Companies / Enflame
AI chip designer
Enflame
State of play as of
A Shanghai AI accelerator designer whose largest shareholder is also almost all of its revenue, public since September 2026.
Enflame is the case where the filings say the quiet part out loud. It raised about 6 billion yuan on Shanghai’s STAR Market and began trading on 11 September 2026, and its own prospectus discloses that Tencent, which holds about a fifth of the company, accounted for roughly 84 percent of its 2025 revenue. That is not a hidden risk a critic surfaced; it is the disclosure. The listing did not change it, so the question Enflame is now public with is whether an AI chip company can build a customer base beyond its patron. We track what Enflame ships, what it earns and who it earns it from, with dates and sources.
Fast facts
- Founded
- 2018, Shanghai.
- Founders
- Zhao Lidong and Zhang Yalin, who between them spent more than 30 years in AMD’s CPU and GPU divisions.Company filings, trade press
- Listing status
- Listed and trading. Enflame debuted on Shanghai’s STAR Market on 11 September 2026 under the code 688801. The CSRC registration had taken effect on 9 July 2026; the Shanghai exchange’s listing committee approved it on 15 June 2026 and the application was accepted on 22 January 2026, under six months end to end.Caixin, CSRC
- Debut, 11 Sep 2026
- Opened at 410 yuan against a 142.18 yuan issue price, up 188 percent, and closed the morning at 393.78 yuan for a market capitalisation of 169.5 billion yuan, about 25.3 billion dollars, on a price-to-sales multiple Caixin puts at 171 times, the highest of the five listed AI-chip names. Figures are as of that session and have not been re-read since.Caixin
- Raise
- About 6 billion yuan (about $883 million per Caixin), for fifth- and sixth-generation AI chips and hardware and software integration. Priced at 142.18 yuan for 43,035,173 new shares; the retail tranche was subscribed 6,109.34 times and the institutional book 2,642.99 times.Prospectus, Caixin, Enflame allocation filing via IT Home
- Tencent
- Tencent and affiliates are the largest shareholder at about 20.3 percent and accounted for about 83.8 percent of 2025 revenue. Enflame discloses this as a customer-concentration risk.Prospectus, Caixin
- Financials
- About 990 million yuan of 2025 revenue against a loss of about 1.2 billion yuan. Revenue grew from about 90.1 million yuan in 2022 to about 722.4 million in 2024. The company projects profitability in the 2026 to 2027 window.Prospectus, Caixin, 36Kr
- Products
- The CloudBlazer (云燧) accelerator card line. The fourth-generation L600, shown at the World AI Conference in Shanghai in July 2025, carries 144GB of on-chip memory and 3.6 TB/s of memory bandwidth with 8-bit float support. Those are company figures.Company launch materials, trade press
- What it is not
- Enflame designs fixed-function AI accelerator cards, not general-purpose GPUs, so it is not a direct substitute for Moore Threads, MetaX, Biren or Iluvatar CoreX and competes for a narrower set of workloads. It is also the only company on our IPO tracker that listed in Shanghai rather than Hong Kong in this round.
The state of play
Enflame listed on Shanghai’s STAR Market on 11 September 2026 under the code 688801, opening at 410 yuan against a 142.18 yuan issue price, up 188 percent, and closing the morning at 393.78 yuan for a market capitalisation of 169.5 billion yuan, about 25.3 billion dollars. Caixin puts that at 171 times sales, the highest of the five listed AI-chip names. The book that produced it was the loudest of the cycle: the online retail tranche was subscribed 6,109.34 times, enough to trip the clawback rule that shifts 10 percent of the public offering out of the institutional book once retail demand passes 100 times, and 291 institutions covering 11,272 placement accounts bid 72.795 billion shares against an initial offline tranche of about 27.5 million, or 2,642.99 times. Because Enflame has never made a profit, listing rules bar it from quoting a price-to-earnings multiple at all, so its own risk notice published price-to-sales instead, 55.62 times pre-issue and 61.80 post-issue. The two reconcile only at about 990 million yuan of audited 2025 revenue, which is the figure used elsewhere on this page.
