According to CoinMeta, Ionic Digital announced a financing of $2.7 billion to transform its mining facilities into AI data centers. Leveraging low-cost electricity and land in Texas as a core advantage, the company has locked in approximately $2 billion in revenue over the next decade through long-term lease contracts. The company plans to go public directly without issuing any new shares. Currently, nscale is the main tenant, and although the data center is still under construction, the revenue is already certain. It is expected that data center rentals will account for a significant portion of the company's revenue in the first quarter of 2026, with the mining business shrinking. Long-term risks include concentrated tenants and construction progress.