Yotta Plans to go Public, Eyes $463 Mn in IPO Proceeds

Yotta Data Services, a leading data center and cloud computing firm backed by the Hiranandani Group, has officially submitted its final application to the US Securities and Exchange Commission (SEC) for a Nasdaq listing.

While the exact size of the initial public offering (IPO) remains undisclosed, a company presentation to the SEC revealed that the listing is expected to raise approximately $463 million (₹4,064 crore) in cash. The final registration form was filed on December 30 through Yotta's holding entity, Nidar Infrastructure.

“We are in the process of our public listing with the US SEC,” said Sunil Gupta, CEO of Yotta. “While the final IPO size is not yet disclosed, this marks the first time the promoters are diluting their equity stake in Yotta. The listing is expected soon, subject to regulatory approval.”

Yotta's IPO Proceeds: Fueling Expansion and GPU Infrastructure Growth

Yotta plans to utilize the IPO proceeds to fund its continued expansion and enhance its GPU infrastructure. The company has already installed 4,000 GPUs across its data centers and is in the process of activating an additional 2,000 GPUs. Yotta has also secured two major clients and is supplying over half of the advanced chips acquired by the Indian government under its AI Mission.

Yotta’s Valuation and Financial Projections

According to the company’s SEC filing, Yotta is valued at $4.2 billion. Despite reporting $44.6 million in revenue for FY24, Yotta expects significant growth in the current fiscal year, projecting a jump to $143.3 million in revenue.

However, Yotta’s high capital expenditures, driven by investments in real estate, power, cooling infrastructure, and NVIDIA GPUs (which are priced around $40,000 each), have kept the company in the red. The company is forecasting a net loss of $113 million for FY25, with the loss expected to narrow to $62 million the following year.