What Iluvatar CoreX does

Iluvatar CoreX (天数智芯) is a Chinese fabless semiconductor company that designs and sells general-purpose GPU (GPGPU) chips and full-stack AI computing solutions. Founded in 2015 and headquartered in Shanghai, the company is publicly listed on the Hong Kong Stock Exchange (9903.HK) following its January 2026 IPO. Its product portfolio spans three lines: the TianGai (天垓) training series for cloud AI training workloads (TianGai-100 launched 2021, TianGai-150 with 64GB HBM, and Gen3 entering mass production in Q1 2026); the Zhikai (智铠) inference series for AI inference (Zhikai-50 and Zhikai-100); and the Tongyang (彤央) edge computing series (TY1000, TY1100, TY1100_NX, TY1200) for embedded and embodied AI applications. The company's technology is unified by a proprietary software stack (天数智算软件栈) providing CUDA ecosystem compatibility and a self-developed compiler, operator library, and inference engine, supported by the DeepSpark open-source developer community.

Iluvatar CoreX generates revenue primarily through one-time hardware sales of accelerator cards and modules (89% of 2025 revenue, branded as the 'core GPU business'), supplemented by AI computing solutions and services (customization, model adaptation, deployment support) and a usage-based AI cloud platform. The company sells exclusively to enterprise customers in China — including cloud service providers, financial institutions, hospitals, manufacturers, smart city projects, and robotics firms — via a direct enterprise sales team and a 15+ certified server OEM partner channel. Named flagship accounts include ByteDance (in negotiation for 50,000+ chips), Quzhou People's Hospital, Luckin Coffee, GrLanRuo Robotics, and over 20 pilot cities for vehicle-road-cloud integration programs.

The business has scaled rapidly, with 2025 revenue of RMB 1.03 billion (~$149M), up 92% year-over-year, and core GPU revenue up 149.6%. The company has cumulatively shipped 52,000+ units to 290+ customers across 1,000+ deployments, and reports 56.6% gross margins (2024). It remains unprofitable, with annual losses of approximately RMB 1 billion reflecting heavy R&D investment (R&D headcount is 70%+ of employees). The competitive positioning rests on a regulatory tailwind from US export controls restricting Nvidia, full technology-stack independence from foreign IP, and a four-generation architecture roadmap targeting NVIDIA Rubin performance parity by 2027.

Name

Iluvatar CoreX

Legal name

上海天数智芯半导体股份有限公司

Website

https://iluvatar.com

Company type

Public

Founded year

2018

Operating status

Ipo

Headcount range

101–250 employees

Short description

Iluvatar CoreX is a Shanghai-based Chinese fabless semiconductor company that designs self-developed general-purpose GPU chips and AI computing solutions for cloud training, inference, and edge applications, serving enterprise customers including cloud providers, ByteDance, hospitals, and smart city projects.

Ownership category

akta.pro rank

Product category

AI Semiconductor (GPGPU chips)

NAICS

Computer and Peripheral Equipment Manufacturing (3341), Computer Systems Design and Related Services (54151), Computer Systems Design Services (541512), Custom Computer Programming Services (541511)

SIC

Electronic Computers (3571), Services-Computer Integrated Systems Design (7373), Services-Computer Programming Services (7371)

akta.pro primary industry

Compute & Acceleration ICs (CPU/GPU/AI/FPGA/ASIC) (HDAHABAC)

akta.pro secondary industries

AI Accelerators (GPUs/TPUs/NPUs/ASICs) (HDAAAAAA), Graphics & Accelerator Cards (GPUs, compute accelerators) (HDACAGAA), AI Inference Hardware & Edge Accelerators (HDAAAAAC), Edge AI Hardware & NPUs (SoCs, modules, accelerators) (HDAAAJAC), AI Compiler, Runtime & Kernel Optimization Software (CUDA/ROCm/XLA, graph compilers) (HDAAAAAI)

