Vast Aims $2B Valuation with Alibaba Backing as AI Startups Outpace Crypto

Vast, a Beijing-based AI startup behind Tripo3D.ai, is eyeing a Hong Kong IPO at a $2 billion valuation, roughly double its previous valuation of around $1 billion.

The company specializes in generative AI for 3D modeling and has raised nearly $200 million in its latest funding round, with backing from Alibaba and Baidu Ventures.

Vast's technology focuses on AI-generated 3D content creation, including gaming assets, e-commerce product renders, and design prototypes. The company has zero connection to crypto or blockchain.

Hong Kong is positioning 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.