WhiteFiber Inc. just raised 159.4 million USD through the IPO in the United States, valuing the company at 619 million USD.
WhiteFiber, a subsidiary of Bit Digital Inc., specializes in providing high-performance computing data center and cloud GPU services, supporting AI and machine learning development.
MAIN CONTENT
WhiteFiber successfully raised 159.4 million USD through the IPO, with a share price of 17 USD.
The company specializes in providing high-performance data services and cloud GPU for the AI sector.
Revenue in Q1 this year reached 16.8 million USD, with a net profit of 1.4 million USD.
What is WhiteFiber Inc. and how does it operate?
WhiteFiber is a subsidiary of Bit Digital Inc., focusing on providing high-performance computing data infrastructure and cloud GPU services for AI and machine learning developers. This is a field with great potential as the demand for data processing and AI modeling increases.
Thanks to providing quality services, WhiteFiber effectively meets the demand for GPU usage for complex computations, while helping customers scale AI development more efficiently.
How did WhiteFiber raise funds through the IPO and what were the results?
On August 7, WhiteFiber completed its initial public offering (IPO) in the US market, raising 159.4 million USD at a price of 17 USD/share, reaching the highest price in the expected price range. The IPO raised the company's valuation to 619 million USD.
Bit Digital Inc. will retain about 77.6% of the shares after the IPO, thereby maintaining control over the subsidiary. WhiteFiber's stock is coded WYFI on the US stock market.
WhiteFiber focuses on developing high-quality infrastructure solutions, effectively supporting the rapidly growing AI industry.
Internal statement from WhiteFiber, 2024
What are the financial results of WhiteFiber in the first quarter of 2024?
According to the IPO prospectus, WhiteFiber achieved revenue of 16.8 million USD and a net profit of 1.4 million USD in Q1 2024. This demonstrates the company's strong profit-making ability in the high-tech infrastructure service sector.
These positive financial results provide the foundation for the company to attract significant investment and enhance investor confidence amid the competitive landscape of the AI technology industry.
How does WhiteFiber's IPO affect Bit Digital Inc.?
The IPO helps Bit Digital Inc. raise capital while restructuring finances by holding 77.6% of WhiteFiber's shares after issuance, ensuring control. This also provides financial resources to expand infrastructure services for AI and machine learning.
The IPO event shows that Bit Digital's technology development strategy and investment in the AI market are being positively evaluated by the market.
Frequently Asked Questions
What main services does WhiteFiber provide?
WhiteFiber specializes in providing high-performance computing data center and cloud GPU services to support AI and machine learning development.
How much capital did WhiteFiber raise through the IPO?
WhiteFiber raised 159.4 million USD at a share price of 17 USD in the IPO in the United States in August 2024.
What are the revenue and profits of WhiteFiber in Q1/2024?
In Q1/2024, revenue reached 16.8 million USD, with a net profit of 1.4 million USD according to the IPO report.
How many shares does Bit Digital own in WhiteFiber after the IPO?
Bit Digital holds about 77.6% of the shares, thereby maintaining control of this subsidiary.
What is the significance of WhiteFiber's IPO for the AI market?
The IPO demonstrates the potential for developing AI infrastructure technology, boosting investment and development in the high-performance computing sector.
Source: https://tintucbitcoin.com/bit-digital-va-whitefiber-huy-dong-1594-trieu-usd/
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