Oil asset acquisition company LandBridge is seeking to raise nearly $320 million in a U.S. IPO with a target valuation of $1.6 billion.
LandBridge said its land could serve more than just oil and gas producers, with cryptocurrency miners and data centers also benefiting from access to water, roads, fiber infrastructure and electricity.
LandBridge said it has used its land to build a "cryptocurrency facility" that earned $52.1 million in non-oil and gas-related royalty revenues (which include cryptocurrency miners) in 2023, up 56% year-over-year.