Nasdaq 上市的 TON 代币金库机构 AlphaTON Capital（ATON）宣布已向美国 SEC 提交 4.2069 亿美元的 shelf registration，用于扩大其在 TON 代币、Telegram mini app 生态以及新近上线的 Cocoon AI 网络中的 投资。AlphaTON 此前已将大部分资产负债表配置调整为 Toncoin 及相关质押头寸，并已向 Cocoon 部 署 Nvidia B200 GPU。（The Block） 来源：市场资讯 （来源：吴说） ...

Core Insights - AlphaTON Capital Corp. has announced a strategic investment to acquire a high-performance compute cluster of over 1,000 Nvidia B200 GPUs, valued at approximately $68 million, positioning itself as a key compute provider for Telegram's Cocoon AI network [1][6][10] Transaction Structure and Financing - The acquisition will be financed through a combination of $30 million in equity capital from AlphaTON and $52.5 million in debt financing facilitated by Vertical Data, resulting in a total project capitalization of approximately $82.5 million [6][2] Strategic Infrastructure Partnership - AlphaTON has partnered with CUDO Compute, SNET Energy UK Ltd, and Vertical Data to deploy and operate the GPU cluster, ensuring technical excellence and sustainable power data center development [3][4] Hardware Specifications and Capabilities - The compute cluster will feature cutting-edge AI inference and training capabilities with a target utilization rate of 90%, generating revenue through dedicated workloads for Cocoon AI and external GPU rentals [5][7] Projected Financial Performance - The investment is projected to yield an internal rate of return (IRR) of 59.7%, a net present value (NPV) of $59.6 million, and a return on investment (ROI) of 615%, with total cash returned projected at $150 million over five years [7][8] Revenue Projections - Revenue projections are based on conservative assumptions, including a 20% annual price compression in the first year and a 10% compression in subsequent years, with consistent EBITDA margins ranging from 64% to 73% over a five-year forecast [8] Successful Pilot Program - AlphaTON successfully launched a pilot program for Cocoon AI on November 25, 2025, validating the technology and enhancing the network's scalability and performance [8][10] Strategic Rationale - The company is committed to an "AI For Good" initiative, promoting ethical access and user data sovereignty, positioning itself as a decentralized alternative to centralized AI services [9][10] Market Context and Competitive Positioning - The investment aligns with a growing demand for AI infrastructure, with McKinsey projecting a 3.5x growth in data center AI workload capacity from 2025 to 2030, highlighting the potential for value capture in the sector [16] Deployment Timeline and Commercial Milestones - Key milestones include transaction closure in Q4 2025, hardware delivery and performance benchmarking in Q1 2026, and full implementation of Cocoon AI workloads by Q2 2026 [13][15]

Core Insights - AlphaTON Capital Corp. has announced a strategic investment to acquire a high-performance compute cluster of over 1,000 Nvidia B200 GPUs valued at approximately $68 million, enhancing its position as a compute provider for Telegram's Cocoon AI network [2][6] - The total assets of AlphaTON will increase to $97 million, combining the GPU acquisition with a $27 million Digital Asset Treasury [1] - The investment aims to create diversified revenue streams through high-performance compute and GPU rental services, with projected internal rates of return (IRR) of 59.7% and net present value (NPV) of $59.6 million [8][15] Transaction Structure and Financing - The acquisition will be financed through a combination of $30 million in equity capital from AlphaTON and $52.5 million in debt financing facilitated by Vertical Data, totaling approximately $82.5 million [7][3] - The debt facility will be fully amortized over 36 months, maintaining debt service coverage ratios above 1.0x throughout the amortization schedule [3] Strategic Infrastructure Partnership - AlphaTON has partnered with CUDO Compute, a leading European NVIDIA Cloud Partner, to deploy and operate the GPU cluster, ensuring production-grade uptime and scalable governance [4] - SNET Energy UK Ltd will provide expertise in sustainable-power data center development, while Vertical Data will assist with GPU cluster deployment and hardware sourcing [5] Hardware Specifications and Capabilities - The compute cluster will feature over 1,000 Nvidia B200-class GPUs, designed for AI inference and training, with a target utilization rate of 90% [6] - The infrastructure is modular and upgradable, accommodating rapid advancements in AI hardware [6] Revenue Projections and Financial Model - Revenue projections are based on conservative assumptions, including a 20% annual price compression in the first year and 10% in subsequent years, with consistent EBITDA margins ranging from 64-73% over a five-year forecast [9] - Year 1 gross profit margins are projected at 32% [9] Strategic Rationale - AlphaTON is committed to an "AI For Good" initiative, promoting ethical access and user data sovereignty in AI technologies, positioning itself as a decentralized alternative to major tech companies [10][11] - The investment supports the development of a sovereign compute layer for Telegram's nearly one billion users, ensuring privacy and freedom [11][12] Market Context and Competitive Positioning - The investment aligns with a growing demand for AI infrastructure, with McKinsey projecting a 3.5x growth in data center AI workload capacity between 2025 and 2030 [18] - The U.S. government's support for AI infrastructure, including a 10% equity stake in Intel, indicates the sector's importance and resilience [19]

