Baidu’s AI chip unit Kunlunxin is reportedly planning a Hong Kong initial public offering at a US$50 billion target valuation. Prospective investors were also asked to buy chips worth 3x to 7x their planned share subscriptions.

That would be far above Kunlunxin’s last disclosed private-market benchmark.

A recent fundraising of more than 2 billion yuan (US$294 million) reportedly valued Kunlunxin at about 21 billion yuan (US$2.97 billion).

It would also exceed an earlier reported Hong Kong IPO goal of at least 100 billion yuan (US$14.7 billion).

Baidu said in January that Kunlunxin had confidentially filed for a spin-off and separate listing in Hong Kong.

Kunlunxin mainly supplies Baidu but has expanded external sales, with more than half of its 2025 revenue expected to come from outside customers.

Its most advanced chip, the P800, has been gaining traction in data center projects built by Chinese state-owned companies and local governments.

The IPO plan comes as the US curbs exports of advanced AI chips, increasing the importance of domestic alternatives in China.

🔗 Source: Reuters