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- Kunlun Core
Kunlun Core Revenue, Valuation, Funding & Investors
Kunlun Core is valued at $3B as of December 2025, a 6.0x multiple on its last reported $507M revenue.
Last Kunlun Core valuation
$3B
Undisclosed stage · Dec 2025
Last Kunlun Core funding round
$286M
Undisclosed stage · Dec 2025
Kunlun Core revenue
$507M
Undisclosed stage · Dec 2025
Key investors in Kunlun Core
Beijing Artificial Intelligence Industry Investment Fund
Social Security Fund Zhongguancun Independent Innovation Investment Fund
China Mobile fund
Kunlun Core Overview
About Kunlun Core
Kunlun Chip operates as Baidu's dedicated AI semiconductor division. Beijing-based Kunlunxin designs processors such as Kunlun 1 for inference and Kunlun 2 for training, integrated into Baidu Cloud and PaddlePaddle deep learning platform. The chips deliver performance for computer vision, natural language processing, and recommendation systems in data centers.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$507M (Dec 2025)
Valuation
$3B (Dec 2025)
Kunlun Core Valuation
Kunlun Core is currently valued at $3B, based on its undisclosed-stage round in December 2025.
The $286M round was led by China Mobile fund.
Kunlun Core valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Undisclosed stage | $3B | 6.0x |
Kunlun Core Revenue
Kunlun Core's latest recorded revenue is $507M, as of its undisclosed-stage round in December 2025. At a $3B valuation, that implies a 6.0x revenue multiple.
Kunlun Core revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $507M | $3B | 6.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kunlun Core Funding History
Kunlun Core has raised a total of $539M across 2 funding rounds.
Kunlun Core's first fundraising round was a $253M undisclosed-stage round in June 2024. The most recent completed round was a $286M undisclosed-stage round in December 2025.
Kunlun Core funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | China Mobile fund (lead) | $286M | $3B | Kunlun Core (also referred to as Kunlun Chip or Kunlunxin), a Baidu subsidiary, develops AI chips including the third-generation P800 series AI accelerator with 345 TFLOPS FP16 performance, targeting computing power needs amid China's semiconductor push. Baidu holds 59.45% stake, with other investors including General Technology High-end Equipment Fund and BYD. The company completed a financing round raising over RMB 2 billion (approximately CNY 2 billion or $283-286 million) from China Mobile fund and other private equity investors, likely around mid-2025 aligning with the query's May 12, 2025 approximate date, achieving a post-money valuation of RMB 21 billion, up from RMB 18 billion previously and RMB 13 billion in 2021. Financially, Kunlun Core reported revenue of approximately RMB 2 billion in 2024 with a net loss of RMB 200 million, while 2024 revenue is also cited over RMB 1 billion in other reports. For 2025, revenue is projected to exceed RMB 3.5 billion, with over half from external customers including internet firms, smartphone makers, telecom operators, and state-owned enterprises; external sales already at 40-50%. JPMorgan forecasts RMB 1.3 billion in 2025 rising to RMB 8.3 billion in 2026, with break-even expected in 2025. The company recently increased registered capital to RMB 400 million. This round supports R&D for next-generation chips and global expansion. Kunlun Core is preparing a Hong Kong IPO via global offering and placement, planning to file in Q1 2026 for listing by early 2027, amid a wave of Chinese AI chip IPOs like Moore Threads. It outperforms peers like Enflame, Biren, MetaX, Cambricon in revenue growth. Baidu's spin-off clarifies business lines, values AI hardware explicitly. |
| Jun 2024 | Undisclosed stage | Beijing Artificial Intelligence Industry Investment Fund (lead); Social Security Fund Zhongguancun Independent Innovation Investment Fund | $253M | - | - |
Who has invested in Kunlun Core?
3 investors have backed Kunlun Core across its funding rounds, including Beijing Artificial Intelligence Industry Investment Fund, Social Security Fund Zhongguancun Independent Innovation Investment Fund and China Mobile fund.
Lead investors include China Mobile fund and Beijing Artificial Intelligence Industry Investment Fund.
Kunlun Core Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jun 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialKunlun Core Competitors
Kunlun Core competitors include listed companies like Core Scientific and D-Wave Quantum, and private ones like Sunrise, Xsight Labs, Tenstorrent and SiFive.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3B | - | ||
| Private | - | - | $2.8B | - | ||
| Private | - | - | $2.7B | - | ||
| Private | $116M | - | $3.6B | - | ||
| Publicly listed | $319M | ($211M) | $5.5B | 13.9x | ||
| Publicly listed | $25M | ($373M) | $6.7B | 166.4x |
Kunlun Core Public Comps
Kunlun Core is still privately-owned, but its public comps include ChronoScale, Xanadu, Ionic Digital, SharonAI, Silex Microsystem, IQM Quantum Computers, Pasqal, Boost Run, POET Technologies and Core Scientific.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $72M | $21M | 42.5x | - | 147.6x | - | |||
| $3M | ($47M) | 629.3x | 281.8x | (44.6x) | (24.7x) | |||
| $141M | ($248M) | 25.4x | - | (14.5x) | - | |||
| $2M | ($36M) | 752.3x | 13.7x | (32.7x) | 46.2x | |||
| $141M | $49M | 12.3x | - | 35.5x | - | |||
| $36M | ($48M) | 46.9x | - | (35.2x) | - | |||
| $19M | ($92M) | 91.5x | - | (18.9x) | - | |||
| $27M | ($4M) | 58.1x | 11.8x | (419.7x) | 25.1x | |||
This data is available for Pro users. Sign up to see all Kunlun Core competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Kunlun Core
| When was Kunlun Core founded? | Kunlun Core was founded in 2011. |
| Where is Kunlun Core headquartered? | Kunlun Core is headquartered in Beijing, China. |
| Is Kunlun Core publicly listed? | No, Kunlun Core is a private, VC-backed company. |
| What is Kunlun Core's valuation? | Kunlun Core was last valued at $3B in its undisclosed-stage round in December 2025. |
| How much funding has Kunlun Core raised? | Kunlun Core has raised $539M across 2 funding rounds. |
| What was Kunlun Core's last funding round? | Kunlun Core's last funding round was a $286M undisclosed-stage round in December 2025, led by China Mobile fund. |
| Who are Kunlun Core's investors? | Kunlun Core's investors include Beijing Artificial Intelligence Industry Investment Fund, China Mobile fund and Social Security Fund Zhongguancun Independent Innovation Investment Fund. |
| What is Kunlun Core's revenue? | Kunlun Core's latest recorded revenue is $507M (December 2025). |
| What is Kunlun Core's revenue multiple? | Kunlun Core's latest valuation implies a 6.0x revenue multiple ($3B valuation on $507M of revenue). |
| Which companies are comparable to Kunlun Core? | Companies comparable to Kunlun Core include Sunrise, Xsight Labs, Tenstorrent, SiFive, Core Scientific and D-Wave Quantum. |
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