又一AI芯片企业启动IPO？

Core Viewpoint - Kunlun Core is reportedly nearing the completion of its share reform, accelerating its efforts towards an IPO [2] Group 1: Company Developments - Kunlun Core, originally part of Baidu's intelligent chip and architecture division, completed its independent financing in April 2021 with an initial valuation of approximately 13 billion [2] - As of July 2025, Kunlun Core is expected to have undergone its D-round financing, with investors including Shanghe Momentum Capital, Shanzheng Investment, and others [2] - Baidu holds a controlling stake in Kunlun Core at 59.45%, while Beijing Kunlun Legend Technology Partnership and Tianjin Jiuzhang Kunlun Enterprise Management Partnership hold approximately 4.61% and 3.57%, respectively [2] Group 2: Product Launches - At the Baidu World Conference in November, the next-generation Kunlun chips M100 and M300 were announced, with M100 designed for large-scale inference scenarios set to launch in 2026, and M300 aimed at ultra-large multimodal model training and inference tasks expected in 2027 [2] - The Tianchi 256 and Tianchi 512 super nodes will officially launch next year, with the Tianchi 512 capable of training trillion-parameter models [3] - Kunlun Core has completed deployments of tens of thousands of chips, with Baidu lighting up a 30,000-chip cluster this year to support multiple hundred-billion-parameter model trainings [3] Group 3: Market Context - The AI chip sector is currently experiencing a wave of IPOs, with companies like Moole Thread already listed and raising nearly 8 billion, achieving a peak stock price increase of 723.5% [4] - Other AI chip companies, such as Muxi and Suyuan Technology, are also preparing for their listings, indicating a favorable market environment for Kunlun Core to pursue its IPO [4] - According to IDC's 2024 report, Kunlun Core ranks among the top domestic chip manufacturers, with a shipment volume of 69,000 units, following Huawei's Ascend at 640,000 units [4]