USAArtificial Intelligence
SAIHEAT agrees merger with Canopy Wave in AI inference pivot
SAIHEAT has signed a definitive merger agreement with Canopy Wave, a California-based AI inference and GPU cloud platform company. The deal values Canopy Wave at a pre-money equity valuation of $60 million and SAIHEAT at $40 million, with former Canopy Wave shareholders set to hold 54.19% of the combined entity's economic interests and 78.44% of its voting power upon completion. The merged company will operate as Canopy Wave and trade on Nasdaq under the ticker symbol CWAV, subject to approvals, and will be led by Canopy Wave's founding leadership including CEO Tao Zhang and CTO James Liao. The transaction, expected to close by year-end, aims to pivot the business toward AI inference while maintaining SAIHEAT's modular data centre infrastructure operations.