月之暗面（Kimi）完成股改，为香港上市铺路
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Baidu's chip division, Kunlun Chip, is aiming for a $50 billion valuation for its IPO, reportedly tied to chip purchase agreements with subscription amounts of 3 to 7 times.
According to Beating, Baidu's AI chip company, Kunlun Chip, plans an initial public offering (IPO) in Hong Kong with a target valuation of $50 billion. However, during the roadshow, a commitment to purchase chips was listed as a prerequisite for subscription. Multiple sources familiar with the matter revealed that Kunlun Chip prioritizes buyers who commit to chip purchases during the allocation process, requiring the value of the purchased chips to be 3 to 7 times the subscription amount. The $50 billion valuation target is nearly 40% higher than the market capitalization of its parent company, Baidu, which currently holds a 58% stake in Kunlun Chip. Kunlun Chip had previously planned to raise up to $2 billion through its IPO, but faces pressure to build an external customer base in the highly competitive Chinese AI chip market. Founded in 2011, Kunlun Chip's products are compatible with NVIDIA's CUDA software system. Baidu has already begun training a new version of its Wenxin large-scale model on Kunlun Chip chips, partially replacing NVIDIA's GPUs. Currently, its main chips are the P800 series for inference, the M100 series is ready for large-scale inference this year, and the M300 series is planned for training and inference in 2027. Besides its parent company, Tencent has also become a major external customer. However, Kunlun Chip was not included in the first batch of secure and reliable chip certification lists announced by China in May, while Huawei, MetaX, Moore Threads, and Alibaba's T-Head were all selected. The lack of certification is mainly due to its foundry channels; Kunlun Chip previously relied primarily on Samsung Electronics for chip manufacturing. To secure procurement orders from government agencies and state-owned enterprises, Kunlun Chip is negotiating with SMIC, planning to transfer some chip production to domestic foundries.
Kai-Fu Lee disclosed plans for a 2027 IPO for Zero One Everything, focusing on "sovereign AI" while avoiding the US market, and warned that "middle managers who only relay messages will no longer be needed."
According to Beating's monitoring, Kai-Fu Lee, founder and CEO of Zero1Mix, revealed in an interview with Huxiu that Zero1Mix "plans to IPO in 2027" and is preparing for a new round of financing. Regarding its overseas strategy, Zero1Mix has clearly chosen to "avoid the US market," focusing instead on Europe, the Middle East, Asia-Pacific, and Africa, primarily targeting the "sovereign AI" sector. Lee has already been invited to join the Kazakhstan National AI Committee to help solve the localization challenges of mixed Russian, Kazakh, and English speech. In terms of commercialization, Lee revealed that the current "conversion rate" of Zero1Mix's "Project Leader" is approximately 10% to 15%. For large clients and government clients, Zero1Mix tends to adopt a "co-creation" and "joint venture (JV)" model (such as the joint venture with CP Group to establish Wanfeng Intelligent to promote the implementation of AI-powered chicken farming). Internally, Zero1Mix has implemented a flat organizational structure consisting of a Direct Responsible Person (DRI) and AI workers. In the internal management tool "Kai-Fu AI," the system is already able to read meetings, analyze the organization, identify key talents, predict employee turnover risks, and conduct strategic simulations. "Future management will rely on intelligent agents to penetrate, and middle managers who can only transmit information will no longer be needed," Kai-Fu Lee warned. He added that management teams that "only manage people" will become extremely dangerous in the AI 2.0 era.
OpenAI's confidential IPO documents revealed: A "light asset" story supported by 665 billion yuan in off-balance-sheet commitments.
