- Profit turnaround marks milestone for hangzhou AI unicorn
- Company aims to scale global expansion and deepen ai-physical world integration
Manycore Tech, a Hangzhou-based spatial intelligence startup, has cleared its listing hearing with the Hong Kong Stock Exchange, moving into the final stage of its initial public offering (IPO) bid.
This latest development also positions Manycore Tech as potentially the first public company focused on spatial intelligence globally.
The IPO, sponsored jointly by JPMorgan and CCB International, would also make Manycore the first among the so-called “Six Dragons of Hangzhou” — a cohort of high-tech startups that gained national attention in early 2025 — to complete a public listing, underscoring investor appetite for next-generation AI infrastructure companies.
Founded in 2011, Manycore develops cloud-native spatial design and simulation software spanning real-world and virtual environments.
Its flagship products include interior design platform Kujiale, overseas version Coohom, and SpatialVerse, a next-generation spatial intelligence platform designed for applications ranging from embodied AI training to e-commerce visualization.
According to its post-hearing disclosure, the company generated 820 million yuan ($113 million) in revenue in 2025, up 8.6% year on year. Gross margin rose to 82.2%, 1.3 percentage points higher than the previous year.
The past year also marked a financial turning point as Manycore swung into profitability, posting adjusted net income of 57.1 million yuan after years of losses.
The company’s growth reflects rising demand for tools that digitize physical spaces and enable AI systems to understand and interact with three-dimensional environments — an emerging layer of AI often described as spatial computing or spatial intelligence.
In 2025, Manycore launched Aholo, an open spatial intelligence platform that packages its core capabilities as infrastructure services, allowing developers and enterprise users to build applications bridging digital simulations and physical-world scenarios.
The platform is designed to accelerate integration between AI models and real-world spatial data.
Heavy research spending has underpinned the company’s expansion. According to the prospectus, between 2023 and 2025, Manycore invested more than 1 billion yuan in research and development, using AI-driven tools to improve engineering productivity and accelerate product iteration.
Proceeds from the planned IPO will primarily fund international expansion, product upgrades and new feature development, brand building and domestic sales expansion, as well as continued investment in core technologies and infrastructure, the company said.
Manycore Tech formally launched its IPO bid by filing a prospectus with the Hong Kong Stock Exchange on February 14, 2025. Following updates to the listing documents in August the same year, the company stated that it plans to issue up to 312 million common shares for trading on the exchange’s main board. The Hong Kong listing procedures began after a withdrawn bid to go public in the US.
