WhiteFiber opens at $25, IPO at $17

WhiteFiber opens at $25, IPO at $17

WhiteFiber, Inc., a provider of artificial intelligence infrastructure solutions, made its debut on the Nasdaq Capital Market under the ticker symbol "WYFI" on July 2, 2025, with its shares opening at $25, a significant premium over its initial public offering (IPO) price of $17.00 per share [1].

The company announced the pricing of its upsized IPO on Wednesday, July 1, 2025, with a total of 9,375,000 ordinary shares offered at $17.00 per share, raising approximately $160.00 million [1]. The offering was led by B. Riley Securities, Needham & Company, Macquarie Capital, and Roth Capital Partners, with Craig-Hallum and Clear Street also acting as co-managers [1].

WhiteFiber, which was carved out of Bit Digital, Inc., provides high-performance computing data centers and cloud services designed for generative AI workloads. The company's IPO reflects a broader strategic shift for Bit Digital, which is focusing on Ethereum while WhiteFiber targets AI infrastructure growth with GPU cloud services and data centers [2].

WhiteFiber's IPO is more than just a capital raise; it provides the company with access to public capital and greater operational independence while allowing Bit Digital to maintain an 80% ownership stake [2]. The company's operational portfolio includes a pipeline of approximately 1,300MW, with 800MW under non-binding letters of intent, and it forecasts reaching 76MW of gross capacity by the end of 2026 [2].

Revenue momentum is evident, with WhiteFiber reporting $45.7 million for full-year 2024 and $14.8 million in Q1 2025 [2]. However, the company faces risks from client concentration and development costs, with estimates of $7–9 million per MW, excluding real estate costs [2]. WhiteFiber's ability to access capital efficiently will be crucial to meeting its 2026 buildout targets.

WhiteFiber's IPO marks a strategic carve-out rather than a spin-off, allowing it to remain under Bit Digital's control while accessing public market funding. This structure provides continuity in management and governance but raises questions about long-term independence [2].

Investors should monitor WhiteFiber's performance closely, as the company must demonstrate consistent revenue growth and diversified client adoption to justify its valuation. Given Bit Digital's previous revenue shortfall, caution remains warranted until more of the pipeline is converted into recurring revenue [2].

References:
[1] https://www.investing.com/news/company-news/whitefiber-prices-upsized-ipo-at-17-per-share-set-to-debut-on-nasdaq-93CH-4175065
[2] https://cryptoadventure.com/decoding-whitefibers-ipo-bit-digitals-ai-infrastructure-arm-steps-into-the-spotlight/