On January 1, 2026, the official website of the China Securities Regulatory Commission (CSRC) showed that Enflame Technology, a domestic AI chip enterprise, has successfully completed its initial public offering (IPO) tutoring program, marking that its listing process has entered the next phase.
It is understood that Enflame Technology launched its IPO tutoring in August 2024. In November 2025, in response to changes in the capital market environment and the needs of the company’s strategic development, it adjusted its tutoring institution to CITIC Securities, and continued to advance the listing process on the basis of previous work.
According to public data, Enflame Technology was founded in March 2018. Since its establishment, it has been focusing on the independent R&D of AI chip hardware architectures and software ecosystems. Up to now, the company has independently developed and iterated five cloud AI chips based on four generations of architectures, building a product system covering AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms. Public information indicates that its third-generation AI accelerator card product, "Enflame S60", entered mass production in the second half of 2024 and has achieved large-scale deployment in the application ecosystems of major internet enterprises. The fourth-generation all-in-one training and inference product, "Enflame L600", natively supports FP8 low precision, which can effectively underpin the training and inference of domestic universal large models.
Public information shows that as a promising player in a high-growth track, Enflame Technology completed a total of 14 rounds of financing within 6 years prior to August 2025, with cumulative financing amounting to several billion yuan. The 2025 Hurun Global Unicorn Index shows that Enflame Technology’s valuation has exceeded RMB 20.5 billion.
Data from Tianyancha indicates that Enflame Technology has a stellar lineup of shareholders, including state-owned and leading institutional investors such as the National Integrated Circuit Industry Investment Fund Phase II, Tencent, Walnut Capital, Shanghai Guofang Investment, and Shanghai Industrial Investment Holdings.
Industry insiders analyzed that the domestic AI chip industry is currently stepping into a period of accelerated listings. The completion of Enflame Technology’s IPO tutoring marks a crucial step for this domestic AI chip unicorn towards capitalization, and will further drive the ecological construction and technological breakthroughs of the domestic intelligent computing industry.
(Reprinted from https://news.eccn.com/）