Physix Frontier
Xiaomi
Funding History
- Post-IPOUSD 42.5B — The company's largest single equity financing to date, using the "sell old, issue new" method. At this time, the share price was at a high due to SU7 hype.
- Post-IPO PlacementUSD 23.7B — Placed new shares in 2020, marking the first major equity refinancing after IPO.
- Post-IPO Convertible BondsUSD 860M — Issued concurrently with the 2020 placement, zero-coupon structure to reduce financing costs
- IPOUSD 24.0B — IPO price: HKD 17.00; Market cap at listing: approx. USD 54.3B (at IPO price); Shares issued: approx. 2.18B Class B shares (approx. 10.2% of post-issue Class B shares); Lock-up period: 6-month lock-up for controlling shareholders and cornerstone investors | Source: Prospectus/Exchange disclosures
- Series E and Final Pre-IPO RoundUSD 1.1B — Amount: USD 1.1B; USD 1,100,000,000; post-money valuation: USD 45B; led by undisclosed | Valuation of USD 45 billion set a record for the highest valuation of an unlisted tech company globally at the time. In the four years following this until the 2018 IPO, Xiaomi did not conduct any large-scale primary market financing—expansion during these four years was supported by its own cash flow. | Source: Compiled from public reports
- Series D RoundUndisclosed — Amount: Not disclosed per round; Post-money valuation: USD 10B; Led by Undisclosed | Valuation broke through USD 10B, becoming one of the highest-valued unlisted tech companies in China at the time. | Source: Public report compilation
- Series C RoundUSD 220M — Amount: USD 216M; USD 216,000,000; Post-money valuation: USD 4B; Led by Undisclosed | Valuation rose another 4 times to USD 4B within half a year. This is one of the fastest valuation climbs in Chinese internet history. | Source: Compiled from public reports
- Series B RoundUSD 90M — Amount: USD 90M; $90,000,000; Post-money valuation: USD 1B; Led by Undisclosed | Valuation quadrupled from USD 250M to USD 1B within one year. During the same period, Xiaomi Mi 1 was launched in Aug 2011, with the first batch of 300,000 units sold out upon reservation. | Source: Compiled public reports
- Series A RoundUSD 41M — Amount scope: USD 41M; $41,000,000; Post-money valuation: USD 250M; Led by: Undisclosed | Company founded Apr 6, 2010, completed USD 41M financing by year-end with a USD 250M valuation. At this time, Xiaomi phones had not yet launched (released Aug 2011); investors bought into Lei Jun himself and MIUI's early user growth. | Source: Compiled public reports