StepFun's Hong Kong IPO: China's AI Infrastructure Play Goes Public
China's StepFun filed for a Hong Kong IPO at ~$12B in June 2026 after a $2.5B May raise, embedding its models in 40M+ phones and a Geely vehicle deal.
Venture Capital News & Analysis
Funding news, venture capital analysis, investor profiles, and market intelligence.
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Moonshot AI's Sprint to $30B: China's Kimi Maker Raises Again
China's Moonshot AI, behind the Kimi chatbot, closed $2B at $20B in May 2026 and is reportedly seeking $2B more at $30B — a 7x valuation leap in 18 months. September 2, 2026: The Information said it filed confidentially for a Hong Kong IPO and is in talks for a pre-IPO round at $50B — reported.
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Isar Aerospace's €270M: Building Europe's Sovereign Launch Capacity
Germany's Isar Aerospace raised €270M in June 2026 to scale orbital launch — Europe conducted fewer than 10 orbital launches in 2025, and Isar wants to fix that.
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IPO & Exit Watch May–June 2026: The Liquidity Window Reopens
Anthropic's confidential IPO filing, SpaceX's $80B prospectus, Cerebras' listing, and StepFun's Hong Kong filing signal the largest liquidity event in venture history may be near.
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Supabase's $500M at $10.5B: The AI App-Builder Backend Scales Up
Supabase raised $500M at a $10.5B valuation in June 2026, led by GIC, as demand from AI app builders pushes the open-source backend platform to new heights.
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Qianxun Intelligence's 1.5B Yuan Round: China's Embodied-AI Funding Sprint
China's Qianxun Intelligence closed a 1.5B yuan Series A+ in June 2026 — its fourth raise in three months — as embodied-AI capital concentrates in fast movers.