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Vast, an Alibaba (9988) backed artificial intelligence 3D modeling startup unicorn, is considering a Hong Kong initial public offering, exploring potential share issuance with Bank of America and China International Capital Corporation (3908), Bloomberg reported.
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Discussions are still ongoing, and Vast has not made a final decision on the listing plan, fundraising size, and the timeline, the report said.
Vast, Bank of America, and CICC declined to comment on the matter.
Vast was founded by Simon Song Yachen in 2023. Notably, Song was previously a co-founder of Chinese AI unicorn MiniMax. Vast’s major investors include Alibaba, Baidu (9888), and INCE Capital. It recently raised US$200 million (HK$1.56 billion) in a funding round, achieving a valuation of US$1 billion.
Vast develops Tripo Studio, a platform for game developers to create three-dimensional models from text and image prompts. The company collaborated with NetEase (9999) to develop an open-world Wuxia role-playing game, Where Winds Meet, enabling players to upload real-life photos to quickly create interactive 3D avatars in the game.
Vast’s monthly subscription starts from US$20, with additional billing for token usage. Users can simply write a text prompt or upload a 2D photo, and the system will automatically generate a detailed, ready-to-use 3D model within seconds.
The platform has approximately 20 million users, primarily from the US, followed by Europe, Japan, and South Korea. Its competitors include Tencent's (0700) Hunyuan 3D and Silicon Valley-based startup Meshy.
