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

ChinaBeijing

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

Kunlun Core valuation by funding round
DateStageValuationRevenue Multiple
Dec 2025Undisclosed stage$3B6.0x

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

Kunlun Core revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2025$507M$3B6.0xUndisclosed 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

Kunlun Core funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2025Undisclosed stageChina Mobile fund (lead)$286M$3BKunlun 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 2024Undisclosed stageBeijing 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

Investors in Kunlun Core by funding rounds participated
InvestorHQRoundsRoleFirst check
Beijing Artificial Intelligence Industry Investment FundChinaBeijing1LeadJun 2024

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Kunlun 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.

Public and private companies comparable to Kunlun Core
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SunriseChinaHangzhouPrivate--$3B-
Xsight LabsIsraelKiryat GatPrivate--$2.8B-
TenstorrentCanadaTorontoPrivate--$2.7B-
SiFiveUnited StatesSan Francisco, CAPrivate$116M-$3.6B-
Core ScientificUnited StatesUnited StatesPublicly listed$319M($211M)$5.5B13.9x
D-Wave QuantumUnited StatesUnited StatesPublicly listed$25M($373M)$6.7B166.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ChronoScale$72M$21M42.5x-147.6x-
Xanadu$3M($47M)629.3x281.8x(44.6x)(24.7x)
Ionic Digital$141M($248M)25.4x-(14.5x)-
SharonAI$2M($36M)752.3x13.7x(32.7x)46.2x
Silex Microsystem$141M$49M12.3x-35.5x-
IQM Quantum Computers$36M($48M)46.9x-(35.2x)-
Pasqal$19M($92M)91.5x-(18.9x)-
Boost Run$27M($4M)58.1x11.8x(419.7x)25.1x

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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.

See companies similar to Kunlun Core

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