According to Beating's monitoring, The Information exclusively obtained and reviewed OpenAI's confidential IPO registration statement. The detailed financial notes in the prospectus show that as of March 31, 2026, OpenAI's balance sheet closely resembles that of a light-asset software company, with zero debt, less than $750 million in lease liabilities, and quarterly capital expenditures of only $46 million (even lower than enterprise software service provider Salesforce). However, OpenAI actually keeps massive infrastructure expenditures off-balance sheet, with future chip, energy, and data center procurement commitments reaching $665 billion. The actual net loss in the first quarter was still approximately $8.5 billion (not including non-cash accounting expenses for warrants that surged due to soaring valuations), while the quarterly cost of revenue reached $3.5 billion, 75 times the capital expenditures. OpenAI exhibits extremely high internal cash flow characteristics. In the first quarter, 72% of OpenAI's cost of revenue and 45% of its total expenses were paid to related parties (primarily or most likely Microsoft). During the same period, OpenAI received $758 million in revenue from related parties (12 times that of the same period last year) and directly settled its computing power bills with equity worth $488 million, without using any cash. The massive off-balance-sheet procurement commitments and complex on-balance-sheet joint venture structures further increase the difficulty of achieving financial transparency for OpenAI. The profit and loss statement shows that in the first quarter, nearly $5 billion in losses from data center joint ventures controlled and consolidated by OpenAI (likely related to the Stargate project between SoftBank and Oracle) were accounted for attributable to external partners. Competitor Anthropic is also expanding off-balance-sheet. Documents show that Anthropic committed to paying $4.5 billion to data center service provider Fluidstack over the next few years, and chip supplier Broadcom provided payment guarantees for Anthropic's $35 billion chip order leased from Google.
ByteDance reportedly postpones its IPO plans, with its off-exchange valuation approaching $1 trillion.
According to Beating's monitoring, foreign media reports indicate that ByteDance's board of directors reached a consensus in early May 2026 to postpone its initial public offering (IPO). Founder Zhang Yiming believes there is still room for valuation growth, and a listing at this stage would cede too much profit to later-stage, risk-free investors. Currently, ByteDance's valuation in the off-exchange grey market exceeds $600 billion. A senior technology investment banker at Bank of America Group stated that the company's market capitalization is expected to approach $1 trillion, setting a new industry benchmark. Policy and geopolitical risks have eased somewhat. In early 2026, Oracle and an investor consortium reached an agreement to jointly acquire 80% of the equity in TikTok's US entity, largely alleviating related regulatory pressure. Regarding its AI business, Doubao APP, the largest chat assistant in China in terms of user base, is adding paid tiers to its free service.
Xiaohongshu plans to secretly file for an IPO in Hong Kong before the end of this month; its valuation was once as high as US$31 billion.
According to Beating, Xiaohongshu plans to secretly submit its Hong Kong initial public offering (IPO) application before the end of this month. Bloomberg, citing sources familiar with the matter, reported that Xiaohongshu is working with advisory firms to advance preparations. Founded in Shanghai in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu's investors include Tencent, Alibaba, Sequoia China, Hillhouse Capital, and GSR Ventures. In its 2024 funding round, Xiaohongshu was valued at approximately $17 billion. With its growing business, Xiaohongshu's valuation surged to $31 billion in secondary market trading in September 2025, and it projected to shareholders that its full-year profit for 2025 would reach approximately $3 billion. While the Hong Kong market has shown strong acceptance of tech company IPOs this year, witnessing a surge in listings of emerging AI service and hardware developers such as MiniMax and Biren Technology, the rise of these new AI services also poses a potential threat to Xiaohongshu, potentially eroding the traffic and business model of traditional social media platforms. In the short video and social e-commerce sectors, Xiaohongshu faces fierce competition from ByteDance's Douyin. During the brief ban on TikTok in the US last year, Xiaohongshu's overseas version, RedNote, rapidly gained popularity among overseas users as an alternative.
Perplexity plans to IPO in 2028, unaffected by the IPOs of OpenAI and Anthropic.
According to Beating, Perplexity CEO Aravind Srinivas stated in an interview with CNBC that the company plans to go public in 2028 regardless of the IPO performance of OpenAI and Anthropic. Srinivas pointed out that Perplexity's IPO plans are independent of these two companies, and the 2028 IPO target remains unchanged. Prior to Srinivas's statement, both OpenAI and Anthropic had filed confidential IPO applications with the U.S. Securities and Exchange Commission, while Elon Musk's SpaceX is also scheduled to go public this week. Srinivas believes that SpaceX's IPO performance will be a leading indicator of whether OpenAI and Anthropic can successfully go public; if these two giants fail to go public, it will have a ripple effect on the entire AI industry.