The deal values Canopy Wave at $60m and SAIHEAT at $40m, creating a Nasdaq-listed AI inference-focused entity under ticker CWAV.
Nasdaq-listed SAIHEAT will merge with California-based AI inference and GPU cloud platform Canopy Wave in a deal valuing the combined entity at $100m. Canopy Wave will become a wholly owned subsidiary, with the merged company trading as CWAV on Nasdaq post-approvals.
The pre-money equity valuations of $60m for Canopy Wave and $40m for SAIHEAT were negotiated at arm’s length, according to both firms. Former Canopy Wave shareholders will hold 54.19% of economic interests and 78.44% of voting power in the new entity. The merger is expected to close by year-end.
The combined company will focus on AI inference services for open-weight large language models, leveraging SAIHEAT’s modular data center infrastructure. Management cited growing enterprise investment in AI deployment over model training as a key driver for the pivot.