SAIHEAT is no longer being priced as a liquid-cooling miner. The August merger agreement with Canopy Wave, a Santa Clara inference and GPU-cloud platform formed in 2024, recasts the Cayman listing as the public wrapper for a United States-led reverse merger. The deal assigns a $40 million pre-money value to SAIHEAT and a $60 million value to Canopy Wave. Former Canopy Wave holders are slated to own a majority of the economics and nearly four fifths of the vote. The tape already trades richer than that stub, which means the market is paying for close probability and for whatever inference franchise Canopy Wave is said to operate.
The audited year that closed in December tells a different story from the inference copy. Revenue fell for a third straight year to about $5 million, and the company booked a deeper gross loss as mining and hosting faded after the bitcoin halving. Cash at year-end was $202 thousand against several million of short-term borrowings. The first half still showed a product-sales bounce in liquid-cooled cabinets. The second half then collapsed to a few hundred thousand of revenue, which is the run-rate the merger is wrapping, not a growing infrastructure franchise.
The investment question is whether shareholder approval, a Nasdaq listing for the renamed vehicle, and a concurrent private placement of about $5 million actually close before year-end. Canopy Wave is described as having produced more than $15 million of aggregated revenue since launch, but that figure is unaudited and sits on leased third-party GPUs rather than owned sites. If the deal breaks, the listed stub is a cash-starved miner with a large shelf and a thin book. If it closes, public holders become minority owners of a two-year-old inference platform whose unit economics have not been tested in a domestic filing.