U.S.-based block reward mining operation Cipher Mining Technologies has entered the IPO game, filing to go public on Nasdaq under ticker ‘CIFR’ at a $2B valuation. This is the latest in a string of recent block reward IPOs — including Australian green energy outfit Iris Energy, which is reportedly planning to list in the summer – and it is also one of the more ambitious in terms of numbers.

The company has a lot on its plate, namely achieving a 745 megawatts mining capacity by the end of 2025. This will be achieved by deploying state-of-the-art equipment and employing a top notch technical team.

To achieve this feat, the company has tapped its parent company, Bitfury Group, for a $50 million in-kind investment and is on the verge of an additional $170 million cash influx from a recent Good Works Acquisition Corp (Nasdaq: GWAC) initial public offering.

In addition, the aforementioned $595 million in gross cash proceeds will proceed through a $425 million fully committed stock PIPE with anchor investors Fidelity Management and Research Company and Counterpoint Global, respectively. The aforementioned PIPE will not only help to fuel the company’s ongoing growth plans but also lead to the most important IPO related milestone, namely a merger with Good Works.