Yes, if your recipe uses more coffee. For example, if you’re using our recipe, and dilute 2 parts coffee to 1 part water after brewing, the actual coffee to water ratio ends up being 1 part coffee to 11 part water. Compared to how much coffee is usually used when making hot coffee - the ratio is around 1 part coffee to 16 parts water - cold brew ends up having more caffeine.
Cold water does pull out less caffeine than hot water, but because of cold brew's extended brew time, it ends up being equal to hot brew, as long as the coffee to water ratio is similar. However, since a lot of cold brew recipes are more concentrated than hot brew recipes, they sometimes contain more caffeine than other brew methods.