Investment Summary
We raise our price target to $31.32 and reiterate our BUY rating on SAIHEAT. Recent developments—patent approval for its SMR control rod technology, sweeping U.S. nuclear policy reforms, and continued strength in BTC and AI infrastructure demand—support a material upward revision in the company’s long-term strategic value. SAIHEAT is uniquely positioned at the intersection of AI, clean energy, and digital asset infrastructure, with a differentiated technology stack and accelerating commercial traction.
❑ Key Catalysts
1) On May 14, SAIHEAT received patent authorization for its proprietary SMR control rod drive mechanism. The technology enhances core reactivity control in compact nuclear systems, improving both precision and safety. This approval marks a pivotal milestone in the company’s advanced nuclear strategy and expands its IP portfolio with tangible commercialization potential.
2) U.S. policy momentum adds a second leg to the SMR story. On May 24, President Trump signed executive orders streamlining nuclear licensing, enabling testing at DOE labs, and prioritizing reactor deployment on federal land. We see this as a structural catalyst for U.S.-based SMR players, removing key regulatory overhangs. The combination of patent progress and policy alignment significantly de-risks SAIHEAT’s energy ambitions.
3) BTC strength and passage of the GENIUS Act (May 19) create favorable conditions for energy-efficient compute. As crypto infrastructure seeks lower OPEX and cleaner footprints, SAIHEAT’s edge in integrated liquid-cooled systems and heat recovery solutions could unlock new monetization opportunities.
❑ Operating Performance
FY24 results were in line with expectations. Revenue reached $5.54M (vs. $5.45M est.), while net loss was $5.89M (vs. $5.82M est.). Opex was well-managed at $6.90M despite ongoing R&D and market expansion. Liquid cooling solutions continue to gain traction, and the ongoing AI computing demand/BTC rally could accelerate conversion from pilot deployments to full-scale contracts.
❑ Valuation Update
We raise our target price to $31.32, reflecting a re-rating driven by strengthening tailwinds across AI compute and crypto-aligned infrastructure. Since our last report (Mar 26), the digital compute ecosystem has seen significant capital rotation. Bitcoin has rallied +26% (Apr 1 to May 28), while nuclear-themed peers such as OKLO (+139%) and NuScale (+143%) have materially outperformed. These moves signal broad-based investor appetite for scalable, energy-resilient compute infrastructure — a theme central to SAIHEAT’s dual-focus strategy.
We view SAIHEAT not as a pure-play SMR name, but as a full-stack computing infrastructure operator integrating AI, BTC, and advanced energy systems. Its containerized IDC solution and liquid cooling platform uniquely position it to monetize compute demand surges from both AI (LLM, MoE architecture) and BTC (self-mining + hosting). Recent U.S. policy shifts — including pro-nuclear executive orders and the GENIUS Act for crypto regulation — further de-risk SAIHEAT’s longer-term trajectory.While current revenue scale remains modest, the company’s asymmetric upside potential, IP-led edge, and order pipeline visibility support our revised valuation framework. Shares currently trade at ~0.3x FY26E P/S, materially below the infrastructure-adjusted valuations of AI/crypto compute and SMR peers. We believe the market is underappreciating SAIHEAT’s leverage to multiple high-growth themes with strong regulatory and macro alignment. $SAIHEAT Limited(SAIH)$
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