IPO News | 3D modeling startup Vast is rumored to be considering going public in Hong Kong with a valuation of US$1 billion

The Zhitong Finance App learned that according to media reports quoting people familiar with the matter, Alibaba (09988) and other participating Chinese 3D modeling startup Vast are considering an initial public offering (IPO) in Hong Kong. According to the news, Vast is cooperating with Bank of America and CICC on potential stock issuance matters. Relevant discussions are still ongoing, and no final decision has yet been made.

According to public information, Vast was founded by Song Yachen in 2023. It focuses on general 3D model research and development, and is committed to building 3D content creation tools and UGC platforms. The company's ecological cooperation has covered leading companies such as Alibaba, Tencent, Byte, NetEase, and Premium Choice. As of July 2026, the company has surpassed 20 million registered users worldwide, served more than 6.5 million creators and 40,000 enterprise customers, and generated nearly 100 million 3D models.

Vast's investors include Alibaba, Baidu, and Weitse Capital. Tripo Studio, the company's product, helps developers and creative professionals generate 3D models based on text and image prompts. Vast is also collaborating with NetEase. In the role-playing game “16 Sounds of Yan Yun,” players can upload photos and generate interactive 3D virtual images in real time.

In July 2026, Vast once again completed an A3 strategic round of financing of more than 1 billion yuan. It received support from leading industry players, game manufacturers, internet companies, etc., and became the latest artificial intelligence company in China with a valuation of 1 billion US dollars.