Canaan Shifts Focus to Texas Power and AI Computing With Q4 Outlook

Canaan Inc. is shifting its focus toward Texas power and high-performance computing for artificial intelligence as the Bitcoin (BTC) mining company projects fourth-quarter 2026 revenue of $18 million to $22 million.

The company included the same revenue range in its third-quarter results, when revenue fell 90.4% from a year earlier. Canaan posted $8 million in net income and a $42.9 million operating loss.

Canaan’s Texas plans include two planned one-gigawatt power projects and $50 million set aside as collateral for a letter of credit tied to infrastructure contracts. The Duval County project received a conditional “Studied Load – Firm” classification from the Electric Reliability Council of Texas (ERCOT), while the Zapata County project remains in early development. The company’s Texas power projects are tied to its broader infrastructure plans.