Beijing-based DataCanvas, founded in 2013, has shifted its business model from AI software services to computing infrastructure and cloud operations. The company filed for a Hong Kong IPO on September 29, 2026, following a significant transformation of its revenue streams.
In 2023, AI software services accounted for 76.5% of the company's revenue, but by the first half of 2026, this contribution dropped to 0.1%. Revenue from software services fell from RMB 81.3 million in 2023 to less than RMB 500,000 in the first half of 2026.
The company pivoted to infrastructure solutions in 2023, which generated RMB 24.9 million that year and grew to over RMB 1 billion by 2025, representing 91.2% of total revenue. Cloud services, launched in September 2024, reached RMB 153.8 million in the first half of 2026.
Total annual revenue increased from RMB 106.2 million in 2023 to RMB 1.10 billion in 2025, marking a compound annual growth rate of 221.5%. The number of cloud service enterprise customers grew from two in 2024 to 84 in the first half of 2026.
Financial performance shows a narrowing adjusted net loss, which decreased from RMB 194.3 million in 2023 to RMB 14.9 million in the first half of 2026. Gross margins fluctuated, dropping to 11.7% in 2024 before recovering to 31% in the first half of 2026.
DataCanvas plans to use IPO proceeds for research and development, expanding computing resources for data centers, and strengthening sales channels. The company continues to utilize its Alaya NeW OS software to manage computing resources and workloads.