Keywords

• General-purpose GPU chips
• AI training accelerators
• AI inference accelerators
• Edge computing modules
• GPU computing software

Headquarters

HQ city

Nanjing

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Operations

Revenue model

1. GPU Hardware Product Sales: Sale of proprietary general-purpose GPU chips and accelerator cards (TianGai training series, ZhiKai inference series, Tongyang edge series) to enterprise customers, cloud service providers, data centers, and government/research institutions. One-time hardware purchase model with enterprise procurement cycles. Core GPU business accounted for 89% of total 2025 revenue.
2. AI Computing Solutions & Services: Full-stack AI computing solutions including software stack licensing, customization services, technical support, and system integration. The company provides 'ready-to-use' services combining hardware and proprietary software. Professional services include model adaptation, algorithm optimization, and deployment support. As of June 2025, over 5.2万 units shipped to 290+ customers across financial, medical, internet, education, and autonomous driving sectors.
3. AI Computing Power Services: AI cloud platform providing public cloud access to TianGai-100 GPU for AI painting and other applications. Revenue from compute time consumption on the platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Iluvatar CoreX designs, manufactures, and sells self-developed general-purpose GPU (GPGPU) chips and accelerator cards for AI training, AI inference, and edge computing workloads. The company offers a full-stack portfolio including the TianGai training series (cloud data center GPUs), Zhikai inference series (AI inference accelerators), TongYang edge computing modules (embedded AI for robotics and edge devices), and a proprietary Iluvatar Computing Software Stack that is CUDA-compatible. Products are sold to enterprise customers including cloud service providers, financial institutions, healthcare providers, internet companies, and government/research institutions across China.

Product overview

Iluvatar CoreX (天数智芯) is a Chinese general-purpose GPU semiconductor company offering a three-tier product portfolio: (1) TianGai (天垓) training series for cloud AI training workloads, including TianGai 100 (BI-V100) and TianGai 150 with 64GB HBM; (2) Zhikai (智铠) inference series for AI inference, including Zhikai 50 and Zhikai 100 (MR-V100) acceleration cards supporting up to 128-channel video decoding; and (3) TongYang (彤央) edge computing series for edge AI comprising TY1000, TY1100, TY1100_NX, and TY1200 (300TOPs) modules targeting AIPC, embodied AI, and robotics. The product line is unified by the proprietary Iluvatar Computing Software Stack (天数智算软件栈) providing heterogeneous computing platform with CUDA ecosystem compatibility, and supported by the DeepSpark open-source community for developer ecosystem engagement. The company positions as China's first to achieve mass production of general-purpose GPUs supporting both AI training and inference, serving 290+ customers with 52,000+ cumulative shipments as of mid-2025.

Differentiator

Problem solved

Functional benefit

Brands

• 天垓 (TianGai): Training series GPU products for AI training workloads
• 智铠 (Zhikai)
• 彤央 (Tongyang)
• DeepSpark
• 天数智算软件栈

Products and services

• TianGai 100 (天垓100) Cloud Training GPU
• TianGai 150 (天垓150) Training GPU
• Zhikai 100 (智铠100) Inference GPU
• TongYang TY1000 (彤央TY1000) Edge Computing Module
• TongYang TY1100 (彤央TY1100) Edge Computing Module
• TongYang TY1100_NX (彤央TY1100_NX) Edge Computing Terminal
• TongYang TY1200 (彤央TY1200) High-Performance Edge AI Terminal
• Iluvatar Computing Software Stack (天数智算软件栈)
• AI Cloud Platform (gpu.ai-galaxy.cn)

Quantifiable outcome

• 238% year-to-date stock price appreciation by June 2026, reflecting market validation of commercial trajectory
• +8 more outcomes

Named customers6 records

Segments9 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability13 records

Feature7 records

Partnerships

16 partnerships are on record, tiered core, major, flagship and minor.

