阶跃星辰三年估值达120亿美元

做的是什么生意

Builds general-purpose multimodal foundation large models (Step-1 through Step-3.5 series) and supplies model capabilities to device makers such as smartphone and automotive manufacturers.

启动资金：November 2023 Series A of tens of millions of US dollars; investors were 5Y Capital (五源资本), Qiming Venture Partners (启明创投), and Sequoia China (红杉中国).

起因

In April 2023, Jiang Daxin, former Microsoft Global Vice President and Chief Scientist of the Microsoft Asia Internet Engineering Academy (微软亚洲互联网工程院), founded StepFun in Shanghai. At that time, ChatGPT had just ignited the Chinese large-model startup wave, and the company entered with a Microsoft-affiliated team; in November of the same year, it completed a Series A of tens of millions of US dollars (5Y Capital, Qiming Venture Partners, Sequoia China) and began training the hundred-billion-parameter model Step-1.

经过

In December 2024, the Series B rose to hundreds of millions of US dollars, and Shanghai Guotou entered; in January 2026, the B+ round secured RMB 5 billion, and Tencent (腾讯) invested additional amounts in three consecutive rounds; in February 2026, it recruited Megvii (旷视科技) founder Yin Qi as President, and Step 3.5 Flash entered the top three of the OpenClaw agent platform usage rankings; the model was deployed through OPPO smartphones and Geely Auto (吉利汽车) systems.

结果

In May 2026, it completed a US$2.5 billion Pre-IPO round, with joint investment from ZTE (中兴通讯), Huaqin Technology (华勤技术), Tencent Investment, OmniVision Group (豪威集团), and Longcheer Technology (龙旗科技); the market estimated its valuation at about US$12 billion. The company subsequently dismantled its Cayman red-chip structure and prepared for a Hong Kong IPO, entering the IPO countdown.

可借鉴之处

大模型领域，融资速度就是产品：快速融资扩大算力叙事，估值从数百万美元增至120亿美元，说明资本先行胜过盈利先行。