Shanghai-based GPU maker Iluvatar CoreX Semiconductor Co. has raised approximately $902 million from a share sale in Hong Kong. The company's stock has soared 257% since its initial public offering in January.
The massive secondary offering comes as demand for GPU chips remains elevated amid the global AI boom. Chinese semiconductor firms have been racing to raise capital to expand production and R&D capacity.
Iluvatar CoreX's January IPO raised $473 million, making it one of the largest tech listings in Hong Kong this year. The latest share sale brings total capital raised by the company to over $1.3 billion in 2025 alone.
The funds are likely to fuel further expansion in AI chip development, a sector where Chinese firms face export restrictions from the U.S. Iluvatar CoreX competes with domestic rivals like Cambricon and international giants such as Nvidia.
Some analysts caution the stock's astronomical rally may not be sustainable given the intensely competitive landscape and regulatory risks in the semiconductor industry.