WhiteFiber Closes Oversubscribed IPO, Raises $159.4M at $17/Share

WhiteFiber, a provider of AI infrastructure solutions, has closed its upsized initial public offering of 9.375 million ordinary shares at $17.00 per share, raising $159.4 million. The offering was led by B. Riley Securities, Needham & Company, and Macquarie Capital, with a 30-day option to purchase an additional 1.406 million shares. The company plans to operate as a separate public company upon completion of the offering.

WhiteFiber Inc., a provider of AI infrastructure solutions, has successfully closed its upsized initial public offering (IPO) of 9.375 million ordinary shares at $17.00 per share, raising $159.4 million. The offering was led by B. Riley Securities, Needham & Company, and Macquarie Capital, with a 30-day option to purchase an additional 1.406 million shares. The company plans to operate as a separate public company upon completion of the offering.

WhiteFiber, a subsidiary of crypto treasury firm Bit Digital Inc., focuses on providing high-performance computing (HPC) and cloud-based GPU services. The IPO reflects a strategic carve-out, allowing Bit Digital to maintain an 80% ownership stake while granting WhiteFiber access to public capital and operational independence. The IPO is expected to give WhiteFiber a market value of approximately $600 million, based on the outstanding shares listed in its filings.

The company's revenue for 2024 was $45.7 million, with Q1 2025 revenue standing at $14.8 million. However, WhiteFiber faces challenges, including client concentration risk and high development costs. The company's current operational portfolio includes a pipeline of approximately 1,300 MW, with 800 MW under non-binding letters of intent. WhiteFiber forecasts reaching 76 MW of gross capacity by the end of 2026.

The IPO has significant implications for both WhiteFiber and Bit Digital. Bit Digital can now focus on its treasury strategy while WhiteFiber can concentrate on AI infrastructure growth. The IPO also provides WhiteFiber with access to public funding, crucial for its expansion plans. However, the company must demonstrate consistent revenue growth and diversified client adoption to justify its valuation.

Investors should approach WhiteFiber's IPO with a balanced perspective. While the company has a promising growth trajectory, it also faces significant challenges, including the need to convert its pipeline into operational reality and manage high development costs. Until WhiteFiber can demonstrate consistent revenue growth and diversified client adoption, investors should remain cautious.

WhiteFiber's ordinary shares are expected to begin trading on The Nasdaq Capital Market on August 7, 2025, under the ticker symbol NASDAQ: WYFI. The offering is expected to close on August 8, 2025, subject to customary closing conditions.

References:
[1] https://www.investing.com/news/stock-market-news/whitefiber-prices-upsized-ipo-at-17-per-share-432SI-4174878
[2] https://www.ainvest.com/news/whitefiber-ipo-priced-17-share-expects-open-25-50-2508/