如果进展顺利，阶跃星辰有望成为第三家IPO的通用大模型独角兽。此前智谱和MiniMax股价大涨，激发一级市场投资人"害怕错过"的情绪，对创业大模 型公司重新有了投资热情 文｜《财经》记者 刘以秦 编辑 | 谢丽容 《财经》独家获悉，AI独角兽公司阶跃星辰正在进行新一轮Pre-IPO融资，本轮融资分两拨交割，第一拨投前估值约40亿美元，计划融资20亿-30亿元人民 币，目前已经确定由一家运营商领投，金额约12亿元人民币，其他老股东跟投，计划在3月6日前完成；第二拨投前估值50亿-60亿美元，计划在4月中下旬 交割。 此外，《财经》获悉，阶跃星辰计划在今年6月30日前，在港股交表，预期基石定价在100亿美元左右，预计今年年底完成上市。 据《智通财经》报道，知情人士称，阶跃星辰目标递表时间最快在上半年，不过进程上相对紧凑，下半年递表会是一个更从容的安排。 对于上市和融资相关情况，截至发稿，阶跃星辰未有回应。 阶跃星辰成立于2023年，由前微软全球副总裁姜大昕创办，目前担任公司CEO（首席执行官）。该公司已对外发布Step系列通用大模型矩阵，覆盖了从语 言、多模态到推理的能力，并面向开发者连续开源多个多模态大模型。 ...

如果进展顺利，阶跃星辰有望成为第三家IPO的通用大模型独角兽。此前智谱和MiniMax股价大涨，激发一级市场投资人"害怕错过"的情绪，对创 业大模型公司重新有了投资热情 文｜《财经》记者 刘以秦 编辑 | 谢丽容 根据公开信息，阶跃星辰目前共完成2轮融资，今年1月，阶跃星辰完成超50亿元B+轮融资，2024年12月，该公司完成数亿美元B轮融资，上海国 投先导基金、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸等多家国资参投。另外，五源资本、启明创投、腾讯等多家机构也参与投资。 如果进展顺利，阶跃星辰有望成为中国第三家在港交所上市的AI大模型公司。 今年1月7日，大模型公司智谱科技在港交所挂牌上市，成为港股"大模型第一股"，其IPO募资总额超43亿港元。1月9日，大模型公司MiniMax在港 交所挂牌上市，募集资金总额约55.4亿港元，两家公司上市后市值一路上涨。 《财经》独家获悉，AI独角兽公司阶跃星辰正在进行新一轮Pre-IPO融资，本轮融资分两拨交割，第一拨投前估值约40亿美元，计划融资20亿-30 亿元人民币，目前已经确定由一家运营商领投，金额约12亿元人民币，其他老股东跟投，计划在3月6日前完成；第二拨投 ...

据市场消息，上海大模型明星创企阶跃星辰正考虑赴港交所上市，计划募资约5亿美元(约合人民币34亿 元)。 今年1月，阶跃星辰完成管理层架构升级，旷视科技联合创始人、千里科技董事长印奇正式出任公司董 事长，全面统筹战略规划与技术路线落地。他将与CEO姜大昕、首席科学家张祥雨、CTO朱亦博组成核 心管理团队。 根据公开信息，阶跃星辰已完成两轮B轮融资。2024年12月完成数亿美元融资；今年1月再获超50亿元 人民币B轮融资，创下2025年以来中国大模型赛道单笔最高融资纪录。 投资方阵容涵盖上海国投先导基金、浦东创投、徐汇资本等多地国资背景机构，腾讯亦连续多轮参与投 资，为公司发展提供充足资金支撑。 若此次港股上市顺利落地，阶跃星辰将成为继智谱、MiniMax之后，第三家登陆港交所的国内大模型企 业。 知情人士透露，公司已就股权出售事宜与潜在顾问展开磋商，最早或于今年完成上市。不过，发行规模 及时间仍存在变数。 截至发稿，阶跃星辰方面尚未回应。 公开资料显示，阶跃星辰成立于2023年，由前微软全球副总裁姜大昕创办。公司已发布Step系列通用大 模型矩阵，覆盖语言、多模态与推理能力，并持续面向开发者开源多款多模态模型， ...

