Core Viewpoint - Kunlun Core has recently completed a new round of financing, but there is a noticeable divergence in information disclosure, with investors and financial advisors announcing the news while Kunlun Core remains silent, raising questions about the underlying issues [1][2]. Financing Situation - Kunlun Core's latest financing round has seen participation from various investors, including Shanghe Momentum Capital and Shanzheng Investment, with the latter confirming their involvement just a day before the announcement by Shanghe [1]. - The company has undergone six rounds of financing since its establishment, with Baidu remaining the largest shareholder, though its stake has been diluted from 76.17% to 67.49% [4][6]. IPO Context - The financing is taking place against the backdrop of a surge in domestic GPU and AI chip companies preparing for IPOs, with nearly ten companies expected to file for listings soon, collectively referred to as the "Chinese Nvidia" [6][9]. - The current market conditions have made it difficult for GPU projects to attract investment, with many investors expressing reluctance to invest in the GPU sector due to significant losses reported by existing companies [7][9]. Product Development and Market Position - Kunlun Core, which originated from Baidu's smart chip division, has launched its first and second-generation chips, with plans for a third-generation chip (P800) set for release in 2025 [11]. - The company has achieved a notable milestone by creating a fully self-developed 30,000-card cluster capable of training large models, which is a significant achievement in the domestic market [11][13]. Competitive Landscape - In terms of performance, Kunlun Core's P800 ranks among the top in the domestic market, but it still lags behind some competitors like Birun's BR100, which boasts superior specifications [18][19]. - According to IDC, Kunlun Core ranks second in the domestic AI accelerator card market, although the accuracy of this data has been questioned by industry insiders [19][20]. Production Capacity and Future Outlook - The production capacity required to meet the projected demand for Kunlun Core's products is substantial, with estimates suggesting that 1,400 wafers would be needed to achieve the anticipated output [20]. - The upcoming regulatory changes may impact the production capacity of domestic AI chip companies, making it crucial for them to secure sufficient manufacturing resources to maintain their market positions [21].

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 2025年5月观察&综述 睿兽分析数据显示，2025年05月中国一级市场发生融资事件 606 个 ，比上月 减少 55 个 （ 8%） ，比去年同期 减少 112 个 （ 16%） 。已披露融资总额 193.17亿 元人民币 ，比上月 减少 85.29亿 元人民币 （ 31%） ，比去年同期 减少 276.96亿 元人民币 （ 59%） 。 2025年05月，热门融资行业主要为： 智能制造（150个）、人工智能（79个）、医疗健康（70 个） ，其中智能制造行业较上月下降较多 （ 18%） 。 一级市场热门地区主要为： 江苏（107个）、广东（94个）、上海（83个）、浙江（75个）、北京 （72个）。 阶段分布上：早期（471个）、成长期（117个）、后期（18个）。 2025年05月，全球大额融资事件新增30个，其中中国新增5个。全球独角兽企业新增5家，其中中国 无新增。 2025年05月，投资活跃的机构主要为： 麓山投资（19个）、深 ...