估值预期500亿美元！李彦宏第二个IPO，终于要来了

Core Viewpoint - Baidu has announced that Kunlun Core has submitted a confidential application for listing on the Hong Kong Stock Exchange, marking it as the first major internet company to spin off its chip business for independent listing [1][20]. Group 1: Company Developments - The rumors about Baidu's spin-off of Kunlun Core have been confirmed, representing one of Baidu's largest moves in recent years [3][20]. - Kunlun Core's first round of financing after its spin-off in 2021 was valued at 13 billion, and the latest round in July 2022 reached a valuation of 21 billion [3][20]. - Following the announcement of the listing, several institutions, including CICC and Haitong International, have projected a valuation exceeding 50 billion USD for Kunlun Core [3][20]. Group 2: Market Context - The listing of Kunlun Core comes amid a surge of domestic GPU companies going public, which has ignited market enthusiasm [3][20]. - The recent IPOs of companies like Moore Threads and Muxi have significantly boosted market sentiment towards domestic chip manufacturers [13][32]. - Baidu's stock price has risen significantly since the rumors of Kunlun Core's listing began circulating, increasing from a low of 105.3 HKD to a high of 148 HKD, representing a maximum increase of 40% [35]. Group 3: Financial Projections - Goldman Sachs estimates that Kunlun Core's sales will reach approximately 3.5 billion in 2025 and 6.5 billion in 2026, driven by strong growth in new products and orders [7][24]. - The valuation of Kunlun Core has reached 21 billion, with potential estimates from various institutions suggesting it could rise to as high as 50 billion to 180 billion USD [10][29]. - Baidu's stake in Kunlun Core, which is 59%, could be valued at 22 billion USD, indicating that the value of Kunlun Core is approaching half of Baidu's total market capitalization of 52.34 billion USD [10][29].