Enflame Tech Prepares to IPO on Shanghai STAR Market to Fund AI Chip R&D
Chinese cloud AI chip startup Enflame Tech announced that its stock will list on Shanghai's STAR Market on September 11. The company plans to raise 6.119 billion RMB to fund the R&D and commercialization of its 5th and 6th generation AI chips as well as hardware-software co-innovation projects. As one of China's 'Four Little Dragons' of domestic GPUs alongside Moore Threads, MetaX, and Biren, Enflame's IPO marks a significant milestone in China's push for AI semiconductor self-reliance. The raised capital will help address the domestic supply gap for enterprise cloud AI compute infrastructure amidst global trade friction. Over eight years, Enflame has developed four architectures and five cloud AI chips, building a product line that includes accelerator cards, compute clusters, and software platforms. Because the company is not yet profitable, it will join the STAR Market's Growth Tier with an initial floating volume of 17.9 million shares, representing 4.16% of its post-issuance total capital.
## BACKGROUND
The phrase 'Four Little Dragons of Domestic GPUs' refers to four leading Chinese hardware startups—Enflame Tech, Moore Threads, MetaX, and Biren Technology—aiming to replace foreign AI compute solutions. Cloud AI chips are specialized high-performance processors used in data centers to train and run large deep learning models, a sector historically dominated by US giant Nvidia.