Part 2: That Old Razzle Dazzle

Alpha Compute: That Old Razzle Dazzle

Note: This essay draws on my notes from my research for "The Telegram Labyrinth." However, I feel comfortable with a style that blends my musings, facts, and some "what if" scenarios. In this essay, I present some information about the Skolkovo recipe, an approach to US capital markets that requires a specific page from a financial engineering playbook. Most of the information originated in Russian social media; for example, online articles, Telegram messages, items in PCNews.ru, and VKontakte pages. Remember, the statements in this essay are from my notes and should be viewed as working hypotheses. Verify before you trust any of my observations. Please, keep the disclaimers in mind as you review this briefing document.

Enzo Villani is a key executive at Alpha Compute. After the departure of Andrei Grachev, the Uzbeki who managed AlphaTON Capital's money, Villani became the lead fancy dancer for AlphaTON's deal making. (AlphaTON's NASDAQ ticker symbol was also the name of a Russian financial institution.) Yuri Mitin, the Russian who owned Moscow-based Red Shark Ventures before the firm moved to Toronto, Ontario, as RSV Financial, moved backstage.

AlphaTON Capital (NASDAQ:ATON) renamed and repositioned itself as (Alpha Compute Corp. NASDAQ:ALP) on April 20, 2026, and the public market / SEC disclosure date was April 21, 2026. As part of the rebranding, Villani oversaw the announcement of a $43 million AI infrastructure and financing agreement on April 9, 2026.

The Pressure Builds

AlphaTON Capital Corp. (hereinafter, AlphaTON) had to find a way to make the company's show pull in investors. The share price was on track for delisting from NASDAQ. Money, if it were to materialize, could make it possible to purchase Nvidia GPUs, but delivery dates were chimeras. And the value of the Telegram TONcoin was a helium balloon holding up a sinking yacht in Redondo Beach.

Urgent action was needed. One of the AlphaTON's leadership came up with a plan. First, AlphaTON would back away from the overt links to Russian interests. The first step was to remove Andrei Grachev from his financial role at the company. He departed in December 2025 with $35,000 in cash and a note for an additional $15 million. Second, AlphaTON put the paperwork in motion to rename the company and its original NASDAQ ticker symbol "ATON." For those familiar with Kremlin-linked financial institutions, "ATON" was the name of a major Russian financial services / brokerage group. Yuri Mitin, the Russian who once "owned" Red Shark Ventures in Moscow, would become less visible and Brittany Kaiser, the former Cambridge Analytica executive, would become the spokesperson for the company.

The game plan the financial community would see was a series of press releases and syndicated news items describing proposed or announced AI infrastructure investments in AlphaTON. These were:

A $82.5 million GPU infrastructure announcement on November 26, 2025. The press release actually describes SNET Energy UK Ltd. (hereinafter, SNET Energy), a shelf-type company, as a "Strategic Infrastructure Partner" in the consortium. The concept is that SNET would provide expertise in sustainable-power data center development. The money would be used to purchase B200 GPUs for the AI compute business AlphaTON would operate. (SNET Energy seems to have been formed, minimally capitalized, low-visibility, and later inserted into a transaction narrative like AlphaTON's.)
A $46 million AI compute expansion on January 12, 2026. This deal would supersede the November B200 deal. Partners mentioned include CUDO Compute and SNET Energy.
A $43 million AI hardware and financing agreement was announced on April 9, 2026. This press release was issued by Vertical Data, not AlphaTON. (The formal rebranding of AlphaTON Capital Corp. to "Alpha Compute" would file for the name and ticker change on April 14, 2026. The new brand and the ticker ALP were active on April 14, 2026.)

These announcements did not appear to halt the sinking of the Alpha Compute NASDAQ:ALP. As of May 20, the share price of ALP is about $0.35 per share, a decline of about 80 percent in the last six months.

The Parties to These Deals

Enzo Villani was publicly identified as AlphaTON’s Executive Chairman and Chief Investment Officer during the AlphaTON period. In later Alpha Compute rebrand language, he was listed as Executive Chairman and Chief Information Officer.This leadership team assembled the firms involved in these financial deals. Some of the names are familiar to those involved in Web 3 initiatives. Examples include Vertical Data and its subsidiary GPUFinancing.com unit, CUDO Compute (a unit of the UK firm CUDO Ventures Ltd.), and SingularityNET, a Swiss foundation that has a high profile in the Web 3 sector, primarily as data center and crypto specialists. However, one firm is an anomaly: SNET Energy Ltd. [Note A below]

With high-profile companies involved in these deals, why was the mostly-dormant SNET Energy Ltd. added to the line up of Alpha Compute backers? The answer to this question suggests that the entire sequence of announcements may not quickly yield the tens of millions of dollars Alpha Compute seeks.

