SAIHEAT and Canopy Wave Sign Merger Deal for AI Inference Platform

SAIHEAT has signed a definitive merger agreement with Canopy Wave, with the combined company to be renamed Canopy Wave Holdings Inc., the companies announced in a press release.

The combined company is expected to trade on Nasdaq under the ticker symbol CWAV. It plans to focus on AI inference, which means delivering AI model outputs, or tokens, at production scale.

The company intends to offer inference services for open weight large language models to enterprise and developer customers worldwide. SAIHEAT will also retain its existing data center infrastructure business.

The merger will be carried out through the issuance of new SAIHEAT Class A and Class B ordinary shares to Canopy Wave shareholders. The deal is based on a $60 million equity valuation for Canopy Wave and a $40 million equity valuation for SAIHEAT before the merger. The parties expect the transaction to close by the end of 2026, subject to shareholder and Nasdaq approvals.