Canaan Inc., a Singapore-based Bitcoin mining hardware manufacturer, has seen its shares surge after securing its largest U.S. order in three years. The company announced on October 2, 2025, that it received an order for over 50,000 Avalon A15 Pro mining machines from an undisclosed U.S.-based mining firm. This news sent Canaan's stock price soaring, with increases of over 12% in pre-market trading and as high as 25% during the trading session. As of Thursday, Investing.com reported the stock surge at 19.1%.
The order, scheduled for delivery in the fourth quarter of 2025, signifies a renewed institutional appetite and continued investment in the U.S. Bitcoin mining market. Nangeng Zhang, Chairman and CEO of Canaan, emphasized that this milestone underscores the resurgence of the U.S. market and highlights the advanced capabilities of the Avalon A15 Pro, which is designed for institutional mining operations with a focus on efficiency and reliability.
Canaan, established in 2013, specializes in ASIC high-performance computing chip design and cryptocurrency mining equipment production. The Avalon A15 Pro, the company's latest generation Bitcoin mining machine, offers industry-leading efficiency and reliability. With power costs and efficiency being defining factors for mining economics, the Avalon A15 Pro provides institutional miners with a tool to mine competitively due to the reliability and uptime performance of its machines. The order is anticipated to deliver over 10 exahashes per second (EH/s) of computing power once deployed.
This substantial hardware order signals continued significant capital inflow into the Bitcoin mining sector. The acquisition of over 50,000 new machines by a single entity indicates strong institutional confidence and a strategic commitment to expanding mining operations within the U.S.
Canaan's ability to fulfill the order is bolstered by facilities in the U.S. and Malaysia, helping to mitigate tariffs on Chinese-made equipment. This strategic move aligns with broader industry trends, as other major Chinese manufacturers also shift production to North America to circumvent U.S. import restrictions.
The surge in Canaan's stock price also appeared to invigorate other mining stocks, many of which have been tracking the broader upswing in Bitcoin's price and market sentiment. Bitcoin itself was nearing $120,000 on Thursday morning, for the first time since mid-August.
Financial analysis indicates a projected 70% revenue growth for Canaan in fiscal year 2025, suggesting potential upside from its current valuation. Over the preceding week, the stock recorded a 31.21% gain. This landmark purchase order reinforces Canaan's position as a trusted partner for institutional-scale mining operations worldwide.
