Core AI Holdings (CHAI) exploded over 300% in Tuesday morning trading, touching $3.332, after OpenAI confidentially filed a draft S-1 registration statement with the SEC — sparking a wave of speculative buying across small-cap AI stocks.
The stock had closed at $0.82 on Monday. By 7:00 a.m. EDT, premarket prints showed CHAI at $4.705 — a 473% jump before the opening bell. No earnings update, press release, or corporate action from Core AI itself drove the move.
This was pure macro momentum at work.
Trading volume told the real story. With 59.85 million in volume against a daily average of just 6.06 million, retail-driven momentum — not institutional buying — appears to be behind the surge. CHAI’s beta of 3.91 makes it structurally wired for big moves, and coming off a 52-week low of $0.80, it was an easy vehicle for traders chasing AI exposure on the cheap.
The broader market added fuel. The S&P 500 gained 0.9%, the Nasdaq climbed 1.1%, and Nvidia, Broadcom and Micron each rose between 0.8% and 4.4% in premarket. AI names broadly were bouncing back after last week’s chip sell-off.
The OpenAI filing wasn’t the only spark. Rival Anthropic had filed its own S-1 just a week earlier, and SpaceX’s expected trillion-dollar-plus market debut loomed in the background — a run of AI-sector milestones that has kept speculative flows elevated.
Core AI, which previously operated as Siyata Mobile, describes itself as a tech company developing AI-powered mobile games and pushing into AI infrastructure. In April, it formed a joint venture with Allianca Group to build AI-ready data-center infrastructure.
The company brought on Sonali Garg — former Meta data center head and Allianca co-founder — as an advisor. Garg has overseen over 720 megawatts of mission-critical capacity and managed yearly project portfolios above $6 billion.
On the revenue side, Core AI posted 2025 revenue from continuing operations of $55.2 million, up 58.6% year-over-year. Gross profit from continuing operations was a loss of roughly $302,662, and the company logged a $24.4 million net loss tied to discontinued Siyata PTT operations.
The financials raise real flags. Core AI’s 20-F filing included a going-concern warning, meaning auditors raised doubt about the company’s ability to continue operating without additional funding.
The filing showed a $31.96 million accumulated deficit, a $7.19 million net loss from continuing operations for 2025, $3.64 million in operating cash outflow, and just $1.93 million in cash at year-end.
CEO Aitan Zacharin called 2025 a “foundational transition year” and pointed to AI infrastructure as a defining investment theme for the decade. The company’s joint venture partner Allianca cited execution speed as the key differentiator in the space.
As of Tuesday morning, CHAI was trading at $3.332, still up over 300% on the session.
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