Ionic Digital Inc (IOND) shares tumbled 6.12% in after-hours trading on Tuesday, adding to losses from a lackluster first day on the Nasdaq. The company, which pivoted from crypto mining to AI data centers, began trading earlier in the day via a direct listing, the largest such debut since 2021.

The stock opened at $50 per share, significantly below the $53 reference price set by the exchange, and fell 5.7% during the regular session to end with a market valuation of $2.25 billion. The after-hours plunge reflects continued selling pressure as investors digested the weak initial reception.

The debut came against a backdrop of recent pullbacks in AI infrastructure stocks, tempering enthusiasm for the newly public company. Ionic Digital had raised $400 million last month from investors including Attestor, Oaktree Capital Management, and Sachem Head Capital Management to support its transition to the data center space.