Preface: AISpeech's second IPO attempt epitomizes the dilemma faced by local AI enterprises in balancing technological investment with commercial monetization. If successful on the STAR Market with its strategy of "vertical large models + scenario closed loop," it could pave the way for AI companies in vertical fields with a model of "deep technological cultivation + ecosystem integration." However, if it fails again, it may highlight the trust challenges high R&D investment enterprises encounter in their profit cycles within the capital market.

Author | Fang Wensan | Image Source | Network

Two years after its failed IPO attempt on the STAR Market, AISpeech, an AI unicorn, is poised to relaunch its IPO journey.

According to information published on the China Securities Regulatory Commission's official website, AISpeech inked a tutoring agreement with CITIC Securities in April, once again aiming for the capital market.

Founded in Cambridge, UK, in 2007, AISpeech has focused on intelligent speech and language processing since its inception.

Founders Gao Shixing and Yu Kai, hailing from top universities, capitalized on the nascent stage of AI to attract substantial investment, even though commercial applications were yet to materialize.

Rumor has it that in its second year, AISpeech secured tens of millions of yuan in Series A funding from Legend Star and Hetang Venture Capital.

Prior to its initial STAR Market IPO, AISpeech completed eight rounds of financing, amassing over 1 billion yuan. Investors included notable market players and industrial capital such as Alibaba, Foxconn, BAIC Group, Midea Group, Shenzhen Capital Group, and Vision Capital.

Furthermore, in January 2024, AISpeech closed a 200 million yuan financing round, primarily funded by industrial investment and state-backed institutions. This was followed by another 500 million yuan financing round in January 2025, with participation from reputable industrial funds, state-owned platforms, and private equity funds.

During its 2022 rush to the STAR Market IPO, AISpeech planned to issue up to 40.01 million shares, aiming to raise approximately 1.033 billion yuan.

According to the 2024 Hurun China Unicorn List, AISpeech is valued at 10 billion yuan.

In the current industry and capital market landscape, the concept of artificial intelligence continues to garner immense enthusiasm, surpassing previous years.

This phenomenon creates a favorable market environment for AISpeech to revive its listing plans.

Additionally, since the second half of 2024, regulators have repeatedly emphasized their support for high-quality, unprofitable technology enterprises with core technologies, substantial market potential, and significant scientific and technological attributes to list on the STAR Market.

This provides policy-level backing for AISpeech's renewed STAR Market IPO attempt.

Given the confluence of industry growth and capital policy benefits, the current moment presents an ideal opportunity for AISpeech to relaunch its IPO.

For a company like AISpeech, distinguished by its scientific research and innovation capabilities but facing continuous losses in recent years, a STAR Market IPO is the preferred route to achieve its listing aspirations promptly.

The Cause of the First Failed IPO on the STAR Market

In May 2023, AISpeech's initial IPO attempt on the STAR Market was rejected, sparking widespread discussion within the AI industry.

The Shanghai Stock Exchange's Listing Committee raised two pivotal concerns: the insufficiency of the company's hard-tech attributes and questions about its financial sustainability.

At the technical level, doubts about the competitiveness of AISpeech's core technology emerged as a key factor in its failed IPO. The primary issue was its lack of significant technological advantages compared to competitors.

For instance, in terms of speech recognition accuracy, according to 2021 industry report data from Statista, iFLYTEK achieved 98% accuracy in Chinese speech recognition, while AISpeech had yet to release comparable detailed data, fueling market doubts about its technological prowess.

Financial pressures cannot be overlooked either. AISpeech's previously disclosed prospectus revealed that the company has sustained losses for an extended period.

From 2019 to 2022, AISpeech's revenues were 115 million, 237 million, 307 million, and 423 million yuan, respectively, with corresponding net losses of 283 million, 215 million, 335 million, and 297 million yuan.

Such persistent heavy losses and high R&D investments have raised investors' concerns about the company's profitability and business model sustainability.

Finding New Impetus in the Era of Large AI Models

With the accelerated digital transformation across industries, the demand for intelligent speech technology in diverse application scenarios has exploded, further propelling the growth of the intelligent speech industry.

According to relevant data, the global speech recognition market size reached 72.667 billion yuan in 2023 and is projected to grow to 130.895 billion yuan by 2029, with a compound annual growth rate of 9.10%.

Similarly, China's intelligent speech market size has been continuously expanding, reaching 38.2 billion yuan in 2023, increasing to 46.9 billion yuan in 2024, and expected to hit 56.3 billion yuan in 2025.

Against the backdrop of the large model era, AISpeech officially unveiled its self-developed industry language large model DFM-2 in July 2023.

Currently, AISpeech is committed to executing its "cloud + chip" strategy, advancing the large-scale deployment of vertical large models (DFM-2) and full-link dialogue technology in smart terminals such as automobiles and IoT devices, as well as in industry scenarios encompassing conference offices and finance.

During its year of transformation, AISpeech's revenue surged 50% year-on-year, exceeding 600 million yuan. The smart car and home appliance segments contributed over 70% of total revenue; the monthly average compound growth rate of the DFM-2 large model exceeded 60%, while digital government and enterprise-related business revenues doubled year-on-year.

In January 2025, AISpeech secured another 500 million yuan in financing, primarily allocated towards large model scenario implementation.

In February of this year, AISpeech's 1+N central large model assisted SAIC-GM-Wuling and DeepSeek in achieving deep integration, marking its first application in automobiles with Baojun Enjoy becoming the industry's first model to complete real vehicle integration.

Thanks to the central large model's robust engineering capabilities and its support for professional model hot-swapping, AISpeech's Tianqin voice assistant swiftly integrated with DeepSeek within a short period.

In the smart car domain, AISpeech has established collaborations with over 60 renowned automotive brands worldwide, including Mercedes-Benz, Audi, Jaguar Land Rover, BYD, and SAIC-GM-Wuling. It has launched over 200 mass-produced models, with a cumulative shipment volume exceeding 15 million vehicles.

Data indicates that among the top 100 new energy vehicle models by sales in 2024, AISpeech led both in "model coverage" and "terminal sales."

In the smart IoT sector, AISpeech has demonstrated robust growth momentum, with a compound annual growth rate of nearly 40% over the past five years. To date, AISpeech has partnered with nearly 200 customers, jointly creating over 450 benchmark cases.

In the chip arena, AISpeech's annual shipments of self-developed AI chips have surpassed 20 million units for two consecutive years. In 2024 alone, new IoT device shipments reached 160 million units.

Conclusion

While the AI industry is at the forefront, developing practical application scenarios and demonstrating implementation value are crucial for an AI company's successful IPO.

Relying solely on algorithms and narratives is insufficient to support the IPO journey. The capital market anticipates artificial intelligence with tangible value.

References: Straight to IPO: "AI Unicorn AISpeech Restarts IPO," STAR Market Daily: "AISpeech Plans to Restart IPO," Koukou Finance and Economics: "AISpeech's STAR Market Listing Setback, IPO Restarted After Two Years," Vision IoT: "Restart IPO! This AI Unicorn Once Again Leverages a Hundred Billion Commercial Blue Ocean," ECNS Business Circle: "In the Era of Large Models, There is a [New Story] - AI Voice Vendors Fight Again for IPO," Pencil Dao Pro: "A 10 Billion Super Unicorn Emerges: Fourth in the Country"