Intchains is a Singapore-listed custom chip maker that sells altcoin mining machines and holds a strategic Ethereum reserve, and its center of gravity has shifted from shipping silicon to designing the next generation of it. The company completed tape-out of a new mining ASIC in July 2026, targeting a commercial launch in the fourth quarter of this year, and the rest of the business now bends around that single event. The stock trades far below its high of the recent cycle, and much of the price is already set by the coin and the cash rather than by the hardware.
The tension is that the old revenue engine has nearly stopped. First half revenue of RMB11.1 million stood against RMB42 million of operating spend, yet the balance sheet still carried RMB461 million in cash, deposits, and government securities. The numbers describe a company waiting out a trough while it builds its way to the next cycle.
This disclosure resolves three questions at once, and the stakes ride on each of them. Whether the new ASIC converts to mass production in fiscal 2027, whether the Ethereum reserve and its staking yields can carry the company through a flat mining cycle, and whether an early-stage pivot toward AI computing becomes a real revenue line or stays a story. Can a company built around a single hardware product fund a second act before the first one restarts?