Chinese AI Chipmaker Enflame Sets STAR Market IPO Price to Raise 6.1 Billion Yuan
Chinese AI chip startup Enflame Technology has set its STAR Market IPO price at 142.18 RMB per share, aiming to raise a total of 6.119 billion RMB. The subscription for the shares is scheduled to open on September 2, 2026. As one of China's "Four Little Dragons" of domestic GPUs, Enflame's public listing represents a major milestone in China's push for semiconductor self-reliance. The massive capital injection will accelerate the development of domestic alternatives to Nvidia's AI hardware. Enflame is not yet profitable and is valued at a 2025 diluted static Price-to-Sales (P/S) ratio of 61.80x, which is below the industry average. The raised capital will fund the R&D of its fifth and sixth-generation AI chips, as well as collaborative AI hardware-software projects.
## BACKGROUND
Founded in March 2018 by former AMD employees, Enflame Technology specializes in general-purpose AI training and inference chips. Along with Moore Threads, Muxi, and Biren Technology, it is considered one of the "Four Little Dragons" leading China's domestic GPU industry. The company has previously deployed tens of thousands of its S60 chips in data centers and received backing from major tech giants like Tencent.