Enflame AI Chip IPO Raises $912M, Shares Surge 179%

Chinese AI chip developer Enflame raised 6.12 billion yuan ($912 million) in its IPO, with shares closing 179% higher. Retail investors ordered 6,109 times more shares than available, pushing the company's market cap to 171 billion yuan ($25.5 billion). Tencent, its largest customer and shareholder, accounts for over 83% of its 2025 revenue. Founded in 2018, Enflame makes data center AI chips and expects revenue to more than double in the first nine months of 2026. The company plans to use IPO proceeds to develop next-generation accelerators and anticipates reaching profitability by late 2026 or 2027.