Alibaba-Backed AI Startup Vast Seeks $2 Billion Valuation in Hong Kong IPO

Vast, a Beijing-based AI startup, is seeking to go public in Hong Kong at a valuation of $2 billion, more than double its previous valuation of $1 billion after its latest funding round. The company's technology focuses on generative AI for 3D modeling and has already secured backing from Alibaba.

Vast raised nearly $200 million in its most recent funding round, which pushed its valuation to approximately $1 billion. Now, the startup is aiming to go public at a valuation of $2 billion with Bank of America and China International Capital Corp. guiding the process.

This move comes as AI startups are gaining attention from investors, surpassing crypto in terms of investor interest. Hong Kong has been trying to position itself as both an AI hub and a regulated crypto center, but it's the marquee listings of AI companies like Vast that are generating buzz right now.