IOND · Ionic Digital
AI read · Good for IOND
The AI's read
Ionic reported Q2 revenue of $48.6M, up sharply year-over-year, with 90% from digital infrastructure leasing. That matters because the business is already monetizing capacity, not just selling promises. The balance sheet is strong with $600M liquidity and no debt, and management models cash rent rising from $29M in 2026 to $183M by 2028. Those numbers create optionality to scale data-center builds, especially at Ward County. The market barely moved (-0.3%), so the headline upside may not be fully priced. We lean bullish because growth plus a clean balance sheet give real room to execute if they hit the buildout and leasing targets.