Group 1 - The company Jueyue Xingchen is considering an IPO on the Hong Kong Stock Exchange, aiming to raise approximately $500 million (around 3.4 billion RMB) [2] - Jueyue Xingchen was founded in 2023 by former Microsoft global vice president Jiang Daxin and has released the Step series of general large model matrices, covering comprehensive capabilities from language to multimodal and reasoning [2] - The company has completed two rounds of financing, with the latest round in January raising over 5 billion RMB, setting a record for the largest single financing in China's large model sector in 2025 [2] Group 2 - Under the leadership of Chairman Yin Qi, the company released its strongest open-source base model, Step 3.5 Flash, which approaches the capabilities of closed-source models in agent scenarios and mathematical tasks [3] - Jueyue Xingchen may become the third large model enterprise to be listed on the Hong Kong Stock Exchange [3]

Core Viewpoints - The company is committed to the research and development of foundational large models, with the pursuit of AGI as its original intention, which will not change [3][4] - The company differentiates itself in the competitive landscape through its multimodal capabilities, actively exploring cutting-edge directions and recognizing significant opportunities [3][6] - The company aims to create an ecosystem from models to agents, integrating both cloud and edge computing, as it believes that the combination of software and hardware can better understand user needs and complete tasks [3][4] Industry Trends - The pursuit of the upper limit of intelligence remains the most important task in the current landscape, with two main trends observed: transitioning from imitation learning to reinforcement learning, and moving from multimodal fusion to integrated multimodal understanding and generation [6][8] - The company has established a matrix of general large models, categorizing foundational models into language models and multimodal models, with further subdivisions based on modality and functionality [8][9] - The belief that multimodality is essential for achieving AGI is emphasized, as human intelligence is diverse and requires learning through various modalities [9][10] Technological Developments - The trend of integrated understanding and generation, particularly in the visual domain, is highlighted, where understanding and generation are accomplished using a single model [11][14] - The recently released image editing model, Step1X-Edit, demonstrates high performance with 19 billion parameters, showcasing capabilities in semantic parsing, identity consistency, and high-precision control [13][14] Strategic Focus - The company adopts a dual-driven strategy of "super models plus super applications," focusing on the development of intelligent terminal agents [15][16] - The choice to focus on intelligent terminal agents is based on the belief that agents need to understand the context of user tasks to assist effectively [16][17] - Collaborations with leading companies in various sectors, such as OPPO and Geely, are underway to enhance the development of intelligent terminal agents [16][17]

Core Viewpoint - The multi-modal model industry has not yet reached a "GPT-4 moment," as the lack of an integrated understanding-generating architecture is a significant bottleneck for development [1][3]. Company Overview - The company, founded by CEO Jiang Daxin in 2023, focuses on multi-modal models and has undergone internal restructuring to form a "generation-understanding" team from previously separate groups [1][2]. - The company currently employs over 400 people, with 80% in technical roles, fostering a collaborative and open work environment [2]. Technological Insights - The understanding-generating integrated architecture is deemed crucial for the evolution of multi-modal models, allowing for pre-training with vast amounts of image and video data [1][3]. - The company emphasizes the importance of multi-modal capabilities for achieving Artificial General Intelligence (AGI), asserting that any shortcomings in this area could delay progress [12][31]. Market Position and Competition - The company has completed a Series B funding round of several hundred million dollars and is one of the few in the "AI six tigers" that has not abandoned pre-training [3][36]. - The competitive landscape is intense, with major players like OpenAI, Google, and Meta releasing numerous new models, highlighting the urgency for innovation [3][4]. Future Directions - The company plans to enhance its models by integrating reasoning capabilities and long-chain thinking, which are essential for solving complex problems [13][18]. - Future developments will focus on achieving a scalable understanding-generating architecture in the visual domain, which is currently a significant challenge [26][28]. Application Strategy - The company adopts a dual strategy of "super models plus super applications," aiming to leverage multi-modal capabilities and reasoning skills in its applications [31][32]. - The focus on intelligent terminal agents is seen as a key area for growth, with the potential to enhance user experience and task completion through better contextual understanding [32][34].