2026's First A-Share IPO: Enflame Technology STAR Market Application Accepted, Plans to Raise 6 Billion Yuan for AI Chips
Enflame Technology's STAR Market IPO application has been accepted, becoming 2026's first A-share IPO. The company plans to raise 6 billion yuan to expand AI chip R&D.
Shanghai — Enflame Technology Co., Ltd.'s STAR Market IPO application has been recently accepted, becoming the first IPO application to be accepted in the A-share market in 2026. This news has sparked widespread industry attention, marking domestic AI chip companies are accelerating their path to capital markets.
2026's First A-Share IPO
On the evening of January 22, the Shanghai Stock Exchange website showed that Enflame Technology's STAR Market IPO application had been accepted, making it the first IPO application accepted in the A-share market in 2026. This is another member of the "domestic GPU four dragons"—Moore Threads, MetaX, Biren Technology—formally entering the capital market after Enflame.
Enflame plans to raise 6 billion yuan in this public offering, with raised funds to be used for R&D and industrialization projects of 5th and 6th generation AI chip series products, advanced AI software-hardware collaborative innovation projects, and more. This financing scale also makes it the fourth largest STAR Market IPO since 2025.
Not Yet Profitable, Cumulative Losses Near 5.2 Billion Yuan
Due to industry characteristics, Enflame has not yet achieved profitability. Data shows that from 2022 to 2024 and the first three quarters of 2025, the company's cumulative losses approached 5.2 billion yuan. This phenomenon is relatively common in the domestic AI chip industry, where early R&D investment is large and commercialization takes time.
However, losses have not dampened capital market enthusiasm for Enflame. Industry analysts analyze that with rapid AI technology development, demand for domestic AI chips is booming, and Enflame's future development prospects are promising.
Raising 6 Billion Yuan: Expanding AI Chip R&D
According to the prospectus, Enflame plans to use raised funds primarily for:
Next-gen AI Chip R&D: Advancing R&D and industrialization of 5th and 6th generation AI chip series products, targeting international vendors' high-end product performance.
Software-Hardware Collaborative Innovation: Carrying out advanced AI software-hardware collaborative innovation projects to enhance overall solution capabilities.
Securing Computing Power Needs: Ensuring long-term demand for high-quality AI computing power for China's AI industry.
Domestic GPU Four Dragons Gather in Capital Market
Enflame's IPO acceptance means that among the "domestic GPU four dragons"—Moore Threads, MetaX, Biren Technology, and Enflame—three have officially started their journey to capital markets. This reflects the rapid development period the domestic AI chip industry is experiencing.
Industry insiders pointed out that AI chips are the infrastructure of the AI industry, and the importance of domestic alternatives is increasingly prominent. With dual drive from policy support and market demand, domestic AI chip companies are ushering in the best development opportunities.