Biren and Iluvatar CoreX Post Triple-Digit Revenue Growth as AI Chip Race Heats Up

Surge in Revenue Amid Competition

Chinese semiconductor companies Biren Technology (比仁科技) and Iluvatar CoreX (伊露瓦塔核心) have reported impressive revenue increases in 2025, marking a significant moment in China's race for AI chip supremacy. Biren's revenue skyrocketed by 207.2% year-on-year to approximately 1.03 billion yuan (US$149 million), surpassing analyst expectations. Meanwhile, Iluvatar CoreX achieved a revenue growth of 91.6%, also reaching the 1.03 billion yuan mark. These figures highlight the growing demand for domestic alternatives to established players like Nvidia.

Ongoing Challenges Despite Growth

Despite the remarkable revenue growth, both companies continue to face financial challenges. Biren reported losses of 16.5 billion yuan, while Iluvatar CoreX's losses stood at 1 billion yuan. This paradox raises questions about the sustainability of their business models in a fiercely competitive landscape. Are these companies primed for long-term success, or will persistent losses hinder their progress?

Market Context and Political Climate

The surge in revenue can be attributed to the increasing adoption of their general-purpose GPUs (GPGPUs). Biren has completed "volume production and at-scale shipment" of its BR106 and BR166 models, while Iluvatar CoreX indicated a staggering 168.5% increase in GPGPU shipments. This growth coincides with China's strategic push for chip self-sufficiency amid ongoing geopolitical tensions, particularly concerning US sanctions that have restricted other firms' access to advanced technologies.

A Broader Trend in AI Chip Manufacturing

Biren and Iluvatar CoreX are not alone in their growth. Other Chinese AI chipmakers, including Cambricon Technologies (寒武纪), Moore Threads (摩尔线程), and MetaX Integrated Circuits, have also reported significant revenue increases as China's appetite for domestic computing power expands. This trend suggests a robust future for the Chinese semiconductor industry, yet the road ahead remains fraught with challenges, including navigating a complex global market and competing against established giants like Nvidia.