百度官宣：昆仑芯已赴港IPO

Core Viewpoint - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering while remaining a subsidiary of Baidu after the spin-off [1] Group 1: Company Developments - Kunlun Chip, previously Baidu's intelligent chip and architecture department, completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion RMB [1] - As of December 16, 2025, Kunlun Chip transitioned to a joint-stock company, increasing its registered capital from about 21.28 million RMB to 400 million RMB, a growth of approximately 1780% [1] - The new generation of Kunlun Chips, M100 and M300, was announced at the Baidu World Conference, with M100 designed for large-scale inference scenarios set to launch in 2026, and M300 for ultra-large multimodal model training and inference tasks expected in 2027 [1] Group 2: Market Position and Financial Insights - Goldman Sachs estimates the value of Baidu's 59% stake in Kunlun Chip to be between 3 billion to 11 billion USD, while Macquarie Securities values it at approximately 16.5 billion USD, accounting for 30% of Baidu's target valuation [2] - Morgan Stanley predicts that revenue from Baidu's self-developed AI chips will surge from 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, a sixfold increase, which will double Baidu's GPU computing revenue in 2026 [2] Group 3: Industry Trends - There is a wave of IPOs in the AI chip sector, with domestic GPU companies like Muxi and Moer Thread listing on the Sci-Tech Innovation Board in December 2025, experiencing significant stock price increases on their debut [3] - Wall Street analysts suggest that the current market environment is favorable for AI narratives, positioning Kunlun Chip to capitalize on this trend and move beyond the perception of being solely for internal use by large companies [4] Group 4: Competitive Landscape - According to IDC's 2024 report, Nvidia holds a 70% market share in accelerated computing chip shipments, with over 1.9 million units shipped. Among domestic AI chip manufacturers, Huawei's Ascend leads with 640,000 units, followed by Kunlun Chip with 69,000 units [5]