Core Insights - AlphaTON Capital Corp has announced a strategic investment of approximately $68 million to acquire a high-performance compute cluster consisting of over 1,000 Nvidia B200 GPUs, enhancing its position as a compute provider for Telegram's Cocoon AI network [1][5][10] Transaction Structure and Financing - The acquisition will be financed through a combination of $30 million in equity capital from AlphaTON and $52.5 million in debt financing, resulting in a total project capitalization of approximately $82.5 million [6][2] - The debt facility will be fully amortized over 36 months, maintaining debt service coverage ratios above 1.0x throughout the amortization schedule [2] Strategic Infrastructure Partnership - AlphaTON has partnered with CUDO Compute, SNET Energy UK Ltd, and Vertical Data to deploy and operate the GPU cluster, ensuring technical excellence and sustainable power [3][4] Hardware Specifications and Capabilities - The compute cluster will feature cutting-edge AI inference and training capabilities, designed for 90% target utilization, generating revenue through dedicated workloads for Cocoon AI and external GPU rentals [5][7] Projected Financial Performance - The investment is projected to yield an internal rate of return (IRR) of 59.7% and a net present value (NPV) of $59.6 million, with conservative revenue projections accounting for 20% annual price compression in the first year [7][8] - The financial model indicates consistent EBITDA margins ranging from 64-73% over a five-year forecast horizon, with Year 1 gross profit margins of 32% [8] Successful Pilot Program - AlphaTON successfully launched a pilot program for Cocoon AI on November 25, 2025, validating the technology and paving the way for further deployment [8] Strategic Rationale - The company aims to democratize AI through its "AI For Good" initiative, focusing on ethical access, user data sovereignty, and environmental responsibility [9][10] - AlphaTON's investment supports the development of a decentralized compute layer that respects user privacy and content rights, contrasting with centralized models prevalent in the industry [11] Market Context and Competitive Positioning - The investment aligns with a growing demand for AI infrastructure, with McKinsey projecting a 3.5x increase in data center AI workload capacity between 2025 and 2030 [17] - The U.S. government's support for AI infrastructure, including a 10% equity stake in Intel, underscores the sector's importance [18]

Core Insights - AlphaTON Capital Corp. has announced a strategic investment to acquire a high-performance compute cluster of over 1,000 Nvidia B200 GPUs, valued at approximately $68 million, positioning itself as a key compute provider for Telegram's Cocoon AI network [1][6][10] Transaction Structure and Financing - The acquisition will be financed through a combination of $30 million in equity capital from AlphaTON and $52.5 million in debt financing facilitated by Vertical Data, resulting in a total project capitalization of approximately $82.5 million [2][6] - The debt facility will be fully amortized over 36 months, maintaining debt service coverage ratios above 1.0x throughout the schedule [2] Strategic Infrastructure Partnership - AlphaTON has partnered with CUDO Compute, a leading European NVIDIA Cloud Partner, to deploy and operate the GPU cluster, ensuring production-grade uptime and scalable governance [3] - SNET Energy UK Ltd will provide expertise in sustainable power data center development, while Vertical Data will assist with GPU cluster deployment and hardware sourcing [4] Hardware Specifications and Capabilities - The compute cluster will feature over 1,000 Nvidia B200-class GPUs, designed for AI inference and training, with a target utilization rate of 90% [5][12] - The investment is projected to yield an internal rate of return (IRR) of 59.7%, with a projected net present value (NPV) of $59.6 million and a return on investment (ROI) of 615% over five years [7] Revenue Streams and Financial Projections - The cluster will generate revenue through dedicated workloads for Cocoon AI and external GPU rentals via CUDO Compute's marketplace [7] - Revenue projections account for conservative assumptions, including a 20% annual price compression in the first year and a 10% in subsequent years, with consistent EBITDA margins ranging from 64-73% over a five-year forecast [8] Strategic Rationale - AlphaTON aims to democratize AI with an "AI For Good" initiative, focusing on ethical access, user data sovereignty, and environmental responsibility [9][10] - The company emphasizes the importance of decentralized AI services, contrasting its approach with the centralized models of major tech companies [11] Deployment Timeline and Commercial Milestones - The transaction is expected to close in Q4 2025, with hardware delivery and performance validation planned for Q1 2026, followed by full implementation of Cocoon AI workloads in Q2 2026 [13][15] Market Context and Competitive Positioning - The investment aligns with a significant growth forecast in AI infrastructure, with data center AI workload capacity projected to grow 3.5x from 2025 to 2030 [16] - The U.S. government's support for AI infrastructure, including a 10% equity stake in Intel, underscores the sector's importance [17]

