Kunlunxin Nears Share Reform to Accelerate IPO as 2025 Revenue Surpsasses RMB 2 Billion
Kunlunxin, the artificial intelligence chip unit of Baidu, is nearing the completion of its share reform, a critical step intended to accelerate its initial public offering (IPO) plans. The company's revenue for 2025 is projected to significantly exceed RMB 2 billion (US$276 million), consolidating its position as a leading player in China's rapidly expansionary semiconductor sector.
Following consultations with multiple brokerages, the chipmaker has decided to pivot its listing venue to the Hong Kong Stock Exchange. Baidu, as the controlling shareholder, recently disclosed that it is evaluating a potential spinoff and listing, though it emphasized that any final deal remains subject to regulatory approvals and market conditions.
The move comes as domestic competition reaches a fever pitch, with rival GPU makers MetaX Integrated Circuit and Moore Threads Technology successfully listing on Shanghai’s STAR Market earlier this month. The urgency to list underscores the capital-intensive nature of the industry as Chinese firms race to scale production and secure market share in the AI infrastructure landscape.
While specific timelines remain under discussion, the completion of the share reform signals that Kunlunxin is entering the final sprint toward public trading. The potential listing would provide the capital necessary to support its aggressive product roadmap and compete with both domestic peers and global incumbents in the high-performance computing market.
IPO Rush Amidst Soaring Valuations
Kunlunxin’s pivot to Hong Kong places it alongside Biren Technology, which has already completed its filing for a Hong Kong IPO. Meanwhile, Iluvatar CoreX is also reportedly preparing for a listing, highlighting a broader trend of Chinese AI chipmakers seeking public market access.
The market environment has proven receptive to domestic chip firms. On December 5, Moore Threads debuted on the STAR Market, with its valuation briefly surging past RMB 440 billion (US$60.7 billion), trailing only Kweichow Moutai and Cambricon Technologies in domestic market attention. This buoyant sentiment provides a favorable backdrop for Kunlunxin’s listing ambitions, as investors seek exposure to China’s localization drive in critical technologies.
Financial Performance and Market Share
Kunlunxin has demonstrated strong growth momentum, with sources indicating that its 2025 full-year revenue will comfortably surpass the RMB 2 billion recorded in 2024. While earlier market rumors suggested a revenue target as high as RMB 5 billion (US$690 million), actual performance is expected to fall between these figures. Even at conservative estimates, industry insiders believe Kunlunxin has secured a spot among the top three domestic AI chip vendors.
By comparison, market leader Cambricon reported first-half 2025 revenue of RMB 2.88 billion, with full-year forecasts ranging from RMB 5 billion to RMB 7 billion. Newly listed rivals Moore Threads and MetaX have projected 2025 revenues in the range of RMB 1.2-1.5 billion and RMB 1.5-2 billion, respectively.
Based on an average unit price of RMB 60,000 for its primary P800 product line and estimated revenues of RMB 3-4 billion, analysts project Kunlunxin’s 2025 shipments to range between 50,000 and 67,000 units. Data from IDC indicates that the company ranked second in shipment volume within the sector for 2024.
Product Roadmap and Client Adoption
The company is aggressively expanding its technological capabilities. At the Baidu World Conference in November, Kunlunxin unveiled a multi-year roadmap featuring the M100 chip, designed for large-scale inference and slated for release in 2026, followed by the M300 for multimodal training in 2027. Additionally, new super-nodes "Tianchi 256" and "Tianchi 512" are scheduled to launch in 2026 to support massive computing clusters.
Commercially, Kunlunxin benefits significantly from its relationship with Baidu, which provides a massive scale for deployment. However, the firm is also gaining traction with external enterprise clients. Notable wins include orders from China Merchants Bank and a major server procurement deal with China Mobile. Tenders reveal that New H3C servers powered by Kunlunxin chips secured a portion of a China Mobile procurement project valued at nearly RMB 1 billion.
To date, Kunlunxin has deployed approximately 32,000 cards in domestic computing clusters, achieving scaled adoption across key sectors including internet, finance, energy, and telecommunications.