AlphaTON Capital announced that Telegram’s Cocoon AI network has started generating revenue, marking a shift for this publicly listed company from a passive token holding model to operating AI infrastructure that generates cash flow. The update comes after AlphaTON announced a $46 million investment deal in computing infrastructure for Cocoon — Telegram’s confidential compute network built on the TON blockchain.
According to press releases on Wednesday, AlphaTON (NASDAQ: ATON) began recognizing revenue from December after deploying the first batch of GPUs to handle AI inference tasks on Cocoon. The company stated it has scaled up with additional high-performance chips and is continuing toward the goal of deploying over 570 NVIDIA B300 GPUs, expected to be delivered by March.
AlphaTON expects the project to deliver an internal rate of return (IRR) of approximately 27% and a net present value (NPV) exceeding $11 million, but has not disclosed current revenue figures.
Alongside infrastructure expansion, the company announced it has raised a net $44 million in new capital, including a direct offering of $15 million at $1 per share. The funds are mainly used to expand AI infrastructure and add working capital.
AlphaTON also announced new partnerships related to its confidential compute strategy. These include an agreement with Midnight Foundation, which is expected to generate recurring monthly revenue from network participation activities, along with the launch of an open-source tool “Claude Connector” to integrate Anthropic’s AI models with the TON ecosystem and Telegram.
To support long-term expansion, AlphaTON has signed a five-year contract with Nordic data center operator atNorth, providing 2.2 megawatts of renewable energy-powered capacity for high-performance computing tasks.
AlphaTON shares traded below $0.70 in the most recent session, up about 16% over the past month, but still down nearly 90% from early October — when the stock was around $7 before a major market sell-off in crypto. During the same period, Toncoin (TON) also declined by approximately 38%.
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