硅基流动

Headlines · 1

1. Oct 19
   Token selling proves hard to monetize as Chinese AI infrastructure firms seek HK IPOs

   Several Chinese AI infrastructure companies built around Token-based inference are heading to public markets, according to a 定焦One article republished by 36Kr: 九章云极 filed a Hong Kong Stock Exchange prospectus on September 29, 硅基流动 filed in late June, and 无问芯穹 reportedly filed confidentially in early October and announced a 2.3 billion yuan Series C on October 12, bringing cumulative funding to 4.3 billion yuan. The article says demand growth has not translated into profit: 硅基流动's 2025 revenue rose 653.2% to 55.33 million yuan while gross margin fell from 39.4% to -24%, with its Token-billed public cloud business at -119%, while more than 90% of 九章云极's 1.098 billion yuan 2025 revenue still came from intelligent computing infrastructure solutions. Citing National Data Administration figures, it says China's average daily Token calls grew from about 100 billion in early 2024 to 100 trillion by end-2025 and over 140 trillion in March 2026, even as price competition intensified and some models cut prices sharply.

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