Baidu’s $3B Chip IPO Challenges Nvidia Amid China’s Semiconductor Push
Baidu's semiconductor unit Kunlunxin is preparing a Hong Kong IPO that could value the AI chipmaker at up to $3 billion, signaling China's aggressive bid to reduce reliance on foreign technology. The MOVE comes as U.S. export controls force Beijing to accelerate domestic chip development.
Recent funding rounds underscore investor appetite: Kunlunxin secured over 2 billion yuan ($280 million) from China Mobile and private backers, lifting its valuation to 21 billion yuan. The company aims to complete its listing by early 2027, with filings expected as soon as Q1 2026.
Market momentum favors the offering. Peer Moore Threads saw shares quintuple on its Shanghai debut last week, demonstrating frothy demand for Chinese alternatives to Nvidia's AI processors. At least three other local chip firms are reportedly eyeing 2024 IPOs.
