Chinese bitcoin hardware company Canaan Creative is aiming to raise $400 million in an initial public offering, according to paperwork filed with the Securities and Exchange Commission.
Canaan has shipped 26,000 AI chips and modules since they’ve been released, and has 21.9 percent of global market share for bitcoin mining machines in the first half of this year according to its filing.
Canaan, which is based in Beijing, was founded in 2013 and was acquired by Shandong Luyitong Intelligent Electric in 2016 for $466 million, according to Crunchbase.
Canaan is an odd company, financially at least.
In numerical form, Canaan put up revenue of $41.9 million in the first half of 2019, down a little over 85 percent from its year-ago result.
That’s the worst revenue growth we’ve ever seen here at Crunchbase News.
Against that miserable gross margin, Canaan had operating expenses of $49.3 million in the first two quarters of the year.
Canaan had about $39.4 million in cash on hand at the end of the first half of 2019.
Three years ago, the company tried to go public in China through a reverse merger by buying a Chinese electric equipment maker, according to Reuters.