Enflame’s STAR Market registration took effect on 9 July 2026, the last regulatory gate before a debut, clearing it to raise about 6 billion yuan (about $883 million per Caixin). The route was fast by any standard: application accepted 22 January 2026, listing committee approval 15 June, registration effective 9 July, under six months end to end. The proceeds are earmarked for fifth- and sixth-generation AI chips and for hardware and software integration. At the time this was written no debut date had been announced, and the distinction between cleared to list and listed, which reporting on Chinese chip IPOs frequently blurs, held until 11 September.
The prospectus puts Enflame’s central risk on the record: Tencent and its affiliates hold about 20.3 percent of the company and accounted for about 83.8 percent of 2025 revenue. Enflame is simultaneously Tencent’s chip investment and Tencent’s chip supplier, which guarantees deployment at China’s second-largest cloud provider and makes the revenue line a function of one buyer’s procurement decisions. The financials around it are a company still scaling into its costs: about 990 million yuan of 2025 revenue against a roughly 1.2 billion yuan loss, up from about 90.1 million yuan of revenue in 2022 and 722.4 million in 2024. Enflame projects profitability across 2026 to 2027. The number worth watching after any debut is not the share price but the share of revenue that comes from anywhere other than Tencent.
Enflame’s current part is the fourth-generation L600, shown at the World AI Conference in Shanghai in July 2025, which the company specifies at 144GB of on-chip memory and 3.6 TB/s of memory bandwidth with 8-bit float support, sold in its CloudBlazer accelerator card line. Those figures are Enflame’s own and have not been independently benchmarked in public. The memory specification is the part to watch, because on-package high-bandwidth memory at that capacity is the dependency China has not solved domestically, and it is the same constraint that caps Cambricon, Biren and MetaX regardless of how their designs compare.
Common questions
Has Enflame gone public?
Yes. Enflame listed on Shanghai’s STAR Market on 11 September 2026 under the code 688801, opening at 410 yuan against a 142.18 yuan issue price, up 188 percent, and closing that morning at 393.78 yuan for a market capitalisation of about 169.5 billion yuan. Its CSRC registration had taken effect on 9 July 2026, the final gate, after the Shanghai exchange’s listing committee approved the application on 15 June 2026. It raised about 6 billion yuan, about $883 million per Caixin.
How much of Enflame’s revenue comes from Tencent?
About 83.8 percent of 2025 revenue, per its prospectus as reported by Caixin. Tencent and its affiliates are also the largest shareholder with about 20.3 percent. Enflame discloses this as a customer-concentration risk: its largest investor is also nearly all of its business, which guarantees demand and makes the revenue line dependent on one buyer.
Is Enflame profitable?
No. Enflame reported about 990 million yuan of 2025 revenue against a loss of about 1.2 billion yuan, and projects reaching profitability somewhere in the 2026 to 2027 window. Revenue has grown quickly from a small base, from about 90.1 million yuan in 2022 to about 722.4 million in 2024, but costs have grown alongside it.
What is the Enflame L600?
The L600 is Enflame’s fourth-generation AI accelerator, unveiled at the World AI Conference in Shanghai in July 2025. Enflame specifies it at 144GB of on-chip memory and 3.6 terabytes per second of memory bandwidth, with 8-bit floating point support, sold in the CloudBlazer (云燧) accelerator card line. Those are the company’s own figures and have not been independently benchmarked in public.
How is Enflame different from Moore Threads, MetaX or Biren?
Those three build general-purpose GPUs, which can run graphics and a wide range of compute work as well as AI. Enflame builds fixed-function AI accelerator cards, designed for training and inference and nothing else. That narrows the addressable market but simplifies the design, and it means Enflame is not a drop-in substitute when a buyer wants a GPU. Enflame is also the only company in this group that listed in Shanghai rather than Hong Kong in this round, which means a different investor base and a different disclosure regime.
Every dated fact above traces to a named source, and where it comes from our reporting, to the dated issue that carried it. Where a claim is self-reported or disputed, we say so.