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Ionic Digital Inc. (NASDAQ: $IOND) surged more than 25% from its opening price during Tuesday's Nasdaq debut, giving the former Celsius mining business an implied valuation of roughly $2.75 billion as investors weighed its shift toward AI infrastructure.

The shares opened at $50 through a direct listing, below Nasdaq's $53 reference price, before climbing to nearly $63. Ionic did not issue new stock in the transaction and will receive no proceeds from sales by existing shareholders.

The company was formed in January 2024 through Celsius Network's bankruptcy restructuring, taking control of most of Celsius Mining's assets. The package included bitcoin (CRYPTO: $BTC) mining equipment and infrastructure, approximately $195 million in cash and 540 BTC valued near $35 million at the time.

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Hut 8 (NASDAQ: $HUT) initially managed the mining operations under a four-year agreement. Ionic terminated that arrangement in 2024 and later took direct control of its sites, while Hut 8 retained a minority stake.

Ionic has since pushed more of its power portfolio toward artificial intelligence and high-performance computing. Its 234-megawatt Cedarvale facility in West Texas is covered by a 10-year triple-net lease with AI cloud provider Nscale, carrying approximately $2 billion in contracted revenue. A February amendment could lift the total to $2.6 billion.

Then-interim CEO Anthony McKiernan said the agreement showed Ionic's ability to support "the top players in AI and high-power computing," while generating revenue independently of bitcoin mining.

Mining remains part of the business. Ionic operates four sites in Midland, Texas, produced just under 25 BTC in May and lists 2,861 BTC on its balance sheet. Production is expected to decline as more infrastructure is reassigned to AI workloads.

The debut gives Celsius creditors a public market for shares distributed through the reorganization, while placing Ionic alongside miners using powered land and data centers to pursue longer-term AI contracts.

Ionic Digital Inc. (NASDAQ: IOND) is currently trading at $62.90 U.S. per share.