La valoración objetivo de las acciones de Baidu Kunlun Chip es de 50.000 millones de dólares, lo que supone un aumento de 16 veces en menos de 12 meses.

Baidu (HKEX: 09888) subsidiary Kunlun Chip, an AI chip company, plans to list in Hong Kong while simultaneously advancing its STAR Market listing guidance. Market rumors peg its target valuation at 50 000 millones de dólares; less than 12 months ago in its Series D round, Kunlun Chip was valued at around 3 000 millones de dólares, and its valuation has soared nearly 16 times in less than a year, representing an increase of about 25 times compared to its initial spin-off valuation.

Kunlun Chip Series D valuation around 3 000 millones de dólares, Hong Kong listing target valuation reaches 50 000 millones de dólares

According to reports, Kunlun Chip was valued at approximately 3 000 millones de dólares in its Series D round less than 12 months ago; market rumors suggest its Hong Kong listing target valuation could reach 50 000 millones de dólares, representing a nearly 16-fold increase in less than a year, and about 25 times growth from its initial spin-off valuation.

Kunlun Chip was spun off from Baidu five years ago as an internal project, originally starting as an "FPGA AI accelerator" R&D initiative to address the computing cost issues of Baidu's search business. This target valuation now exceeds the total market capitalization of Baidu on US (BIDU) and Hong Kong (09888) stock exchanges, sparking heated discussions in the capital market.

P800 chip FP16 compute power 345 TFLOPS, approximately more than double Nvidia's H20

According to reports, the key specifications of Kunlun Chip's flagship P800 are as follows:

FP16 compute power: 345 TFLOPS (approximately more than double Nvidia's H20 chip, which is a China-specific version)

Memory specifications: 20-50% higher than comparable mainstream products

Architecture positioning: "XPU" architecture, specifically designed for AI large model training and inference, not a general-purpose GPU

Real-world deployment: A single server equipped with 8 P800 chips can smoothly run top-tier models with 670 000 millones de parameters, such as DeepSeek-R1 or V3

Deployment scale: Baidu has already lit up several computing clusters with tens of thousands or even 30 000 cards in places like Ningxia

Revenue from external customers surpasses internal Baidu supply, China Mobile AI computing procurement order reaches level of 1 000 millones de yuanes

According to investment institution assessments, Kunlun Chip's current revenue structure shows that the contribution from external customers has surpassed its internal supply to Baidu, completing its transformation from a "cost center" to a "profit center." External customers include state-owned enterprises and financial institutions such as China Mobile, China Merchants Bank, and State Grid, as well as tech companies like Tencent and ByteDance (reportedly evaluating or purchasing).

In China Mobile's AI inference chip procurement, Kunlun Chip secured a very high share in the CUDA-like ecosystem segment, with the order scale reaching the level of 1 000 millones de yuanes.

P800 still manufactured on Samsung's 7nm process, M100 and M300 plan for full-stack domestic self-development

According to reports, Kunlun Chip's current flagship P800 chip is reportedly still manufactured by Samsung using its 7nm process, posing supply chain risks amid geopolitical tensions. In Baidu's planned chip roadmap for the next five years, the M100 and M300 series chips, expected to launch in 2026 and 2027 respectively, will follow a path of "full-stack domestic self-development" to achieve complete self-reliance. This means potentially abandoning advanced overseas manufacturing processes like TSMC or Samsung and gradually phasing out CUDA compatibility; in the short term, this may impact chip performance and ecosystem compatibility.

Frequently Asked Questions

What is Kunlun Chip's target valuation, and how does it compare to its parent company Baidu's market cap?

According to reports, market rumors suggest that Kunlun Chip's Hong Kong listing target valuation reaches 50 000 millones de dólares. Less than 12 months ago, its Series D valuation was around 3 000 millones de dólares (a nearly 16-fold increase). The target valuation of 50 000 millones de dólares has already surpassed Baidu's total market cap on US and Hong Kong stocks, creating a "subsidiary more valuable than parent" phenomenon.

How does the compute power of Kunlun Chip's P800 chip perform?

According to reports, the P800's FP16 compute power reaches 345 TFLOPS, approximately more than double Nvidia's H20 chip designed for the Chinese market. Its memory specifications are 20-50% higher than comparable mainstream products. A single server equipped with 8 P800 chips can run top-tier models with 670 000 millones de parameters, such as DeepSeek-R1.

What is Kunlun Chip's future domestic technology roadmap?

According to reports, Baidu's planned M100 (launching in 2026) and M300 (launching in 2027) chip series aim for a full-stack domestic self-development path, potentially abandoning advanced overseas manufacturing processes like TSMC or Samsung and gradually phasing out CUDA compatibility.