AI foundation model companies in China and the United States are accelerating their capital market plans, with proposed listing venues covering U.S. stocks, China’s A-share market, and Hong Kong, according to BlockBeats on July 17.
BlockBeats grouped the companies in the queue into three categories: those that have already filed, those preparing or under evaluation, and those that have only expressed listing intentions.
Companies that have already filed
Anthropic and OpenAI are described as the closest to market. Both companies have confidentially submitted S-1 filings.
Anthropic confidentially filed its S-1 on June 1 and is seeking a U.S. listing. The earliest possible listing window is the fourth quarter of 2026. Its latest post-money valuation was about 965 billion yuan, with 65 billion yuan raised in its latest round and about 132 billion yuan in cumulative funding.
OpenAI confidentially filed its S-1 on June 8 and is also targeting a U.S. listing. Its earliest projected listing time is the fourth quarter of 2026. The company’s latest post-money valuation was about 852 billion yuan, with 122 billion yuan raised in its latest round and about 180 billion yuan in total funding.
Companies in preparation or evaluation
DeepSeek has started preparing for an A-share listing. Its latest pre-money valuation was about 71 billion yuan, with 7 billion yuan raised in its latest round and about 7 billion yuan in cumulative funding. The company plans to submit materials by the end of 2026 and list in 2027.
Moonshot AI is conducting an early assessment for a Hong Kong listing and has already contacted investment banks. Its latest post-money valuation was about 20 billion yuan, with 2 billion yuan in its latest round and more than 5 billion yuan raised in total. No clear listing timetable has been disclosed.
StepFun has reportedly confidentially submitted listing documents in Hong Kong. Its latest valuation was about 12 billion yuan, with its latest financing round approaching 2.5 billion yuan and cumulative fundraising above 3 billion yuan. A specific listing date has not been set.
Companies that have only expressed intent
Baichuan Intelligence has expressed an intention to list, but related procedures have not started and the proposed venue has not been determined. The company’s latest valuation was about 20 billion yuan, its latest round brought in 5 billion yuan, and cumulative funding was about 7.5 billion yuan. It is expected to start listing work in 2027.
Perplexity has likewise not formally launched its listing process. It is targeting a U.S. listing, with a latest valuation of about 21 billion yuan, 200 million yuan in its latest financing round, and about 1.7 billion yuan in cumulative funding. The company plans to list in 2028.