SAIHEAT is merging with Canopy Wave, an AI inference platform company, to reposition around serving open-weight large la
SAIHEAT announced on August 10, 2026 that it has entered into a definitive merger agreement with Canopy Wave, a Santa Clara-based AI inference and GPU cloud platform company. Under the transaction, Canopy Wave will become a wholly-owned subsidiary and the combined company will be renamed Canopy Wave Holdings Inc., expected to trade on Nasdaq under the ticker symbol CWAV, subject to required approvals.
The merger repositions SAIHEAT around AI inference—the delivery of AI model outputs or tokens at production scale—while retaining SAIHEAT's existing data center infrastructure business. Management believes AI inference represents a growing share of AI infrastructure spending as enterprise adoption shifts investment from one-time model training toward ongoing inference workloads. The combination creates a U.S.-based global AI inference platform that combines modular data center infrastructure with Canopy Wave's inference platform.
The merger will be effected through the issuance of new SAIHEAT Class A and Class B ordinary shares to Canopy Wave shareholders. The transaction values Canopy Wave at a pre-money equity valuation of US$60,000,000 and SAIHEAT at US$40,000,000. Based on these valuations, former Canopy Wave stockholders will own approximately 54.19 percent of the combined company's economic interests and 78.44 percent of its voting power, accounting for a concurrent private placement of Class A Ordinary Shares for approximately US$4.5 million at US$18.15 per share. Both boards of directors have unanimously approved the transaction.
The parties expect the transaction to close by the end of 2026, subject to customary conditions including approval by SAIHEAT shareholders, Nasdaq approval of the combined company's initial listing application, and satisfaction of conditions related to the concurrent private placement financing.
Jianwei Li, Chief Executive Officer of SAIHEAT, stated: "This combination will position the company where the AI market is going: inference at scale. Canopy Wave brings an inference platform and an exceptional engineering team. Combined with our infrastructure capabilities, we believe we can build a competitive inference offering."
Tao Zhang, Chief Executive Officer of Canopy Wave, said: "We believe enterprises are increasingly evaluating open weight models for performance, control, and cost efficiency. Joining forces with SAIHEAT will give us the public-company platform and the infrastructure depth to scale much faster. Our mission is to make serving these models simple, secure, and economical. This transaction accelerates that mission globally."
Canopy Wave is an AI inference and GPU cloud platform company based in Santa Clara, California. Its full-stack platform is engineered for open-weight generative AI models and features OpenAI-compatible API interfaces, intelligent GPU resource scheduling, and enterprise-grade security protocols including data isolation and zero-data-retention policies. The platform supports a broad catalog of leading open-weight models and serves developers and enterprises across AI coding, AI agent, and other production workloads.
SAIHEAT is a global distributed computing power operator that leverages a modular computing power system to help energy owners address local energy consumption and efficient resource utilization.