BKBaidu Kunlunxin
AI chips, M100, M300, Tianchi, Chinese GPU
Kunlunxin is Baidu's semiconductor subsidiary, developing a full-stack AI processor portfolio from training to inference. In 2026, Kunlunxin filed for Hong Kong and Shanghai stock exchange listings, with valuation toward HK$30-100B. The company ships over 50% of its revenue to external customers.
- Kunlunxin generated ~2B RMB revenue in 2024, expects 3.5B+ RMB in 2025, with external customers >50% of sales.
- The company develops inference (M100, 2026) and training chips (M300, 2027), plus Tianchi supernodes for trillion-parameter models.
- Hong Kong IPO filing January 2026 and STAR Market guidance May 2026 value company at upper HK$30-100B range.
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