Shanghai Iluvatar CoreX Semiconductor, one of China’s homegrown GPU champions, is considering a share sale that could raise at least $800 million in Hong Kong. The move would represent a significant capital raise for a company that only recently went public.
For context, Iluvatar CoreX completed its Hong Kong IPO on January 8, 2026, raising approximately HK$3.7 billion, or about $475 million. An $800 million secondary offering would nearly double the total capital the company has pulled from public markets.
A company riding the AI chip wave
Iluvatar CoreX, founded in December 2015, develops general-purpose GPUs designed for both AI training and inference workloads. Its product lineup includes the TG series for training and the ZK series for inference.
The company’s IPO priced shares at HK$144.60 each, giving it a valuation of roughly $4.6 billion at listing.
