On January 8, Shanghai Iluvatar CoreX Semiconductor Co., Ltd. formally listed on the Hong Kong Inventory Trade foremost board. The inventory surged greater than 30% intraday on its debut, bringing its market capitalization to roughly $5.23 billion on the time of reporting.
Based in 2015, Iluvatar CoreX is one in all China’s earliest entrants into the general-purpose GPU house. In keeping with Frost & Sullivan, it was the primary home firm to attain mass manufacturing of 7nm course of GPUs for each inference and coaching.
The corporate’s product portfolio contains the Tiangai and Zhikai sequence GPUs and accelerator playing cards. As of June 2025, it had delivered greater than 52,000 GPU chips to over 290 clients.
Financially, the corporate reported RMB 540 million (approx. USD 74.5 million) in income in 2024. Income for the primary half of 2025 rose 64.2% year-on-year to RMB 324 million (approx. USD 44.7 million), with gross margin enhancing to 50.1%.
Previous to the IPO, Iluvatar CoreX had accomplished a number of funding rounds, elevating greater than RMB 5.5 billion (approx. USD 759 million) in whole. Dazheng Capital is its largest institutional shareholder. Cornerstone traders within the IPO included ZTE Company and UBSAM Singapore, amongst 18 establishments, collectively subscribing USD 2.03 billion price of shares.
Supply：ChinaVenture
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