Ionic Digital (IOND), the data-centre company created out of Celsius Network's bankruptcy and owned largely by about 82,000 former creditors of the collapsed crypto lender, reported its first results as a listed company on 19 Aug. Almost none of the quarter's turnover arrived as cash.
Ionic Digital Booked $44mn of Rent It Hasn't Yet Been Paid
20 August 2026 - 10:14 UTC
By Stu Clelland
Total revenue rose 31% year-to-year to $49mn, of which $44mn came from leasing capacity at its Ward County campus in West Texas. All of that leasing revenue was accounting recognition rather than money received, CFO Chris Hickman told analysts on the results call. Cash rent began only this month, at $3.3mn for August.
Booked at run rate, banked at a trickle
"What changes from here is cash, not the income statement," Hickman said. He expects cash rent to rise from about $29mn this year to $135mn in 2027 and roughly $183mn annually once fully ramped by the end of 2028, while accrual revenue is already being recognized at an annual rate of about $175mn.
Shares closed the regular session up 2.7% at $67.30, then fell 3.9% to $64.68 within the hour of the release at 20:40UTC, ending the extended session at $65.50. The stock has risen 35% from the $50 opening price at its 28 Jul debut but sits 6.4% below the $71.90 record it set two days later.
Nvidia behind the tenant
The lease runs 10.5 years on a triple-net basis at $65/kW a month, covering 323 megawatts and about $2.6bn of contracted revenue. The tenant is Nscale, a London-based neocloud that supplies graphics-processing capacity to hyperscalers including Microsoft. Nvidia, which is also an investor in Nscale, guarantees the first five years of rent on the initial capacity, worth roughly $860mn.
The $35mn net loss reflected a $27mn tax provision and a $28mn write-down on the company's 2,882 bitcoin. Hickman said Ionic treats those coins no differently from cash and expects to sell them to fund development.
