Canaan (CAN) plans to raise $100 million at a $1.6 billion market cap. It originally filed to raise $400 million (and in 2018 was rumored to be targeting over $1 billion).
The #2 player in the space, Canaan has shown that it’s capable of being highly profitable, with a 61% net margin in the 1Q18.
However, its performance is heavily influenced by Bitcoin prices; a price slump earlier in the year caused Canaan’s sales to fall 96% in the 1Q19.