SiliconFlow Files Hong Kong IPO as AI Token Revenue Jumps 653%
SiliconFlow, China’s largest independent provider of artificial intelligence token supply, filed for a Hong Kong stock-market debut Monday, revealing a platform that processed 578.5 billion tokens daily in 2025 but operated with a gross margin of negative 119% on its public cloud business.
The filing, listed on the Hong Kong Stock Exchange website, shows the company’s revenue surged 653% last year amid rising demand for generative AI inference services. Despite the scale expansion, direct costs reached 2.19 renminbi for every renminbi of revenue, down from 3.72 renminbi a year earlier. Compute rental accounted for 86.9% of the cost of goods sold, highlighting the steep infrastructure expenses required to host large language model computations for external developers.
From the sources (3 posts)
@poezhao0605SiliconFlow, China's largest independent token supply platform, just filed for a Hong Kong IPO. The number that stopped me: negative 119% gross margin on its public cloud business. For every Rmb 1 of token revenue, the company spent Rmb 2.1
@poezhao0605A year ago, SiliconFlow's public cloud margin was negative 271.6%. In 2025, it improved to negative 119%. The direction is right. The distance to breakeven is still enormous.
@poezhao0605SiliconFlow processes 578.5 billion tokens a day. Its public cloud gross margin is negative 119%. For every renminbi of revenue, the company spent Rmb 2.19 in direct costs. Compute rental alone consumed 86.9% of cost of goods sold. Its Ho