Vast, an artificial intelligence 3D modeling startup backed by Alibaba and Baidu, is exploring a potential initial public offering (IPO) in Hong Kong. The company is reportedly working with Bank of America and China International Capital Corporation (CICC) on the potential share sale. Discussions are ongoing, and Vast has not yet made final decisions on the listing plan, fundraising size, or timeline.
Vast was founded in 2023 by Simon Song Yachen, a co-founder of Chinese AI unicorn MiniMax. The company recently secured nearly $200 million in a funding round, pushing its valuation to approximately $1 billion. This valuation officially places Vast among China's growing list of AI unicorns. Previous reports indicated a $50 million round in March, backed by Alibaba and Baidu Ventures.
Vast is known for its Tripo Studio platform, an AI-powered tool that allows developers, designers, and creative professionals to generate high-quality 3D models from text descriptions or image prompts. If the IPO proceeds, Vast would join other Chinese AI companies, such as PixVerse, GigaAI, MiniMax, and Zhipu, in seeking capital through Hong Kong's stock market, which has become an increasingly attractive destination for high-growth technology firms looking to avoid political complexities associated with New York listings.
