Baidu's artificial intelligence chip division, Kunlunxin, is targeting a valuation of $64.6 billion for its planned initial public offering in Hong Kong, according to a report by the Straits Times.
The figure represents a substantial increase from previous market expectations, which had placed the unit's worth at approximately $5 billion.
Investors have reportedly been asked to purchase chips with a value three to seven times their planned subscription amount, a mechanism designed to gauge demand and stabilize pricing ahead of the listing.
The move underscores Baidu's strategy to capitalize on the growing demand for domestic AI infrastructure in China.
Kunlunxin confidentially filed a listing application with the Hong Kong Stock Exchange in January, positioning itself as a key player in the nation's push for semiconductor self-sufficiency.
The high valuation target suggests the company is betting on strong investor appetite for AI-related assets, despite broader geopolitical tensions affecting the tech sector.