Highrise AI names former IDF AI chief as new CTO

MIAMI - Highrise AI, a subsidiary of Hut 8 Corp. (NASDAQ, TSX:HUT), appointed Mark Mendelman as its new Chief Technology Officer, according to a press release statement issued Thursday. The appointment comes as Hut 8, currently valued at $2.3 billion, shows strong momentum with InvestingPro data indicating anticipated sales growth for the current year.

Mendelman joins the AI infrastructure platform following a 20-year career with the Israel Defense Forces, where he most recently served as Head of the Artificial Intelligence and Research & Development branch of Sigma, a specialist unit within the IDF’s elite C4I Directorate.

At Highrise, Mendelman will lead the development of the company’s cloud platform, which combines bare-metal performance with full-stack orchestration for AI workloads. The strategic hire aligns with Hut 8’s expansion plans, as the company maintains a solid current ratio of 1.26 and generated revenue of $132.5 million in the last twelve months.

During his tenure with the IDF, Mendelman directed AI research groups and architected large-scale AI data platforms that support rapid experimentation, scalable training, and secure data sharing with defense partners. His work included developing Dror, a secure operational cloud platform that delivers natural-language battlefield intelligence.

"In high-stakes environments, systems must be designed with the expectation that failure is not an anomaly but a constant variable," Mendelman said in the statement.

Mendelman is a graduate of Mamram, the IDF’s computer corps established in 1959. His work has been recognized with both the IDF Chief of General Staff Innovation Award and the Israel National Defense Prize.

Highrise AI describes itself as a cloud infrastructure platform purpose-built for artificial intelligence, designed for developers and enterprises operating in performance-critical and security-sensitive domains. The company is a wholly owned subsidiary of Hut 8 Corp., an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale. With Hut 8’s next earnings report scheduled for August 7, investors can access comprehensive analysis and additional insights through InvestingPro, which offers exclusive financial metrics and expert research reports covering over 1,400 US stocks.

In other recent news, Hut 8 Mining Corp. has seen a series of significant developments. The company is nearing the completion of its all-stock merger with Gryphon, which is anticipated to close this quarter. BTIG has raised its price target on Hut 8 Mining to $25.00 from $15.00, maintaining a Buy rating, as the company shifts towards high-performance computing while keeping its Bitcoin exposure. Additionally, JMP Securities has reiterated its Market Outperform rating and $25.00 price target, expressing confidence in Hut 8’s strategy to supply high-performance data center capacity for hyperscale customers.

Hut 8 Mining also announced that its four natural gas-fired power plants in Ontario have secured five-year capacity contracts with the Ontario Independent Electricity System Operator. These contracts, starting May 1, 2026, cover a total of 310 MW of capacity, secured through a competitive auction. Analysts from JMP Securities have maintained their $25 target, citing the company’s growth potential and its financial metrics. They suggest that the high-performance computing business could significantly enhance the stock’s value over time.

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