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IT Home reported on October 30 that SiliconFlow's application for a Hong Kong stock offering and listing has been accepted for filing by the China Securities Regulatory Commission. According to Frost & Sullivan, the company is China's largest independent-ecosystem token provider, with more than 10 million registered users and over 13,000 corporate customers.
IT Home notes that SiliconFlow was founded in 2023 and positions itself as an independent-ecosystem token supply platform. It neither builds its own large models nor sells computing power directly.
Its business model is to use its proprietary inference engine to coordinate heterogeneous chips from vendors including Nvidia, Huawei Ascend, MetaX and Moore Threads, enabling mainstream models such as DeepSeek, Qwen and Kimi to run on pooled computing power, and then provide services externally on a per-token basis. As of June 2026, the platform had supported more than 170 AI models and adapted to more than 10 chips.
SiliconFlow's ties to domestically produced chips are a key part of its business narrative. During the 2025 Spring Festival, the company came to public attention after becoming the first to launch a DeepSeek inference service based on Huawei Ascend. Its user experience and value for money were said to rival leading international GPU solutions. Since then, domestically produced chips from Moore Threads, MetaX and others have also joined its compatibility list, and the company has built up a certain number of deployed projects among state-owned enterprise customers at both the central and local levels.
By annual token throughput in 2025, SiliconFlow ranked fourth in China's overall token supply market, with a share of about 1.5%, and first among independent-ecosystem platforms.
On the financing front, SiliconFlow raised nearly 2.9 billion yuan in equity financing in 2026. Its investors included national-level funds and industrial investors such as the China Internet Investment Fund, Guoxin Fund, China Mobile Chain Leader Fund, China Orient Asset International, Jingneng Fund and Shanghai INESA Intelligent Computing Fund. Existing shareholders including Yaotu Capital, Shengyi Capital and Guotai Venture Capital Group made additional investments. The company said the two financing rounds would focus on research and development of core technologies including its inference engine, heterogeneous computing power scheduling, and model-chip adaptation.
In the developer ecosystem, SiliconFlow's model downloads on Dify Marketplace are in the top tier, and its token calls on OpenRouter are also among the highest in the industry.