StepFun

Amount: Nearly USD 2.5B (approx. RMB 17B); Nearly USD 2.5B; Post-money valuation: Not officially disclosed (market rumors suggest an IPO target valuation of USD 10–12B, not confirmed post-money for this round); Led by No single lead investor identified (joint investment by industrial and financial investors including CPE Yuanfeng etc.) | Set the record for the largest single financing in the domestic large model sector since 2026, just 4 months after the B+ round. Investors showed extremely strong industrial synergy characteristics: Huaqin and Longqi are top-tier global mobile phone ODMs; OmniVision Group is a leading global image sensor supplier; ZTE has deeply co-created with StepFun in the AI phone field (mass production of flagship models like Nubia Z80 Ultra). HKIC's investment is particularly key—as an official investment platform established by the Hong Kong SAR government, HKIC in the large model field...