The facts
StepFun at a glance.
Read Oct 20, 2026. Valuations and amounts are copied as each source states them; a figure that is only reported (talks, or people familiar with the deal) is labeled as reported.
- Kind of company
- New frontier labsStart-ups building general AI models to rival the biggest labs.
- Based in
- Shanghai (founded there, per KrASIA), China
- Founded
- 2023KrASIA, Jan 26, 2026
- Last closed-round valuation
- No valuation reported
- What it has shipped
- Has a model or API
Founders
- Jiang Daxin: CEO (background not stated in pages fetched) (KrASIA, Jan 26, 2026)
Reported to be preparing a Hong Kong IPO filing, seeking a US$12 billion valuation (Digitimes headline; sources with knowledge of the plans). Jun 2026
What it has built
Shipped, or not yet.
“Has a model or API” is what our search found: something the public can use or buy, a model or API, research only, or nothing public.
AI phone features with ZTE in mass production, including the Nubia Z80 Ultra
Source2 rounds
Funding, as reported.
Every round we found, with the amount, valuation and investors as the source states them.
| When | Round | Amount | Valuation | Investors named | Source |
|---|---|---|---|---|---|
| Jan 26, 2026 | Series B+ | more than 5 billion yuan ($717 million) | Not stated | Shanghai State-owned Capital Investment, China Life Insurance, Tencent (existing, increased stake) | Caixin Global |
| May 8, 2026 | Pre-IPO round (reported) | US$2.5 billion | Not stated | Huaqin Technology, OmniVision, ZTE, Hong Kong Investment Corporation | The Standard (Hong Kong), citing STAR Market Daily |
Our note
Worth knowing.
Our note: Whether StepFun has filed or listed since June 2026 could not be confirmed (search budget ran out). Valuations for the 2026 rounds were not stated in pages fetched. Rivals Zhipu and MiniMax listed in Hong Kong in January 2026 and are excluded as public.
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