AlphaTON says Telegram’s Cocoon AI is now generating revenue as GPU rollout ramps
Quick Take
- AlphaTON is growing into a large early infrastructure contributor to Telegram’s Cocoon AI network as it deploys GPUs under a $46 million compute investment.
- The company has raised fresh capital and struck new partnerships tied to confidential compute and AI tooling, even as its shares remain sharply below early-October levels.
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AlphaTON Capital Corp. says Telegram’s Cocoon AI network has begun generating revenue, marking a shift for the public company from a passive token treasury toward operating revenue-producing AI infrastructure. The update follows AlphaTON’s earlier announcement of a $46 million compute infrastructure deal tied to Cocoon, Telegram’s confidential compute network built on the TON blockchain.
In a series of press releases on Wednesday, AlphaTON Capital (NASDAQ: ATON) said it started producing revenue in December after deploying its initial GPU fleet to support AI inference workloads on Cocoon.
The company said it has since expanded that footprint with additional high-performance chips and is continuing to scale toward a planned deployment of more than 570 NVIDIA B300 GPUs, scheduled for delivery in March.
AlphaTON is projecting a 27% internal rate of return and more than $11 million in net present value from the rollout, but stopped short of disclosing current revenue levels.
Alongside the infrastructure update, AlphaTON said it has raised a net $44 million in capital, including a $15 million registered direct offering priced at $1.00 per share. The company said proceeds are being directed primarily toward the aforementioned AI infrastructure expansion and working capital.
AlphaTON expanding partnerships
AlphaTON also highlighted new partnerships linked to its confidential compute strategy.
These include a deal with Midnight Foundation that management said will generate recurring monthly revenue from network participation, as well as the launch of an open-source “Claude Connector” integrating Anthropic’s AI models with TON and Telegram.
To support further expansion, AlphaTON has secured a five-year agreement with Nordic data center operator atNorth, providing 2.2 megawatts of renewable-powered capacity for high-performance computing workloads.
Shares of AlphaTON Capital were trading under $0.70 on Wednesday, up about 16% over the past month, according to Google Finance data. The stock is still down roughly 90% from early October levels, when it was trading near $7 before the Oct. 10 mass crypto market liquidation that wiped half a trillion dollars from the total market cap.
Telegram's native Toncoin (TON) is down roughly 38% in the same period, according to The Block's price data.
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