to increase its exposure to Ethereum and support its transition into staking and treasury operations. As of mid-July, Bit Digital reported holding over 120,000 ETH.
Following the IPO, Bit Digital will maintain a significant role in Whitefiber’s future, retaining approximately 77.6% of its outstanding shares. The offering is being managed by underwriters B. Riley Financial and Needham & Co.
As investor interest in scalable AI infrastructure continues to rise, Whitefiber’s public debut is being closely watched as a barometer of the market’s appetite for next-generation cloud computing solutions.
With strong revenue growth and a strategic shift from its parent company, Whitefiber’s IPO signals how AI infrastructure is reshaping tech investment priorities. As the listing approaches, the market will be watching to see whether this AI spinout can meet the high expectations set by an increasingly cloud-driven future.
