January 22, 2026 — Enflame Know-how, a Shanghai-based AI chipmaker, has formally had its IPO utility accepted by Shanghai’s STAR Market, marking a key milestone within the firm’s path towards capitalization.
Based in 2018, Enflame focuses on the design and improvement of cloud-based AI chips. The corporate has independently iterated by 4 architectural generations and launched 5 cloud AI chips, constructing a complete product system that spans chips, accelerator playing cards, clever computing programs, and a full-stack software program platform. Its core applied sciences embody the self-developed GCU-CARE accelerated computing unit, GCU-LARE inter-chip interconnect expertise, and the full-stack software program platform TopsRider. Enflame has already generated income from thousand-card and ten-thousand-card clever computing middle initiatives.
From 2022 by the primary 9 months of 2025, Enflame invested a cumulative $616 million in R&D and recorded complete revenues of $230 million. The corporate expects to succeed in break-even in 2026, reflecting enhancing commercialization effectivity.
Enflame’s investor lineup consists of heavyweight backers such because the Nationwide Built-in Circuit Business Funding Fund (Part II), Tencent, and Wuyuefeng Capital. Tencent has participated in a number of funding rounds and at present holds an estimated 20% stake within the firm.
Proceeds from the IPO can be used to fund the R&D and industrialization of fifth- and sixth-generation AI chips, in addition to superior initiatives targeted on {hardware}–software program co-innovation in synthetic intelligence. Amid the twin tailwinds of home semiconductor substitution and speedy AI adoption, Enflame is accelerating its transition from a closed-loop expertise mannequin to a closed-loop business worth system, supporting the broader purpose of creating computing energy extra accessible throughout industries.
Supply: IPOzaozhidao
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