SiliconFlow Files for Hong Kong IPO, Gross Margin Turns Negative to -24% in 2025

On June 30, 2025, AI inference infrastructure company SiliconFlow submitted a listing application to the Hong Kong Stock Exchange, aiming to become the "first AI Token factory stock." According to the prospectus, the company's 2025 revenue reached 55.33 million yuan, a year-on-year increase of 653.2%, but its gross margin plummeted from 39.4% in 2024 to -24.0%, with the public cloud service gross margin at -119.0%. The net loss expanded to 345 million yuan, with an adjusted net loss of 187 million yuan. The company explained that the negative gross margin was mainly due to soaring computing costs from the expansion of public cloud services and the issuance of a large number of vouchers to attract users. As of the end of April 2026, the platform had 10.28 million registered users, with a daily average Token throughput of 578.5 billion, serving over 13,000 enterprise customers. According to a Frost & Sullivan report, based on annual Token throughput in 2025, SiliconFlow is the fourth-largest Token supply platform in China and ranks first among independent ecosystem platforms. The company has completed 7 rounds of financing, with a valuation of 7.74 billion yuan, and investors include Alibaba, Meituan, Huawei Hubble, Zhipu AI, SenseTime, among others.