Chinese AI chip startup Biren raises approximately $717M in its Hong Kong IPO; institutional and retail tranches were oversubscribed ~26x and ~2,348x, respectively.
Early 2026 funding reflects the AI capex supercycle reaching its peak. OpenAI's $110B raise at a $730B valuation, Anduril's defense-AI war chest, and sovereign wealth fund investments in AI infrastructure dominate. The question is no longer whether AI companies can raise — it's whether the capital deployed will generate returns before the next cycle.