SiliconFlow said it has completed the second tranche of its B+ round and a new C round, with the company’s cumulative equity financing in 2026 approaching RMB 2.9 billion. The individual deal sizes were not disclosed. The company describes itself as a third-party AI inference infrastructure provider that turns computing power and models into tokenized services that can be called directly.
Based on 2025 annual token throughput, SiliconFlow ranked fourth among token suppliers in China with a 1.5% market share. The top three were Volcano Engine at 42.7%, Alibaba Cloud at 32.5%, and Baidu AI Cloud at 11.8%, together accounting for about 87% of the market. SiliconFlow reported 2025 revenue of RMB 55.33 million, a net loss of RMB 345 million, and an overall gross margin of -24%.
The investor lineup carried a strong state-backed profile, including China Internet Investment Fund, Guoxin Fund, China Mobile Chain Growth Fund, and China Orient Asset International, while Yaotu Capital, Shengyi Capital, and Guotai Venture Capital made follow-on investments. SiliconFlow had already filed with the Hong Kong Stock Exchange at the end of June and is seeking a main board listing under Chapter 18C for pre-commercial companies. The update came as Beijing rolled out what was described as China’s first provincial-level token economy policy.
SiliconFlow said it has completed the second tranche of its B+ financing round and a C round. The company is a third-party AI inference infrastructure provider that converts computing power and models into token services that can be directly called.
Its cumulative equity financing in 2026 has approached RMB 2.9 billion. The size of each of the two latest rounds was not disclosed.
Market position and financials
Based on 2025 annual token throughput, SiliconFlow ranked fourth among all token suppliers in China with a 1.5% market share. The top three were Volcano Engine, Alibaba Cloud, and Baidu AI Cloud, with shares of 42.7%, 32.5%, and 11.8%, respectively. Together, they accounted for about 87% of the market.
For 2025, SiliconFlow posted revenue of RMB 55.33 million, a net loss of RMB 345 million, and an overall gross margin of -24%.
Investors and listing plan
The latest financing brought in a group of investors with a strong state-backed profile, including China Internet Investment Fund, Guoxin Fund, China Mobile Chain Growth Fund, and China Orient Asset International. Existing investors Yaotu Capital, Shengyi Capital, and Guotai Venture Capital also increased their stakes.
At the end of June, the company filed an application with the Hong Kong Stock Exchange. It is seeking a main board listing under Chapter 18C for "pre-commercial companies."
Policy backdrop
Beijing has recently released what the report described as the country’s first provincial-level policy dedicated to the token economy. The policy calls for building a "world-class token factory" and lists inference engines, model-chip adaptation, and heterogeneous computing power among its priority areas.
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