Chasing after CoreWeave, WhiteFiber (WYFI.US) plans to IPO to create an NVIDIA GPU cloud service landscape.

Data center WhiteFiber (WYFI.US), spun off from Bit Digital (BTBT.US), submitted an application to the U.S. Securities and Exchange Commission last Friday to raise an estimated $100 million in an initial public offering. WhiteFiber claims to be a leading provider of artificial intelligence (AI) infrastructure solutions, with high-performance computing (HPC) data centers powered by NVIDIA GPUs at its core, providing cloud services. Last year, the company significantly expanded through the acquisition of Enovum, based in Canada. This year, in addition to continuing to expand in the Montreal area, WhiteFiber is planning to build a new data center in North Carolina. Currently, WhiteFiber is following in the footsteps of data center operator CoreWeave (CRWV.US), which focuses on artificial intelligence. CoreWeave went public in March and its closing price last Friday had risen over 200% from the offering price. Although WhiteFiber was founded in New York in 2024, its operating entity, Enovum, has a history dating back to 1999. According to the prospectus, the company generated $56 million in revenue in the 12 months ending on March 31, 2025. The company plans to list on the Nasdaq under the ticker symbol "WYFI." White Fiber submitted the application secretly on February 14, 2025. B. Riley Securities and Needham & Co. are acting as joint bookrunning managers, with the specific offering price yet to be disclosed.