Canaan Creative

From CryptoMarketsWiki
Revision as of 13:42, 1 November 2019 by MattRaebel (talk | contribs)
Jump to: navigation, search
Canaan Creative
Canaan Creative logo.jpg
Founded 2013
Headquarters Beijing, China
Key People N.G. Zhang, Chairman and CEO
Employees 300
Products Application-specific integrated circuits for blockchain and artificial intelligence application
Twitter @canaanio
Facebook Canaan-Inc-888877487972587
Website Canaan Creative Home

Beijing-based Canaan Creative is the second largest producer of application-specific integrated circuits (ASICs) for blockchain applications in the world.


Canaan Creative says that Frost & Sullivan, an independent market research firm, places Canaan Creative as second in the share of hashing power in 2019 attributable to bitcoin miners it has produced. Its main brand of miner is "Avalon." Canaan Creative is behind Bitmain in Frost and Sullivan's ranking. Also according to Frost and Sullivan as reported by Canaan Creative, the company has been a leader in developing artificial intelligence technologies with regard to "Risc-V architecture" which Canaan Crative claims "is suitable for IoT (Internet of things) hardware adoption due to its flexibility and open-source characteristics."[1]

Nasdaq Listing

Canaan Creative filed a draft F-1 under its official name, Canaan Inc., with the U.S. Securities and Exchange Commission (SEC) to register its initial public offering (IPO), a proposed issuance of American Depository Shares, on July 23, 2019.[2] The final F-1 was published by the SEC on October 28, 2019. Canaan Creative is seeking to raise $400 million in a fourth quarter 2019 offering of 126 million shares. Its shares will trade on Nasdaq stock exchange in the U.S.[3]

While Chinese media report that the company has a valuation of between $2 and $3, the company reported a loss of $45.8 for the first half of 2019 after full year profit of $8.3 million in 2018.

The company said that it plans to use the proceeds from the issuance for the following purposes: research and development of ASICs for artificial intelligence as well as blockchain applications, international expansion, and optimization of the company's supply chain.[4]


  1. F-1. U.S. Securities and Exchange Commission.
  2. Draft F-1. U.S. Securities and Exchange Commission.
  3. Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO. CoinDesk.
  4. F-1. U.S. Securities and Exchange Commission.