Ionic Digital Inc. (IOND) Stock Price & How to Invest

Ionic Digital Inc. was formed in January 2024 to hold the mining assets of Celsius Network, which filed for Chapter 11 in July 2022. Those assets included mining hardware, power contracts, real estate and roughly ~540 bitcoin, and the equity went to former Celsius creditors as part of the bankruptcy plan. Since then the company has pivoted hard: rather than run its own machines against a falling hashprice, it leases energized capacity at its Ward County, Texas campus to an AI cloud operator. The centerpiece is a triple-net lease with Nscale covering roughly ~323 MW of contracted capacity across about a decade and roughly ~$2.6 billion of contracted revenue, under which the tenant carries rent plus operating costs including taxes, insurance and maintenance. Legacy self-mining continues at roughly ~12.2 EH/s, a fraction of what larger operators run, and its contribution is shrinking fast by design.

For investors the picture is a landlord business wearing a miner's history. Revenue over the trailing twelve months was about ~$152 million, and 2026 guidance calls for ~$190 million to ~$195 million with adjusted EBITDA of ~$137.5 million to ~$142.5 million, an unusually high margin that reflects how little cost sits with the landlord under a triple-net structure. GAAP results look nothing like that: the trailing twelve months carried a net loss near ~$233 million, and fiscal 2025 lost roughly ~$248 million, weighed down by impairments, digital-asset marks and costs tied to the restructuring. At roughly ~$2.8 billion of market value the stock prices in the contracted backlog and the ~822 MW total utility-power pipeline rather than the current income statement, so the gap between the lease that exists on paper and the megawatts actually energized is where most of the debate sits.

Tenant concentration is the dominant risk: a single lease with Nscale accounts for the overwhelming majority of contracted revenue, so the tenant's own funding, credit standing and demand outlook effectively become Ionic Digital's. Execution risk follows close behind, because contracted megawatts only pay rent once they are actually energized and delivered, and grid interconnection, equipment and construction timelines in West Texas routinely slip. GAAP losses remain large, with a trailing net loss near ~$233 million against adjusted EBITDA guidance of ~$137.5 million to ~$142.5 million, a spread that reflects impairments, digital-asset marks and non-cash charges that investors have to unpick. The share register is unusual: equity was distributed to former Celsius creditors and the company went public through a direct listing rather than an underwritten IPO, so there is no traditional lockup and the trading history is only weeks long, which can make price moves erratic. Governance history adds another layer, including a Delaware Chancery Court proxy dispute resolved in the company's favor in 2025, and residual bitcoin exposure means the remaining mining operation still rises and falls with crypto prices.

We give no verdict on Ionic Digital Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The Nscale triple-net lease. Roughly ~323 MW of contracted capacity sits under a triple-net lease with AI cloud operator Nscale, worth approximately ~$2.6 billion of contracted revenue over about a decade.

The case against. Tenant concentration is the dominant risk: a single lease with Nscale accounts for the overwhelming majority of contracted revenue, so the tenant's own funding, credit standing and demand outlook effectively become Ionic Digital's.

Read the full bull and bear case on IOND, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ionic Digital Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$152 million
• Net income (TTM): ~-$233 million (EPS ~-$6.23)
• FY2026 revenue guidance: ~$190 million to ~$195 million
• FY2026 adjusted EBITDA guidance: ~$137.5 million to ~$142.5 million
• Market cap: ~$2.8 billion (share price ~$63)
• Cash and total debt: ~$35 million cash, ~$0.2 million debt

With no positive earnings, there is no meaningful price-to-earnings figure, so the stock is generally framed on sales and EBITDA. Roughly ~$2.8 billion of market value against ~$152 million of trailing revenue works out near ~18 times sales, falling to about ~15 times on the midpoint of 2026 guidance and roughly ~20 times the midpoint of guided adjusted EBITDA. Those multiples sit well above legacy bitcoin miners and closer to data center and neocloud infrastructure names, which is consistent with a business whose contracted backlog of roughly ~$2.6 billion dwarfs its current annual revenue.

Other names that sit close to IOND: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get IOND exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so IOND sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where IOND fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Ionic Digital is a former bitcoin miner whose value now rests almost entirely on one large triple-net AI data center lease, which makes contract execution and tenant quality the whole story rather than the crypto cycle it came from.

Whether IOND is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is IOND a buy or a sell?, and where the stock could go from here in the IOND stock forecast.

For income investors, whether IOND pays a dividend and how the payout looks is covered in does IOND pay a dividend? And to weigh IOND against a peer, read the full side-by-side comparisons: IOND vs CORZ and IOND vs WULF.