- Shanghai startup targets Hong Kong listing after building some of China’s largest AI computing clusters
- Company has remained profitable while serving large-model developers, cloud providers and telecom operators
Infrawaves (基流科技), a Chinese provider of AI computing cluster infrastructure, is raising a pre-IPO financing round as it prepares for a Hong Kong stock market debut, positioning itself to capitalize on surging demand for AI computing capacity.
The Shanghai-based company filed for a Hong Kong listing on April 29 and could become one of the first pure-play AI infrastructure companies to go public in the city if the offering proceeds as planned.
AI computing clusters
Founded in February 2023, Infrawaves develops end-to-end AI computing cluster products and services under its Galaxy brand.
Its offering combines the Mercury hardware stack, which includes communication libraries, network interface cards, switches and optical modules, with the Venus software platform, which supports topology-aware scheduling and multi-layer fault tolerance.
As of April 2026, the company’s technology supported more than 90,000 GPUs and managed over 34,000 PFLOPS of computing capacity online. It has helped deploy four AI computing clusters containing more than 10,000 GPUs each.
According to Frost & Sullivan, Infrawaves ranks as China’s largest independent AI computing cluster provider by 2025 revenue and is among a small group of domestic companies capable of delivering a full-stack AI cluster solution.
Revenue reached 520 million yuan ($76.74 million) in 2025, representing a compound annual growth rate of 304.5% between 2023 and 2025. The company reported adjusted net profit of 20.3 million yuan and 31.1 million yuan in the past two years, remaining profitable throughout the period.
A mega Series D round
Its customers include large-model developers, cloud service providers, academic and research institutions, and telecommunications operators.
Founder Hu Xiaohe holds a postdoctoral degree from Tsinghua University and has more than a decade of research and academic experience in AI infrastructure, distributed computing and high-performance networking.
In April 2026, Infrawaves raised 1.16 billion yuan in a Series D funding round that valued the company at 9.16 billion yuan post-money, making it a unicorn.
Its shareholder base includes state-backed funds, strategic industrial investors and venture capital firms such as LinkX Capital, MiraclePlus, China Merchants Venture, Lingang Group and Henan Investment Group.
A CAGR of 54%
China’s AI computing cluster market is expected to expand from 45.4 billion yuan in 2025 to 389.1 billion yuan by 2030, representing a compound annual growth rate of 53.7%, according to Frost & Sullivan.
Analysts say Infrawaves is operating in one of China’s fastest-growing technology sectors, though intensifying competition and rapid technological change remain key challenges as the market matures.
