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In 2013, while still studying for a doctor's degree, N.G. Zhang established Canaan Creative in China, where he was chairman and CEO.
In 2016, Canaan attempted a reverse takeover for $466 Millions USD by Shandong Luyitong, a public company listed on the Shenzhen Stock Exchange.
In January 2019, reports surfaced that Canaan was considering an IPO in the United States. Canaan raised $90 million in their November 2019 IPO on the Nasdaq Global Market.
In 2022, Canaan's headquarters in Singapore were established.