WhiteFiber, Inc., a Cayman Islands-based high-performance computing (HPC) data center and AI infrastructure company, is preparing for its initial public offering on the Nasdaq Capital Market under the ticker symbol “WYFI”. The company plans to offer 7,812,500 ordinary shares at a price range of $15.00 to $17.00 per share, with a 30-day underwriters’ option to purchase an additional 1,171,875 shares to cover over-allotments. At the midpoint price of $16.00, the IPO would raise approximately $125 million, implying a pre-money market capitalization of about $432 million and an enterprise value of approximately $327 million, based on the pro forma balance sheet as of March 31, 2025.
The offering is being led by B. Riley Securities, Needham & Company, Macquarie Capital, Roth Capital Partners, Craig-Hallum, and Clear Street. Following the IPO, Bit Digital, Inc., WhiteFiber’s parent company, will retain approximately 77.6% of the voting power, making WhiteFiber a “controlled company” under Nasdaq listing standards.
Offering Structure and Use of Proceeds
WhiteFiber’s IPO is a traditional public offering. There are no selling shareholders in this deal; all shares are being newly issued to raise capital. Proceeds from the offering are expected to support WhiteFiber’s growth strategy, including the development of its AI-optimized data centers (notably MTL-2, MTL-3, and NC-1), expansion of its cloud GPU services business, investment in infrastructure upgrades, and general corporate purposes. As a controlled company, WhiteFiber may rely on certain corporate governance exemptions post-IPO.
Business Overview
WhiteFiber positions itself as a leading AI infrastructure provider, offering cloud-based GPU services and Tier-3 colocation hosting for AI and machine learning (ML) workloads. Its data center portfolio includes an operational 4 MW facility in Montreal (MTL-1), along with development projects MTL-2 (5 MW), MTL-3 (7 MW), and NC-1 in North Carolina (up to 200 MW over time). These facilities support dense GPU deployments, liquid cooling systems, and sustainability features such as hydroelectric power and heat repurposing.
The company integrates its data center operations with cloud services under the WhiteFiber Cloud AI brand, offering bespoke solutions leveraging NVIDIA GPUs (including H200, B200, and GB200), with partnerships across the hardware and software ecosystem. Customers include leading AI firms and cloud gaming companies like Boosteroid, and infrastructure innovators such as Cerebras.
Company History
WhiteFiber was incorporated in August 2024 as a wholly owned subsidiary of Bit Digital, which contributed its HPC business and subsidiaries (including WhiteFiber AI, WhiteFiber HPC, and Enovum Data Centers) as part of a reorganization ahead of the IPO. Its assets include data centers in Canada, Iceland, and the U.S., and it maintains a global footprint through partnerships and colocation arrangements. The company’s leadership team has deep expertise in AI infrastructure, data center development, and cloud services.
Key Risk Factors
Risks disclosed in the filing include:
- Heavy reliance on electricity and utility partners (e.g., Duke Energy).
- Large capital expenditure requirements for new data center buildouts.
- Competitive pressure from larger cloud service providers.
- Potential delays in site permitting or power delivery.
- Dependency on NVIDIA and other key hardware suppliers for GPUs.
- Exposure to customer utilization levels and long-term contract fulfillment.
WhiteFiber also notes its status as a “controlled company” may limit shareholder protections common to other public companies.
Growth Initiatives and Outlook
WhiteFiber’s go-forward strategy emphasizes:
- Completing construction and revenue activation for MTL-2, MTL-3, and NC-1 data centers.
- Scaling its 1,300 MW pipeline, including retrofits and greenfield sites across North America.
- Deploying WhiteFiber Cloud AI to unify GPU clusters across sites for supercluster performance.
- Leveraging AI partner ecosystems (e.g., NVIDIA, Dell, Supermicro) for rapid customer acquisition.
- Exploring joint ventures and equipment financing to fuel expansion without excessive dilution.
By the end of 2026, WhiteFiber aims to operate over 76 MW of Tier-3 HPC data center capacity, enabling it to meet growing demand for scalable and sustainable AI compute infrastructure.
Comparable Companies
Peers in the AI infrastructure and data center space include:
- CoreWeave, Lambda Labs, and Vultr (private competitors).
- Public peers like DigitalOcean (DOCN), Super Micro Computer (SMCI), and Vertiv Holdings (VRT).
Recent IPOs in the AI infra space have drawn investor attention, with growing demand for GPU-hosting capacity and colocation services.
Investor Sentiment and Pricing
At a midpoint valuation of ~$432 million and expected EV of ~$327 million, WhiteFiber’s IPO appears modest relative to its asset base and revenue profile. Its 2024 revenue implies an EV/Revenue multiple of ~6.4x, which may be viewed as reasonable given its growth pipeline and AI exposure. Investor interest is expected to center around institutional demand for specialized AI infrastructure, although concentration risk and high capital intensity may temper enthusiasm.
Post-IPO Strategy
WhiteFiber plans to aggressively execute on its buildout roadmap while seeking additional equity and debt funding to support rapid expansion. The company also intends to pursue strategic partnerships, equipment leasing programs, and possibly future M&A. Success will be measured by contracted MW capacity, cloud GPU utilization, and revenue activation from new sites.