AI compute startup DataCanvas (Jiuzhang Cloud) files for Hong Kong IPO after 221% revenue CAGR
智东西 · wechat · 2026-09-30
Beijing-based AI infrastructure provider DataCanvas (Jiuzhang Cloud) has filed for a Hong Kong IPO. Revenue grew from RMB 106M in 2023 to RMB 1.098B in 2025 (221.5% CAGR), with adjusted net losses narrowing to RMB 14.88M in H1 2026. The company controls over 29,000 PFLOPS of compute and serves 150+ enterprise clients through its AIDC infrastructure solutions and cloud compute services, built on its AlayaNeW OS and a pioneering per-unit compute billing standard. Key risks include heavy customer and supplier concentration (80%+) and negative operating cash flow. It has raised 14 rounds from investors including Beijing state funds.
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