Computing Power Unicorn xFusion Eyes IPO With Valuation Exceeding 50 Billion Yuan

Another Computing Power Unicorn Knocks on A-Share's Door

The A-share market is about to welcome a heavyweight "computing power unicorn." xFusion Digital Technologies Co., Ltd. (hereinafter referred to as "xFusion") submitted its IPO coaching filing in January this year and completed the entire coaching process in just over four months — a pace that has turned heads across the industry. The company's valuation has reportedly crossed the 50 billion yuan threshold, positioning it to become one of the most closely watched IPO projects in the computing power sector in recent years.

Headquartered in Henan province, xFusion is by no means a startup built from scratch. Its predecessor was Huawei's X86 server business, carrying inherent technological DNA and deep industrial expertise. Since its establishment, the company has completed at least eight rounds of equity financing, attracting over 30 VC/PE firms.

Huawei Genes: From Spin-Off to Independent Rise

xFusion's origins are far from ordinary. In 2021, amid shifting international dynamics, Huawei decided to spin off its entire X86 server business, which was taken over by xFusion and operated as an independent entity. This decision was both a strategic adjustment by Huawei in response to external pressures and a rare opportunity that provided xFusion with a solid industrial foundation for independent development.

After the spin-off, xFusion inherited Huawei's years of accumulated technical capabilities, supply chain resources, and customer networks in the server domain. Leveraging these inherent advantages, the company quickly established a firm foothold in the domestic computing power market. Henan Chaojuneng Technology Co., Ltd. became its controlling shareholder with a 31.38% stake, and the majority shareholder of Chaojuneng is Henan's state-owned capital platform — Yuxin Electronic Technology Group. This means xFusion secured strong backing from local state-owned capital after becoming independent.

Notably, xFusion's second-largest shareholder is China Mobile Capital, a subsidiary of China Mobile, holding a 15.14% stake. The entry of telecom operator capital not only brought financial support but also implies natural synergies in scenarios such as computing power networks and intelligent computing centers. The shareholder combination of Henan state-owned capital and a central state-owned telecom operator has built xFusion a dual moat encompassing both policy resources and industrial ecosystem advantages.

Capital Rush: Over 30 Firms Bet on the Computing Power Track

Since its establishment, xFusion has completed at least eight rounds of equity financing, boasting an impressive roster of investors with over 30 VC/PE firms behind it. The smooth progression of multiple funding rounds reflects both the company's own technical strength and market position, as well as the capital market's strong bullishness on the computing power infrastructure sector.

Under the narrative of "computing power equals national destiny," the computing power sector has become one of the hottest investment areas in the primary market. From chip design to server manufacturing, from intelligent computing center construction to computing power scheduling platforms, quality targets across the entire value chain are being rapidly discovered by capital. With its Huawei technology lineage, state-owned capital backing, and server market share advantages, xFusion has naturally become a focal point of capital competition.

A valuation of 50 billion yuan already places xFusion in the top tier among A-share technology companies. If it successfully goes public, xFusion will not only become a landmark IPO in the computing power sector but will also further solidify Henan's position in the digital economy landscape.

Policy Tailwinds: Computing Power Infrastructure Enters Full Acceleration

xFusion's IPO sprint comes at a policy window for the computing power industry. The 2026 Government Work Report explicitly proposed "building new forms of intelligent economy" and included "ultra-large-scale intelligent computing clusters and computing-electricity coordination" among key directions for new infrastructure. From top-level design to local implementation, computing power infrastructure construction is being rolled out comprehensively.

From the eastern coast to the western interior, from first-tier cities to emerging hub cities, regions across the country are deploying intelligent computing center projects. The "Eastern Data, Western Computing" initiative continues to advance, and a nationwide computing power network backbone is taking shape. In this process, servers — as the core hardware of computing power infrastructure — are seeing continuously rising demand.

Meanwhile, the demand for computing power from large model training and inference is growing exponentially, further driving up procurement demand for high-performance servers. The sector xFusion operates in stands at the intersection of technological revolution and policy dividends.

Challenges and Outlook: The Path to Independence Still Requires Validation

Despite the broad prospects, xFusion's IPO journey still faces considerable challenges. First, as a company born from Huawei, how it truly achieves independence in R&D, brand building, and market expansion is a core concern for the capital market. Second, in the domestic server market, established players such as Inspur Information, H3C, and Sugon possess formidable capabilities, and the competitive landscape remains fierce.

Additionally, X86 architecture servers face competitive pressure from ARM architecture and the domestic processor ecosystem amid the broader trend of IT application innovation and domestic substitution. How xFusion positions itself amid diverse technology roadmaps and maintains competitiveness will be key to determining its long-term value.

Nevertheless, given the current industry landscape and policy trajectory, the certainty of the computing power sector remains very high. If xFusion successfully lands on the A-share market, it will not only open new capital channels for its own development but also inject confidence into the entire computing power value chain. This "computing power unicorn" born from Huawei is writing its own independent narrative.