Luxor Technology, a Bitcoin mining company, has raised $16 million in a strategic round to expand into AI computing power, the firm announced. The round was led by CMT Digital, the venture arm of Chicago’s CMT Group, with participation from mining-hardware makers Canaan and MicroBT, as well as Halo, Steelhead, and angel investors.
The Seattle-based company said the round combined primary and secondary capital. Luxor described each backer as an operating partner already embedded in the compute supply chain it serves, across hardware, capital, and power.
The raise follows the September launch of Luxor AI, a segment that extends Luxor’s Bitcoin-mining stack—energy, hardware, software, and trading—into the AI and high-performance computing market. Luxor brings significant operating history to the effort: its hardware desk has traded $1 billion of mining ASICs, its energy arm services more than 75 megawatts of load across two U.S. grid regions, and its cloud platform had processed 1.8 million workloads so far this year as of September.
Luxor said it will use the funds to scale its cloud platform, provide working capital for its AI hardware business, grow its compute-derivatives trading, and make engineering and go-to-market hires.
A notable piece is its over-the-counter desk, which already offers cash-settled options, forwards, and backstops on compute-rental indexes, turning AI computing power into something that can be priced and hedged like a financial instrument.
“Compute markets are converging: the same miners, power sites and capital that served digital mining are now powering AI,” said Nick Hansen, Luxor’s CEO and co-founder.
The move fits a broader Bitcoin mining industry shift toward AI. Bitcoin miners have increasingly repurposed their power and infrastructure for AI, with some signing billion-dollar hyperscaler deals and others selling Bitcoin to fund the shift. Analysts at VanEck and Bernstein have cast miners as unlikely power brokers in the AI race, given their rare access to the electricity and sites that data centers need.
