StepFun’s Series B+ funding round, exceeding RMB 5 billion (USD 700 million), has drawn attention for its size. StepFun is closer to being China’s xAI plus Tesla.”This positioning has shaped StepFun’s capital structure, which balances US dollar funds, state-backed capital, and industrial investors. The team also mapped out a clear development sequence: unimodal models, multimodal models, unified multimodal understanding and generation, world models, and ultimately AI. A tightening marketAfter several years of experimentation underwritten by investors, AI has moved beyond its exhibition phase. StepFun has sought capital that brings strategic value alongside funding, drawing long-term financial investors, industrial partners, and market-oriented state-backed investors.