BlockBeats message: On July 17, China-US AI large-model companies are accelerating their capital-market plans. Companies including Anthropic, OpenAI, DeepSeek, Moonshot AI (月之暗面), and Step Fun (阶跃星辰) are already in stages such as filing documents, preparing for an initial listing, or early evaluation. The proposed listing venues cover the US stock market, the A-share market, and the Hong Kong stock market. BlockBeats has compiled the following companies that are lining up to ring the bell:
Category one: documents filed—closest to going public
These companies have already secretly filed S-1 documents, with the most advanced progress toward listing.
Anthropic secretly filed an S-1 on June 1, planning to list on the US stock market, with the fastest possible listing as early as the fourth quarter of 2026. The company’s latest post-investment valuation is about RMB 965 billion, its latest funding round is RMB 65 billion, and total funding to date is about RMB 132 billion.
OpenAI secretly submitted its S-1 on June 8, and it also plans to list on the U.S. stock market. The earliest expected listing time is in Q4 2026. The company’s latest post-investment valuation is about RMB 852 billion (8520亿元), its latest round of financing is RMB 122 billion (1220亿元), and total financing is about RMB 180 billion (1800亿元).
Category two: has started preparations or is in the evaluation stage
Companies in this category have not entered the public offering stage, but have already started IPO preparations, engaged investment banks, or are rumored to have submitted documents.
DeepSeek has already started preparations for an A-share listing. Its latest pre-investment valuation is about RMB 71 billion (710亿元), its latest round of financing is RMB 7 billion (70亿元), total financing is about RMB 7 billion (70亿元). It plans to submit materials by the end of 2026 and get listed in 2027.
Moomoo the Dark (Mian zhi an) is carrying out early evaluation for a Hong Kong stock listing and has already contacted investment banks. The company’s latest post-investment valuation is about RMB 20 billion (200亿元), its latest round of financing is RMB 2 billion (20亿元), and total financing exceeds RMB 5 billion (50亿元). There is currently no clear IPO timeline.
It is rumored that Jietiao Xingshen (Stepluxion) has secretly submitted listing documents for a Hong Kong stock listing. Its latest valuation is about RMB 12 billion (120亿元), its latest round of financing is close to RMB 2.5 billion (25亿元), and total financing exceeds RMB 3 billion (30亿元). The specific listing timeline is yet to be determined.
Category three: only expressed intention, not officially launched yet
Companies in this category have released plans to go public, but have not yet entered the substantive filing stage.
BaiChuan Intelligence has expressed its intention to go public, but the relevant procedures have not yet started; the planned listing location is yet to be determined. The company’s latest valuation is about RMB 20 billion (200亿元), its latest round of financing is RMB 5 billion (50亿元), total financing is about RMB 7.5 billion (75亿元), and it is expected to begin IPO work in 2027.
Perplexity has also not officially launched its IPO process yet; it plans to list on the U.S. stock market. Its latest valuation is about RMB 21 billion (210亿元), its latest round of financing is RMB 200 million (2亿元), total financing is about RMB 1.7 billion (17亿元), and it plans to go public in 2028.