Alkaid Computing files for Hong Kong IPO with fast revenue growth but no profit
AI computing provider Alkaid Computing (九章云极) has filed for a Hong Kong listing; revenue is growing fast but customer concentration is high and operating cash flow remains negative.
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Alkaid Computing (九章云极), a Beijing-based AI computing infrastructure provider, filed its listing application with the Hong Kong Stock Exchange on September 29. The offering size and amount to be raised have not been disclosed.
According to Zhidx reporting and the prospectus, revenue reached 1.098 billion yuan in 2025, up 177.7% year on year, and 588 million yuan in the first half of 2026, up 92.0%. Adjusted net loss narrowed from 206 million yuan in 2024 to 91.3 million yuan in 2025, and 14.88 million yuan in the first half of 2026.
The risks are equally concrete: the top five customers accounted for 88.0% of 2025 revenue, the top five suppliers for 84.8% of purchases, operating cash flow remains negative, and net liabilities stood at 2.644 billion yuan as of June 30, 2026. The company sources computing capacity mainly through long-term arrangements rather than building its own facilities, to limit upfront capital spending.
The company has completed 14 private funding rounds, with Beijing state-owned investors including Beijing State-owned Capital Management and Zhongguancun Capital. Whether the listing proceeds, and at what valuation, depends on the exchange review and market appetite for AI computing assets.