最全梳理！壁仞科技上市，市值狂飙至900亿，揭秘背后资本版图丨创投智库

Core Viewpoint - The article discusses the successful IPO of Birun Technology, highlighting its rapid stock price increase and the significant investments made in the domestic GPU sector, marking a milestone for Chinese chip startups [1][4]. Group 1: Company Overview - Birun Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, and has since aimed to compete with industry giants like NVIDIA [4][6]. - The company has raised over 300 billion yuan in investments across various rounds, with significant backing from venture capital firms [4][30]. Group 2: Investment and Financing - The first round of financing in December 2019 raised $15 million, with a pre-investment valuation of $110 million [8]. - By mid-2020, Birun Technology completed four financing rounds, raising approximately 2.9 billion yuan, with a pre-investment valuation soaring to 6.06 billion yuan [11][12]. - The company has attracted major investors, including Gree Group and Hillhouse Capital, which have played crucial roles in its growth and development [14][16]. Group 3: Financial Performance - Birun Technology's revenue has shown steady growth, with figures of approximately 49,900 yuan in 2022, 6.203 million yuan in 2023, and projected 34 million yuan in 2024, although it lags behind competitors like Moore Threads and Muxi [18][21]. - The company has completed a total of 18.8 billion yuan in financing from 2021 to 2024, while its competitors raised significantly more during the same period [22]. Group 4: Market Position and Challenges - Despite the successful fundraising, Birun Technology faces challenges in the competitive GPU market, particularly against NVIDIA, which reported a global revenue of $130.5 billion for the fiscal year 2025, dwarfing the combined revenue of Birun and its competitors [30]. - The article emphasizes that while the IPO is a significant milestone, it is not the end goal, and strategic planning and product innovation will be essential for future success [30].