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.