SNET Energy Ltd. (Companies House number 16213049) was "founded" in January 2025. Its capitalization was GBP 100, about US $135.00. Founded at the same time as Telegram was planning its future amidst the uncertain outcome of of Pavel Durov's criminal trial, SNET Energy was dormant with no business activity. From January 2025 to November 2025, I found no public evidence of revenue, clients, a physical operating office, financing activity, data-center work, energy contracts, or independent trade coverage. SNET Energy looked to me as if it could provide an obfuscation layer or plausible explanation for certain business transactions.

SNET Energy's registered office is 85 Great Portland Street, First Floor, London W1W 7LT, a shared commercial address used by more than 9,000 businesses in London. Its SIC code is listed as software development, not energy or data centers. Then in November 2025, this shelf company popped up as the strategic partner for AlphaTON's November financial announcement. A few days before the November 26, 2025, press release, two new directors were appointed. In the period from January 2025 to November 2025, SNET Energy had filed no accounts about its revenue, had no publicly verifiable clients, no physical office, and no independent professional visibility. I am not sure the name "SNET" was plucked from the air. In the crypto, blockchain, and AI data center niche, "SNET" is the widely recognized shorthand for a company called SingularityNET. This firm is known for its blockchain and AI platform. Maybe the name "SNET" was borrowed to add institutional legitimacy to this important role in the AlphaTON financial announcement.

I was curious about SNET Energy Ltd. The dormant period, then the sudden emergence as a "deal orchestrator." Who set up the company? Why? Who runs this interesting organization today? I poked around in my pile of notecards and looked at public online sources of information. Frankly, SNET Energy is not a hot topic among financial journalists. I asked the members of my team, "What is SNET?" One said, "I have no clue." The other asked me, "Did you sneeze or say 'smut'? No, I said, "SNET. SNET Energy."

The firm was set up in January 2025, capitalized at GBP 100 or about $135 US dollars. In the five months between August 2025 and January 2025, Telegram and TON Foundation professionals were considering responses to the blast zone caused by Pavel Durov's arrest on about a dozen serious online crimes. If found guilty, Durov could face jail in one of France's prisons, a fine of unknown size, or both. Telegram and its assorted entities are essentially a one-man band. The company with about one billion users has nosuccession plan. Durov's brother Nikolai is a technical wizard with two Ph.D.s. He is not a product visionary or GOAT (greatest of all time) Russian innovator that Pavel claims to be. The "core team" is not publicly listed on a Web page. At one point, a person named Vladimir Vedeneev, founder of Global Network Monitoring, was given the power to sign deals on behalf of Pavel Durov.

Corporate Record Anomalies

Companies House shows Zoheab Ahmed as the original director of SNET Energy UK Ltd when the company was incorporated on January 28, 2025. Ahmed is also a director of A&Z Accountancy Limited, the small UK accountancy firm that later verified the identities of Amal Moussaoui and Janet Louise Lovell for Companies House purposes.

The control record points in a different direction. Companies House lists Amal Moussaoui as the PSC, or Person with Significant Control, from incorporation, with 75 percent or more of shares and voting rights. Yet she was not appointed as a director until November 25, 2025 — one day before AlphaTON’s November 26 GPU infrastructure announcement.

The identity data are inconsistent. The SNET Energy UK record identifies Amal Moussaoui as Canadian and gives a January 1975 birth month/year. A separate Companies House record for Amal Moussaoui Haynes gives American and Canadian nationality and a January 1979 birth month/year. These discrepancies may be filing errors, but they are material in a case where SNET Energy’s public role escalated rapidly.

While she has been the person with significant control since January 2025, she was not formally appointed as a Director until November 25, 2025. That was one day before SNET Energy was introduced in AlphaTON’s major GPU infrastructure announcement.

I suppose one could chalk up these discrepancies to data entry errors or some type of online glitch.

But while looking at Moussaoui's role in SNET Energy, I noticed the presence of an individual named "Janet Louise Lovell." The more unusual figure is Janet Louise Lovell. She was appointed as a director of SNET Energy UK Ltd on November 25, 2025, and A&Z Accountancy verified her identity the same day. Publicly available information about Lovell appears extremely limited. The SNET Energy website does not list Janet Louise Lovell. It lists Janet Adams, described as a former COO of SingularityNET and as a founder/director of SNET Energy.

This creates an unresolved discrepancy: the UK corporate record lists Janet Louise Lovell, while the company’s website presents Janet Adams. Unless a public document links Lovell and Adams, they should be treated as distinct names.

And what does the announcement of the deal say about SNET Energy's tie up with AlphaTON? SNET Energy is at the center of $82.5 million strategic infrastructure investment by AlphaTON. SNET Energy is a key partner along with Vertical Data (GPUFinancing.com) and CUDO Compute (owned by another UK firm). SNET Energy would provide expertise in "sustainable-power data center development and AI infrastructure optimization," according to the news release. The funding would be $30 million in equity in AlphaTON. Plus, 52.5 million in debt financing to be facilitated by Vertical Data’s GPU Financing division.