• DeepSpark Open Source Community Ecosystem PartnerscoreOthers · 26 January 2026DeepSpark is Iluvatar CoreX's proprietary open-source community for AI and general-purpose computing application development. Features the 'Hundred Applications Open Platform' with open-source algorithms and models across AI domains. Community attracts developers and builds ecosystem loyalty around Iluvatar hardware.
• Shanghai AI Laboratory (OpenDataLab & DeepLink Teams)coreStrategic or Co-development PartnerIluvatar CoreX deeply contributed to the SuperNode Technology Whitepaper led by Shanghai AI Lab's DeepLink team, jointly with 8 top universities and 16 industry partners. Also completed deep adaptation of MinerU intelligent document parsing engine on Iluvatar computing platform. Strategic collaboration for AI ecosystem standards.
• Tsinghua University (Electronic Engineering Department)coreStrategic or Co-development PartnerTsinghua University Electronic Engineering Department conducts deep school-enterprise exchanges with Iluvatar CoreX, including talent cultivation, joint research, and achievement translation. Executive Director Sun Yile (Tsinghua 1997 alumnus) facilitates cooperation. Topics include chip architecture, engineering implementation, and industry applications.
• Zhejiang UniversitycoreStrategic or Co-development PartnerJoint laboratories and scholarships established with Zhejiang University for chip talent development. Part of Iluvatar CoreX's university partnership program to build technology talent pipeline.
• Zhongjin Yuneng Education Technology Group (中金育能教育科技集团)majorStrategic or Co-development PartnerStrategic cooperation signed December 2021 in smart sports, smart training, and intelligent auxiliary diagnosis. Combines AI, IoT, and big data with professional sports training technology. Iluvatar's TianGai/ZhiKai products power AI-driven sports posture assessment and campus safety applications.
• Yilu Hui & Hailai Cloud Intelligence (医路汇 & 海莱云智)majorImplementation/ SI/ Consulting PartnerIluvatar CoreX partnered with Yilu Hui and Hailai Cloud Intelligence to build DeepSeek一体机 AI medical solution. ZhiKai-100 GPU provides compute core for Quzhou People's Hospital's local DeepSeek deployment covering electronic medical records, patient analysis, and clinical decision support.
• ByteDanceflagshipChannel Partner/ Reseller/ DistributorByteDance reportedly purchasing at least 50,000 AI inference chips from Iluvatar CoreX for Doubao chatbot and cloud infrastructure. In-talks deal as of June 2026. Would make Iluvatar ByteDance's third major domestic GPU supplier alongside Huawei and Cambricon. Massive commercial win shifting company from government procurement to commercial enterprise.
• GrLanRuo Robotics (格蓝若机器人)majorStrategic or Co-development PartnerGrLanRuo Robotics uses Iluvatar CoreX's Tongyang edge computing products as the 'brain' for embodied AI robots in industrial and production line automation scenarios.
• Luckin Coffee (瑞幸咖啡)majorChannel Partner/ Reseller/ DistributorThousands of Luckin Coffee stores deployed Iluvatar CoreX's Tongyang solutions for video stream processing and consumer data value mining in commercial intelligence applications.
• Zhipu AI (智谱AI)coreTechnology or IntegrationIluvatar CoreX completed 'flash adaptation' of Zhipu AI's GLM-5 flagship model (744B parameters) immediately upon its release in February 2026. Achieved 'release-day compatibility, adapted means usable' with full-chain deep adaptation of the MoE architecture model.
• DeepSeekmajorTechnology or IntegrationDeepSeek-R1-70B model deployed locally on Iluvatar CoreX's ZhiKai-100 GPU for AI medical solutions. Supports trillion-parameter model inference with flexible multi-machine cluster expansion capability.
• DeepLink (上海人工智能实验室)coreStrategic or Co-development PartnerDeepLink team under Shanghai AI Lab led development of SuperNode Technology Whitepaper with Iluvatar CoreX as one of 8 universities and 16 industry partners. Iluvatar contributed technology expertise for AI supercomputing cluster architecture standards.
• Chongqing Liangjiang New AreaminorOthersIluvatar CoreX semiconductor project is among 30 major projects in Chongqing's 100,000 sqm AI innovation hub launched May 2026. Project attracts over 10 leading enterprises and 30 major projects targeting intelligent vehicles, embodied AI, and industry applications.
• 20+ Leading Pilot Cities for Vehicle-Road-Cloud IntegrationmajorStrategic or Co-development PartnerIluvatar CoreX collaborates with 20+ leading pilot cities on 'vehicle-road-cloud integration' (车路云一体化) smart transportation initiatives, verifying vehicle-road coordination solutions using Tongyang edge computing products.
• New H3C (新华三技术有限公司)majorChannel Partner/ Reseller/ DistributorNew H3C certified servers R4900 G6 and R5300 G5 for compatibility with Iluvatar CoreX GPUs. Certified configurations include up to 4-GPU and 8-GPU server deployments.
• Server OEM Ecosystem (安擎, 宝德, 长城超云, 百信, etc.)majorChannel Partner/ Reseller/ DistributorCertified server compatibility with 15+ domestic server brands including 安擎 (EG520-G30, EG940H-G22), 宝德, 长城超云, 百信, 天固信安, 苏州超集, 融科联创, 容天汇海, 恒越, 南京坤前, and others. GPUs pre-validated on certified server models.

