- Pre-IPO RoundUndisclosed — Pre-IPO financing has launched, targeting a pre-money valuation of USD 50B, with final closing planned for August 27; the company has completed joint-stock restructuring and expects to file with the HKEX before September 30, with listing anticipated in late 2026 or Q1 2027.
- Series F RoundUSD 3.5B — Closed its F round totaling over USD 3.5B, led by the National Artificial Intelligence Industry Investment Fund and Alibaba, with a post-money valuation of USD 35B; the round was terminated early due to strong subscription interest from institutions.
- Series D++ RoundUndisclosed — Closed Series D+ round; investors include IDG Capital, Huamin Investment, China Life Yangtze River Delta Sci-Tech Innovation Fund, Kaikaimen Investment, Lingang Frontier Investment, and Junhe Capital. Amount undisclosed.
- Series D RoundUSD 2B — Closed its Series D round USD 2B, invested by Meituan Longzhu, China Mobile, and CITIC Capital.
- Series C++ RoundUSD 700M — Closed a Series C+ round of over USD 700M, invested by Alibaba, Tencent Investment, 5Y Capital, Andon Health, Gaorong Capital, Cathay Capital and others.
- Series C RoundUSD 500M — Closed Series C round of USD 500M, with a post-money valuation of USD 4.3B.
- Series B RoundUSD 300M — Closed Series B exceeding USD 300M, with participation by Tencent Investment, Gaorong Capital, Alibaba, and 37 Interactive Entertainment Venture Fund, among others.
Physix Frontier