Alibaba raises $10.2 billion in shares to fund chips, infrastructure and models

The HK$80 billion offering, raised after strong demand, could become the largest secondary deal by a Hong Kong-listed company.

Alibaba launched a HK$80 billion equity offering on August 23, 2026, or approximately US$10.2 billion. The group says it has increased the size of the offering following sustained investor demand; the deal could be the largest consecutive primary offering by a Hong Kong-listed company.

The funds are intended for three areas of artificial intelligence development: chips, computing infrastructure, and model development and deployment. Alibaba says it has already consumed nearly half of its three-year investment plan as it adds computing capacity dedicated to AI.

The operation illustrates a shift now established in the competition on generative AI: the ability to finance massive computing needs weighs as much as the rate at which models are published.