Alibaba-Backed AI Startup VAST Weighs Hong Kong IPO

VAST, a Chinese artificial-intelligence startup backed by Alibaba Group and Baidu, develops text-to-3D technology that turns written prompts into three-dimensional models. The approach could reduce the time and specialist skills required to create digital assets for games, design and other content industries. Its rise highlights how generative AI investment is expanding beyond text and images into tools for producing interactive 3D content.

The company recently raised nearly $200 million, lifting its valuation to at least $1 billion and giving it unicorn status. As of Aug. 5, 2026, VAST was reported to be discussing a potential Hong Kong initial public offering with Bank of America and China International Capital Corp., or CICC. The prospective listing’s size and timetable have not been disclosed, indicating that the deliberations remain at an early stage.