Canaan Buys Cipher’s Texas Mining Stakes, Expands Low-Cost U.S. Power Footprint

Canaan ( (CAN) ) has shared an update.

On February 23, 2026, Canaan Inc. announced it had acquired Cipher Mining’s 49% equity interest in the Alborz, Bear, and Chief Mountain bitcoin mining projects in West Texas, giving Canaan a 49% stake alongside WindHQ’s 51% and access to 120 MW of operational power capacity supporting about 4.4 exahash per second of hashrate. The US$39.75 million deal, paid entirely in new Canaan shares and including 6,840 Avalon A15Pro rigs, brings Cipher in as a significant shareholder and advances Canaan’s shift toward a more vertically integrated U.S. energy and infrastructure model, positioning it to pair bitcoin mining with AI-HPC colocation and pursue gigawatt-scale, capital-efficient growth in the ERCOT market by the end of 2026.

Management from both Canaan and Cipher framed the transaction as a disciplined expansion of Canaan’s North American digital asset footprint and a handover of strategic Texas assets to an industry player with strong technology and energy capabilities. By locking in sub-3 cent per kWh power prices, leveraging WindHQ’s wind and grid expertise, and emphasizing demand response and energy arbitrage, Canaan aims to stabilize grid loads while improving mining economics and strengthening its long-term competitive position amid rising power needs from data centers and AI workloads.

The most recent analyst rating on (CAN) stock is a Buy with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.

Spark’s Take on CAN Stock

According to Spark, TipRanks’ AI Analyst, CAN is a Neutral.

The score is held down primarily by weak financial performance (ongoing losses and negative cash flow) and bearish technicals (downtrend with negative momentum). A strong and optimistic Q3 earnings call with raised guidance provides meaningful support, but valuation signals are limited due to negative earnings and no dividend.

To see Spark’s full report on CAN stock, click here.

More about Canaan

Canaan Inc. is a Singapore-based technology company specializing in ASIC high-performance computing chip design, mining machines, computing equipment production, and related software services for the global bitcoin mining market. Founded in 2013 and listed on Nasdaq since 2019, its Avalon-branded miners hold the second-largest share of the global bitcoin mining hardware market.

Average Trading Volume: 19,576,347

Technical Sentiment Signal: Sell

Current Market Cap: $299.1M

For a thorough assessment of CAN stock, go to TipRanks’ Stock Analysis page.