Alibaba-Backed Vast AI 3D Modeling Startup Weighs Hong Kong IPO

Vast Nears a $1 Billion Hong Kong Listing

Bloomberg reported on August 4 that Vast, a Chinese artificial intelligence startup specializing in 3D model generation, is weighing an initial public offering in Hong Kong. The company is working with Bank of America and China International Capital Corporation on a potential share sale, according to people familiar with the matter. No final decision has been made, and discussions about listing size and timing are still ongoing.

The interest from two major Western and Chinese banks signals that Vast is being taken seriously as a credible public-market candidate. Hong Kong has become the preferred venue for Chinese tech IPOs in recent years, and Vast would join a crowded queue of AI companies trying to list there.

From MiniMax to a Unicorn in Three Years

Vast was founded in 2023 by Simon Song Yachen, who was previously a co-founder of MiniMax, another prominent Chinese AI lab. Backers include Alibaba Group, Baidu, and INCE Capital. The company recently raised approximately $200 million, pushing its valuation past $1 billion and into unicorn territory.

That fundraising pace is remarkable for a company that is only three years old. It also reflects how much investor appetite exists for AI infrastructure plays, even as some Chinese tech stocks have faced regulatory headwinds.

What Vast Actually Builds

Vast's main product is Tripo Studio, an AI platform that generates three-dimensional models from text prompts or single 2D images. A game developer can type a description, upload a photo, or combine both, and the system returns a textured, rigged 3D model in seconds. The output is not a static mesh: it is a model ready to drop into a game engine or design tool.

The company is best known for its work with NetEase on the open-world Wuxia role-playing game Where Winds Meet. Players can upload real-life photos and immediately generate interactive 3D avatars. That integration gave Tripo Studio exposure to a large gaming audience and demonstrated that the technology works at consumer scale, not just in demo videos.

Tripo Studio charges from $20 per month with additional token-based billing for heavier usage. The platform reports roughly 20 million users, with the largest share coming from the United States, followed by Europe, Japan, and South Korea.

Competition and Market Context

The 3D-generation space is becoming crowded fast. Tencent offers Hunyuan 3D through its AI division, and Silicon Valley startup Meshy is building a similar text-to-3D product aimed at game developers and designers. Vast's advantage is its head start in Asia, its NetEase partnership, and the resources that come with Alibaba and Baidu as shareholders.

The Hong Kong IPO would test whether investors believe AI-generated 3D assets are a durable, scalable business. The technology is genuinely useful: game studios, architects, and product designers all need 3D content faster than they can produce it by hand. Whether that need translates into a public-market valuation that sustains a $1 billion-plus price tag is the question Vast is about to answer.

If the IPO proceeds, it will be one of the clearest signals yet that AI-native 3D content is moving from a research curiosity to a mainstream software category.