Vast targets $2B valuation with Alibaba backing as AI startups outpace crypto for investor attention

Vast, a Beijing-based AI startup specializing in generative AI for 3D modeling, is targeting a $2 billion valuation for its Hong Kong IPO, double its recent private valuation of approximately $1 billion, with Bank of America and China International Capital Corp. guiding the process. The company, backed by Alibaba and Baidu Ventures, raised nearly $200 million in its latest funding round, and its planned listing highlights investor preference for AI startups over crypto firms in Hong Kong.

Via vast.ai Vast targets $2B valuation with Alibaba backing as AI startups outpace crypto for investor attention The Beijing-based 3D AI startup's planned Hong Kong IPO signals where big money is flowing, and it's not into tokens A 29-year-old founder, a billion-dollar valuation, and Alibaba’s checkbook. Vast, the Beijing-based AI startup behind Tripo3D.ai, is eyeing a Hong Kong IPO at a $2 billion valuation, roughly double what it was worth after its most recent private funding round. The company, which specializes in generative AI for 3D modeling, raised nearly $200 million in its latest funding round, pushing its valuation to approximately $1 billion. Now it wants to go public at twice that number, with Bank of America and China International Capital Corp. CICC reportedly guiding the process. From unicorn to IPO candidate in months Back in March 2026, the company secured a $50 million round with backing from both Alibaba and Baidu Ventures. Months later, it closed a funding round nearly four times that size. The startup’s technology focuses on AI-generated 3D content creation, including gaming assets, e-commerce product renders, and design prototypes. Founder Simon Song Yachen is 29 years old. The company has zero connection to crypto or blockchain. Hong Kong’s dual identity Hong Kong has spent the past two years trying to position itself as both an AI hub and a regulated crypto center. It approved spot Bitcoin and Ethereum ETFs, courted Web3 firms, and signaled openness to digital asset innovation. The marquee listings generating buzz in Hong Kong right now aren’t crypto exchanges or blockchain platforms. They’re AI companies like Vast, benefiting from a wave of Chinese tech firms seeking public listings. If Vast successfully goes public at $2 billion, having been valued at $1 billion just months earlier, it establishes a template that will encourage more AI startups to follow the same path. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy https://cryptobriefing.com/editorial-policy/ .