StepFun
PrivateLast Round
Growth Equity
May 8, 2026
Est. Valuation
$6.5B
Total Funding Raised
$4.42B
Momentum
Top 10%
of companies Caplight tracks
Company Overview
StepFun operates in AI, Data & Cloud Infrastructure and is based in Shanghai. Its latest recorded funding round was a Growth Equity round in May 2026.
StepFun is a an artificial intelligence company that develops large-scale language and multimodal models.
Sector
AI, Data & Cloud Infrastructure
Verticals
NLP & Conversational AI, ML Platforms, Computer Vision, Workflow Automation, Autonomous Vehicles
Business Model
B2B
Customer Profile
Usage-Based SaaS, Subscription SaaS, Freemium
AI Layer
Foundation
Historical Pricing
Historical view of private secondary pricing and transaction trends.
StepFun Comparables
Compare StepFun with similar companies based on industry and business-model similarity.
| Company | Similarity | Market Cap |
|---|---|---|
| MiniMax | 89% | |
| Moonshot AI | 85% | |
| Baichuan AI | 80% |
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StepFun Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Growth Equity | May 8, 2026 | ||||
| Series B Extension | Jan 26, 2026 | ||||
| Series B | Dec 23, 2024 | ||||
| Series A | Feb 19, 2024 | ||||
| Angel | Jun 1, 2023 |
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StepFun Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Hong Kong Investment Corporation | Growth Equity |
| ZhenFund | Angel |
| Shanghai State-owned Capital Investment | Series B |
| 5Y Capital | Series B Extension, Series B |
| Capital Today | Angel |
| Fortera Capital | Series B |
| Qiming Venture Partners | Series B Extension, Series B |
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Market signals
Structured signals derived from secondary market and firmographic data.
- Aug 22, 2026
Grew 39% QoQ, from 100 to 139 employees.
- Aug 20, 2026
Monthly visitors increased 42% MoM to 572.2K.
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Recent news
Latest coverage and updates
- launchesOct 14, 2026
Stepfun.com introduces Step Studio, a toolkit that lets users create AI apps, games, agents and skills with natural-language prompts.
- launchesOct 12, 2026
Stepfun.com commits to releasing BF16 open-weight versions of its flagship Step-5 model on Oct 15th '26, but its license terms remain unpublished on official channels.
- launchesSep 23, 2026
Stepfun.com launches onPanda, a browser-based LLM data-annotation and inspection workflow that reduces median annotation time by 52% and supports token-level supervision across modalities, on Sep 23rd '26.
- identified_as_competitor_ofSep 21, 2026
The release puts Stepfun.com in direct competition with Cognitive Ai Ltd. in frontier AI models, with Step 5 Preview essentially tied with Cognitive Ai Ltd.'s GLM-5.3 on the Artificial Analysis Intelligence Index, scoring 44 versus 45.
- launchesSep 21, 2026
Stepfun.com releases Step 5 Preview, a flagship model for software engineering, professional knowledge work, and finance, on Sep 20th '26.
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StepFun Filings
Explore SEC and related filing metadata, where available.
| Type | Date | Amount Offered | Amount Sold | Filing | Pages | Download |
|---|
Filing documents are not displayed on this public page. Request access to learn about available coverage.
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Frequently Asked Questions
Common questions about StepFun's valuation, stock price, and market status.
Is StepFun a public or private company?
StepFun is a private company.
What is the current stock price of StepFun?
StepFun is a private company, so its shares have no public market price. Caplight tracks StepFun's secondary market activity and provides MarketPrice™ estimates of its share price to Caplight users.
How much is StepFun worth (valuation)?
StepFun's valuation is estimated at $6.5B based on funding round data.
Can I buy StepFun stock?
StepFun shares may be available on secondary markets subject to transfer restrictions. Caplight facilitates secondary market transactions for accredited investors.
When was StepFun's last funding round?
StepFun's most recent funding round was Growth Equity on May 8, 2026.
Who are the main investors in StepFun?
Key investors in StepFun include Fortera Capital, HongShan Capital Group (HSG).
Will StepFun IPO soon?
No public IPO plans have been announced for StepFun.
How can I track StepFun secondary market activity?
Caplight tracks bids, offers, and trades in StepFun's shares on secondary markets.