# Enflame

> Tencent-backed Shanghai AI chipmaker — $912M STAR Market IPO (688801.SS); closed up 179%; Tencent was 83.79% of 2025 revenue.

## Why it is interesting

September 11, 2026: Reuters said Shanghai Enflame Technology (688801.SS) raised 6.12 billion yuan ($912 million) on Shanghai’s STAR Market and closed up 179%. Tencent is the largest shareholder (17.95% after the offering) and accounted for 83.79% of 2025 revenue. The company is not profitable. Offer-price market cap was about 61.2 billion yuan (~$9.1 billion); closing cap about 171 billion yuan (~$25.5 billion) at 397 yuan.

## Profile

- **Latest funding:** Not publicly disclosed
- **Latest known valuation:** ~$9.1B at offer; ~$25.5B at close (Reuters) (September 2026)
- **Total disclosed equity funding:** Not publicly disclosed
- **Stage:** public
- **Status:** public
- **Industries:** N/A
- **Coverage:** full
- **Last updated:** 2026-09-11

## Key facts

- Sep 11, 2026: STAR Market IPO; 6.12B yuan ($912M) raised (Reuters); ticker 688801.SS
- Close 397 yuan, +179%. Offer-price cap ~61.2B yuan (~$9.1B); close cap ~171B yuan (~$25.5B)
- Tencent 17.95% post-deal and 83.79% of 2025 revenue — concentration, not a diversified book
- 2025: revenue 990.2M yuan (~$148M), net loss 1.16B yuan (~$173M). Not profitable
- Compare to Unitree’s Aug 19 STAR listing, not to a US private inference-silicon mark

## Funding history

- STAR Market IPO · $912M (~¥6.12B) · September 2026
  Source: Https://www.reuters.com/world/asia-pacific/tencent-backed-enflame-open-up-188-shanghai-debut-after-912-million-ipo-2026-09-11/

## Related articles

- https://venturecapitaltracker.com/2026-enflame-912m-star-market-ipo-tencent
- https://venturecapitaltracker.com/2026-september-10-11-investment-news-tar-pinegrove
- https://venturecapitaltracker.com/2026-september-vc-news

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 11, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/enflame