Scale indicators11 records

Recent moves15 records

Expansion highlights6 records

Direct peers

• Huawei (Ascend): Huawei's Ascend series (310/910/910B/910C) is the leading domestic Chinese AI training accelerator, shipping approximately 812,000 AI chips in 2025. Both target the same Chinese AI training/inference workloads with similar domestic substitution positioning.
• Cambricon Technologies: Cambricon is China's other leading listed AI chip designer (688256.SH) and a fellow ByteDance domestic GPU supplier alongside Huawei and potentially Iluvatar CoreX. Both target Chinese cloud and edge AI inference workloads with proprietary architectures.
• Biren Technology: Biren Technology is a fellow Chinese GPGPU designer that also listed on the Hong Kong Stock Exchange in January 2026 alongside Iluvatar CoreX, both raising combined multi-billion HKD to fund domestic AI chip competition. Both target NVIDIA replacement in Chinese data centers.
• Moore Threads: Moore Threads is a Chinese fabless GPU designer developing both AI accelerators and graphics cards. Both companies compete for the same domestic Chinese GPU TAM in training, inference, and edge workloads.
• MetaX (沐曦集成电路): MetaX is a Chinese AI GPU startup developing C-series accelerators for training and inference. Both target the same Chinese domestic AI chip market with proprietary GPGPU architectures.

Broad incumbents

• NVIDIA: NVIDIA is the global incumbent whose H100/H200/B200/Rubin series dominate the AI accelerator market. Iluvatar CoreX explicitly targets NVIDIA architecture parity by 2027 and competes directly with NVIDIA in the Chinese market where export controls have created a regulatory moat.
• AMD: AMD's Instinct MI300/MI325 series competes in the same data center AI accelerator category as Iluvatar's TianGai training series. While AMD's direct China presence is limited, it represents the broader competitive set in the GPGPU category.

Emerging players

• Horizon Robotics: Horizon Robotics is a Chinese AI chip designer focused on autonomous driving edge inference, overlapping with Iluvatar CoreX's TongYang edge series in the vehicle-road-cloud integration use case. Both target Chinese automotive and smart transportation edge AI applications.
• Hailo: Hailo develops edge AI processors for computer vision at the edge, overlapping with Iluvatar CoreX's TongYang TY series for embedded AI applications in industrial, retail, and smart city segments.
• Black Sesame Technologies: Black Sesame Technologies is a Chinese AI chip company focused on autonomous driving perception SoCs. It overlaps with Iluvatar CoreX in Chinese smart mobility and edge AI applications, though its focus is narrower (automotive only).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds5 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iluvatar CoreX