Group 1 - Tesla's stock price reached an eight-month high, increasing nearly 3%, with Piper Sandler analyst Alexander Potter raising the price target to $500 from $400, citing artificial intelligence (AI) as a key factor [5] - Nvidia announced plans to invest up to $100 billion in OpenAI, marking its largest investment commitment to date, aimed at supporting large-scale AI data center construction as part of a strategic partnership [5][6] - Goldman Sachs raised the target price for SMIC, increasing the 12-month target for its H-shares from HKD 73.1 to HKD 83.5, driven by the growing demand for AI chips in China [6] Group 2 - IREN Limited announced a purchase of approximately $670 million worth of Nvidia and AMD GPUs to boost its AI cloud growth, including 7,100 Nvidia B300 GPUs and 4,200 Nvidia B200 GPUs [10][11] - IREN's CEO highlighted the rapid increase in GPU capacity to over 23,000 units, emphasizing the company's ability to meet urgent long-term demand and support its AI cloud revenue target of over $500 million by Q1 2026 [11]

Core Viewpoint - Nvidia has been a significant beneficiary of the generative AI boom, with its stock price increasing dramatically since the launch of ChatGPT in November 2022, peaking at $149.43 per share by January 2025 [1] Group 1: Stock Performance and Historical Context - Nvidia's stock has experienced a 35% decline recently due to trade tensions and concerns over AI infrastructure spending sustainability [2] - Historically, Nvidia shares have rebounded after similar declines, averaging a 305% return in the two years following drawdowns exceeding 35% [4] - Over the past decade, Nvidia's stock price increased by 17,400%, despite facing three significant drawdowns of over 35% [3][4] Group 2: Market Position and Demand - Nvidia holds a dominant market position with approximately 98% market share in data center GPUs and over 85% in AI accelerators [6] - Concerns have arisen regarding competition from DeepSeek, a Chinese AI startup, which may impact demand for Nvidia's GPUs [7] - Despite potential competition, analysts expect overall demand for Nvidia GPUs to increase as AI becomes more accessible and costs decrease [9] Group 3: Future Growth Opportunities - Nvidia is well-positioned to benefit from various applications beyond generative AI, including autonomous vehicles and robotics, which will drive demand for its products [9][10] - The AI accelerator market is projected to grow at an annual rate of 29%, suggesting durable revenue growth for Nvidia [13] - Wall Street anticipates Nvidia's earnings to grow at 38% annually through fiscal 2027, indicating that the current valuation of 32 times earnings is attractive [14] Group 4: Competitive Landscape - While Nvidia may face increased competition from ASICs developed by Broadcom and Marvell, the threat is not as significant as perceived [11] - Nvidia's GPUs are supported by a comprehensive suite of software development tools, which provides a competitive edge over ASICs that require companies to develop applications from scratch [12] - Despite potential market share loss, Nvidia's GPUs are expected to account for over 80% of AI accelerator sales by 2030 [13] Group 5: Investment Outlook - Nvidia shares are currently down 35% from their peak, but the company has a history of rebounding from larger losses [15] - The long-term growth potential and current valuation suggest that Nvidia stock is a worthwhile investment for patient investors [15]