Xinlian Power raises $300M Series C, pivots SiC chips to AI data centres
What's the deal? Xinlian Power, a Chinese compound-semiconductor maker, has raised nearly US$275M in a Series C round, lifting its valuation above $2 billion. China Mobile Chain Chief Fund led the round, which closed in November 2026.
Who else is in? Investors include InspurDealroom has a profile for this one. Try Dealroom →, Sinopec Hydrogen Energy Fund, NAURA Novartis Capital, Jiangfeng Electronics, Changzhou Xingyu, Cathay CapitalDealroom has a profile for this one. Try Dealroom →, Puchao CapitalDealroom has a profile for this one. Try Dealroom →, CCB Equity, CITIC SecuritiesDealroom has a profile for this one. Try Dealroom →, and Galaxy Yuanhui, alongside a state power-grid group. The spread spans telecoms, computing, power grids, and new energy — a shift from the carmakers that seeded the company in 2023.
What does it do? Founded in 2023, Xinlian Power designs, makes, and packages silicon carbide (SiC) and gallium nitride (GaN) chips and modules. Its silicon carbide business ranks first in China and among the top five globally, per a 2025 Yole report.
What's the endgame? The money funds a pivot from electric-vehicle power chips into AI data-centre power supply. Silicon carbide handles high voltages across both EV and data-centre systems, giving the company a path to migrate its manufacturing to new use cases.
Why now? Data centres are moving from traditional low-voltage supply toward 800V high-voltage direct current and, later, solid-state transformers — both aimed at cutting conversion losses and powering denser compute. Xinlian Power says some of its high-voltage SiC products have entered sampling and verification.
By the numbers: Revenue hit US$162.3M in the first half of 2026, up roughly 106% year on year, with full-year revenue expected to top US$412.5M. The round drew more than US$550M in interest despite a limited, targeted process.
What could go wrong? The AI-power market is still emerging. 800V designs are only now reaching production, solid-state transformers remain years from mass use, and the company must learn a new set of customers, architectures, and suppliers. Industry backing does not guarantee orders or commercial success.
The signal: At roughly $300 million, the round sits in the 97th percentile of Series C deals in China's semiconductor sector over the past 48 months. It marks capital flowing not just to AI models but to the power infrastructure beneath them — and a bet that the supply chain for next-generation data-centre power is still being reshuffled.
Read more: sohu.com
Image credit: Generated with Gemini
