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Iluvatar CoreX Seeks $850m Amid China's AI-Chip Rally

WireByte Staff · July 8, 2026

Iluvatar CoreX, a Shanghai chipmaker, aims to raise $850m from investors, capitalizing on a surge in demand for homegrown AI chips in China. The company's share price has tripled since January, driven by US export controls that limit access to Nvidia's chips. Iluvatar is in talks to supply ByteDance with 50,000 chips this year, primarily for inference tasks.

Key points

  • Iluvatar CoreX, a Shanghai-based chipmaker, is seeking to raise $850m from investors.
  • The company's share price has more than tripled since January, driven by US export controls limiting access to Nvidia's chips.
  • Iluvatar is in talks to supply ByteDance with at least 50,000 chips this year, primarily for inference tasks.
  • The demand for homegrown AI chips in China has increased significantly due to US export controls.
  • Iluvatar's previous listing in Hong Kong raised roughly $475m, and a successful $850m raise would bring total public market funding to around $1.3bn.

Iluvatar CoreX Seeks $850m Amid China's AI-Chip Rally

Iluvatar CoreX, a Shanghai-based chipmaker, is seeking to raise $850m from investors, capitalizing on a surge in demand for homegrown AI chips in China. The company's share price has tripled since January, driven by US export controls that limit access to Nvidia's chips.

The demand for homegrown AI chips in China has increased significantly due to US export controls. Iluvatar is in talks to supply ByteDance with at least 50,000 chips this year, primarily for inference tasks. Inference is the lighter work of running models rather than training them, making it a more accessible task for chips that may fall behind on the hardest jobs.

Iluvatar's previous listing in Hong Kong raised roughly $475m, and a successful $850m raise would bring total public market funding to around $1.3bn. The company's success is a testament to the growing demand for homegrown AI chips in China, driven by the US export controls.

Sources

WireByte Staff — Editorial Team

The WireByte editorial team synthesises technology news from multiple primary sources, verifies the facts, and links every source. Articles are produced with AI assistance and reviewed under our editorial policy.