Shanghai Iluvatar CoreX Semiconductor Co. raised about $902 million from a share sale in Hong Kong. The GPU maker's stock has soared 257% since its initial public offering in January, which raised $473 million, according to Bloomberg.
The raise comes amid a surge in demand for domestic chipmakers as China pushes for semiconductor self-sufficiency. Iluvatar CoreX focuses on graphics processing units, a critical component in AI and data centers, positioning it to benefit from national tech ambitions.
Bloomberg reported the $902 million figure as approximate. The company's January IPO raised $473 million. Since then, its stock has climbed more than 2.5 times, reflecting strong investor appetite for Chinese chip stocks.
The share sale strengthens Iluvatar's balance sheet for R&D and expansion. It also signals Hong Kong's continued appeal as a fundraising hub for mainland tech firms despite geopolitical headwinds.
Analysts caution that the stock's rapid ascent may have outpaced fundamentals, especially amid export controls and market volatility. A correction remains a risk.