A Nasdaq-listed AI compute company just bought its way into the mobile gaming business, and the price tag tells an interesting story about how the market is valuing Web3 gaming platforms right now.

Alpha Compute Corp. (NASDAQ: ALP) finalized its acquisition of a 60% controlling interest in GAMEE on May 27, with total consideration of up to $11 million at an implied enterprise valuation of $18 million. For context, GAMEE is a mobile gaming and digital rewards platform operating on Telegram with roughly 120 million registered users. That works out to about 15 cents per registered user.

Inside the deal structure

The $11 million figure isn’t all upfront cash. The deal includes a performance-linked earn-out spread over two years, meaning GAMEE’s team has to hit certain milestones to collect the full amount. There’s also a standstill agreement with Animoca Brands, GAMEE’s parent company.

GAMEE’s co-founder Bozena Rezab will lead a newly established unit called Alpha Games, taking the title of Executive Vice President. The existing leadership stays in place: Martin Zakovec remains CEO and Miroslav Chmelka continues as Co-Founder and CTO.

Alpha Compute, which rebranded from AlphaTON Capital Corp. just last month to better reflect its focus on AI compute infrastructure, is framing this as a natural extension of its existing business. The company operates AI GPU-as-a-service and confidential computing infrastructure. The pitch is straightforward: plug GAMEE’s gaming platform into Alpha Compute’s AI backend and create what the company calls “AI-driven and agent-centric gaming experiences.”

The revenue picture and token buyback

GAMEE reported revenues of $3.5 million in 2025, with $996,000 generated in Q1 alone. At an $18 million enterprise valuation against $3.5 million in 2025 revenue, the deal prices GAMEE at roughly 5x revenue.

Alpha Compute announced plans to purchase $2 million worth of GMEE tokens from the open market within 90 days of the deal’s closing.

Why a Telegram gaming platform matters

GAMEE’s $3.5 million in annual revenue across 120 million registrations works out to less than three cents per user per year. This is precisely where Alpha Compute believes AI can make a difference, with more sophisticated user segmentation, personalized game recommendations, AI-powered game mechanics, and potentially AI agents that interact with players.

The deal also gives GAMEE something it didn’t have before: access to the public markets through a Nasdaq-listed parent.