MHX Technology

Automotive Semiconductors · Electric Vehicles · AI Chips

Funding

Li Auto's chip unit MHX raises $243M at $2.5B valuation in debut round

Spinning captive chip units into outside-funded ventures lets automakers chase semiconductor ambitions without straining the parent balance sheet.

• MHX Technology, Li Auto's chip and domain-controller subsidiary, closed its first external financing of RMB1.625B ($242.9M), reaching a $2.5B post-money valuation if lead investor Hangzhou Jingtao fully exercises its subscription right by Dec 31, 2026.
• MHX builds the Mach M100, a 5-nanometer automotive AI chip rated at 1,280 TOPS already powering Li Auto's driver-assistance systems, and plans to sell the chip to outside customers as a 'second growth engine.'
• Li Auto itself supplied RMB1B of the round through a wholly-owned subsidiary, while external investors Hangzhou Jingtao, Lanchi Ventures and Huaye Tiancheng put in RMB625M combined, with MiraclePlus also participating.
• Assuming full exercise of Hangzhou Jingtao's extra RMB500M right, Li Auto retains 74.01% of MHX, external investors hold 6.58%, and an employee incentive vehicle owns 19.41%, with Li Auto continuing to consolidate MHX's results.
• MHX was incorporated just two months earlier, in August 2026, to house Li Auto's existing chip and domain-controller R&D assets and currently has no revenue or operations outside the parent company.
• The deal mirrors NIO's February 2026 spin-off of its chip unit Anhui NeuSemi, which raised RMB2.257B at a near-RMB10B valuation, as Chinese EV makers increasingly carve out in-house silicon to attract outside capital.
• Letting outside investors value a two-month-old chip subsidiary at $2.5B signals how automotive AI silicon has become a standalone asset class, even before any sales outside the parent's own vehicles.