Then on January 12, 2026, an AlphaTON press release announced a $46 million AI compute expansion. SNET Energy was identified as the co-provider of managed services for 576 NVIDIA B300 chips to be hosted in Sweden. The January 12, 2026, announcement stated that the B300 purchase agreements superseded the prior B200 GPU agreements announced in November 2025. Plus, a fifth financing party named "LEAP," was added to the line up of participants to the deal.

Unanswered Questions Pile Up

About two months later on April 9, 2026, AlphaTON and Vertical Data each released press notices about a $43M AI hardware and financing agreement. Both notices explain the $43 million. But only the Vertical Data press release explains that SNET Energy UK was the originator of the deal and the strategic coordinator of the deal. [Note B] On my notecards, I recorded some of the anomalies I noticed. My questions to myself included:

Why did AlphaTON mention SNET as a partner or managed-services participant in November and January, but only Vertical Data’s April 9 release described SNET Energy UK Ltd as the “originator” and “strategic coordinator” of the $43 million deal?
What specific service did SNET provide: deal origination, project coordination, energy advisory, managed services, financing support, or another function?
Was SNET Energy compensated or promised compensation for origination, coordination, advisory, or managed-services work?
What role did Enzo Villani play in identifying Vertical Data, SNET Energy, CUDO Compute, LEAP, or other financing participants?
What role, if any, did Brittany Kaiser have in the financing process beyond public-facing executive commentary?
Why does the Companies House record list Janet Louise Lovell while the SNET Energy website lists Janet Adams?
Are Amal Moussaoui and Amal Moussaoui Haynes the same person? If so, why do Companies House records show different birth years, residence information, and nationality descriptions?
Did any cash, debt facility, GPU asset, or binding financing commitment actually reach AlphaTON Capital / Alpha Compute following the November 2025, January 2026, and April 2026 announcements?

Several observations seem warranted:

First, Alpha Compute faces NASDAQ compliance pressure because its share price has traded below the $1.00 minimum bid threshold. An August 2026 compliance deadline creates pressure for the company and its stakeholders.

Second, Alpha Compute’s public business model shifted from a TONcoin-linked treasury and Telegram-adjacent AI compute story toward a broader AI infrastructure and confidential-compute narrative. That pivot overlaps with areas associated with SingularityNET, Vertical Data, GPUFinancing.com, and CUDO Compute. The roles of each firm are not clear.

Third, SNET Energy UK Ltd remains the anomaly. Companies House shows a GBP 100 UK company with a software-development SIC code. Zoheab Ahmed was the original director and is also tied to A&Z Accountancy. Amal Moussaoui appears as the person with significant control from incorporation and only became a director on November 25, 2025. Janet Louise Lovell also became a director on that date, with her identity verified by A&Z Accountancy. The SNET Energy website later lists Janet Adams, formerly associated with SingularityNET, as “Founder & Director,” but Companies House lists Janet Louise Lovell. That mismatch remains unresolved.

Fourth, the number of companies in the AlphaTON / Alpha Compute financing narrative raises the central question: Are these firms adding operational value, or are some included to create a financing narrative? The public materials describe large dollar amounts, but no money has changed hands as of May 20, 2026.

Net net: The question is whether the AlphaTON / Alpha Compute announcements describe completed financing and operational capacity, or whether they describe a credibility stack built from large dollar figures, recognizable partner names, and thinly explained intermediary entities. The "Razzle Dazzle" from the Broadway play Chicago says:

Give 'em the old flim-flam / flummox, fool and fracture 'em / How can they hear the truth above the roar? / Throw 'em a fake and a finagle. (© John Kander and the estate of lyricist Fred Ebb with rights administered by Unichappell Music Inc.)

Note A: SNET Energy UK Ltd was incorporated in the UK in January 2025 with GBP 100 in stated capital. Its SIC code was software development, not energy or data-center operation. Two directors were added on November 25, 2025. One day later, SNET Energy appeared in AlphaTON’s November 26 GPU infrastructure announcement. In April 2026, Vertical Data described SNET Energy UK Ltd as the “originator” and “strategic coordinator” of the $43 million AlphaTON / Vertical Data deal.

Note B: On April 9, 2026, both AlphaTON and Vertical Data issued announcements about a proposed $43 million AI hardware and financing agreement. AlphaTON’s release described the deal as a Vertical Data financing and infrastructure partnership. Vertical Data’s release added the more important detail: SNET Energy UK Ltd was described as the “originator” of the deal and the “strategic coordinator” across the parties. That distinction matters. The SNET role is not emphasized in AlphaTON’s version, but it is important in Vertical Data’s version.

Stephen E Arnold, May 26, 2026