Core Insights - Qingwei Intelligent, a leading company in reconfigurable AI chips, has completed a C-round financing of over 2 billion RMB, led by Beijing state-owned enterprise Jingneng Group, with participation from nearly twenty other institutions [1][12] - The company is preparing for an IPO, targeting the Sci-Tech Innovation Board, aiming to become the first domestic "non-GPU" new architecture chip stock [1][12] Financing Focus - The funds will be directed towards the iteration of core technologies for the next generation of reconfigurable chips, large-scale deployment in intelligent computing centers, and the recruitment of high-end R&D talent [3][14] Technological Advantages - Qingwei's CGRA (Coarse-Grained Reconfigurable Array) architecture is recognized as a promising fourth type of general-purpose chip, offering significant cost and efficiency advantages over traditional GPU solutions [3][14] - The latest mass-produced chip, TX81, achieves 4 PFLOPS of single-machine computing power, with costs reduced by 50% compared to GPU solutions and energy efficiency improved by three times [3][14] Performance Metrics - The CGRA architecture provides a peak power consumption of less than 1 mW per core, with operational power as low as 0.7 mW per core, significantly outperforming advanced ultra-low-power CPUs [5][16] - The architecture allows for nanosecond-level dynamic reconfiguration, enabling a single chip to function as multiple specialized chips, achieving over 90% hardware utilization [6][16] Market Position - Qingwei Intelligent ranks sixth in domestic AI accelerator card shipments as of the first half of 2025, maintaining a strong position in the first tier of the market [11][23] - The recent financing has the backing of both municipal and district-level state-owned capital, providing synergistic computing resources and support from the capital's digital economy policies [11][23] IPO Prospects - Since its establishment in 2018, Qingwei has completed seven rounds of financing, attracting strategic investors such as Baidu, Ant Group, SK Hynix, and SenseTime, with the latest 2 billion RMB round being crucial for its upcoming IPO [12][24]