On the final day of the second quarter, SiliconFlow filed a listing application with the Hong Kong Stock Exchange. The IPO was submitted under Chapter 18C as a pre-commercial company. Huatai International and Haitong International are the joint sponsors.
For artificial intelligence developers, SiliconFlow may be a familiar name. When DeepSeek first gained attention, SiliconFlow was reportedly the platform that first deployed the company’s V3 and R1 large models on Chinese-made chips to run token services.
The figures in SiliconFlow’s prospectus point to rapid growth: registered users exceeded ten million in just over two years, average daily token throughput increased 12-fold from December 2024 to April 2026, paying customers rose about 292-fold in one year, and its valuation reached RMB 7.7 billion (USD 1.1 billion) in two and a half years.
But the prospectus also shows the cost of that growth. SiliconFlow is selling tokens at a loss. Its gross margin in 2025 was -24%.
Founded in August 2023, SiliconFlow is less than three years old. Its prospectus describes it as China’s leading open and independent token supply platform. In essence, it is an AI inference infrastructure company. Inference refers to the stage when a trained AI model generates output for users.
