Following the release of "China's Hip-Hop," iQiyi has returned to the spotlight—not because of a new show, but due to its latest capital moves. On the 26th, Bloomberg reported that Baidu’s video platform, iQiyi, is considering an IPO in the U.S. as early as next year, with a potential valuation exceeding $8 billion. In response, iQiyi said, “We don’t comment.” However, according to insiders, Baidu is already in talks with investment banks, aiming for a valuation of up to $10 billion. The company hopes to maintain control through its dual-class share structure after the IPO. Still, the plan is in its early stages, and the final valuation could still change. Interestingly, the idea of an iQiyi IPO has been circulating since 2015—like a recurring rumor that resurfaces every few years. While the numbers and timing vary, the outcome has always been the same: nothing concrete ever came out of it. But this time, the rumors might not be entirely baseless. For a long time, iQiyi has struggled with funding shortages and fierce competition. Going public on the capital market has often seemed like the only way forward. Is iQiyi’s “coming of age” really just one IPO away? Let’s take a closer look at the history of these rumors. Originally known as Fantastic Art, iQiyi launched officially on April 22, 2010. Baidu became its largest shareholder in 2012, and in 2013, it merged with PPS. After Alibaba acquired Youku, Baidu also attempted to privatize iQiyi. During the 2016 Spring Festival, Baidu’s President Li Yanhong and iQiyi’s President Gong Yu jointly offered to buy 80.5% of iQiyi’s shares. This management buyout was widely seen as a move to return iQiyi to the domestic stock market, but it ultimately failed. First, the Strategic Emerging Plan was put on hold, and the original plan was dropped. Second, in July 2016, the deal collapsed due to disagreements over pricing and structure. A major reason was that Baidu’s largest shareholder, Acacia Partners, believed the $2.8 billion offer was too low and demanded the acquisition be canceled. A few months later, there were rumors that Baidu planned to spin off iQiyi in Hong Kong or the U.S. in 2017, aiming to raise about $1 billion. At the time, iQiyi was valued at $5 billion, but Baidu quickly denied the report. In late 2023, Baidu officials stated that the reports about an iQiyi IPO were untrue and that no listing timeline existed. However, in early 2017, the Wall Street Journal reported that iQiyi would go public in the U.S. with a valuation of $5 billion and aim to raise around $1 billion. This news turned out to be somewhat accurate, as iQiyi had previously raised $1.53 billion through convertible bonds, which supported the claims. Now, in September, the IPO rumors have resurfaced again. Whether this time will be different remains to be seen. Some industry insiders believe that iQiyi is seriously considering an IPO, with some even suggesting that it’s just one listing away from becoming an adult. With pressure from Tencent Video and Youku, going public may be a key strategy to ease financial anxiety. So why is iQiyi constantly the subject of IPO rumors among video platforms? The answer seems simple: the company has been losing money for years. It needs a way to generate revenue and sustain growth, and an IPO is one of the most effective ways to do that. Although iQiyi hasn’t disclosed its financial data publicly, we can infer its losses from Baidu’s reports. In 2016, iQiyi lost 2.765 billion yuan, and between 2013 and 2016, it accumulated losses totaling 7 billion yuan. In 2017, Gong Yu even announced plans to invest 10 billion yuan, but rising copyright costs mean losses are likely to grow, not shrink. The real challenge isn’t just the losses—it’s the lack of a steady funding source. Although Baidu values iQiyi, it’s not providing enough support. Plus, with Baidu’s mobile traffic declining, iQiyi has to become more self-reliant. Despite its struggles, iQiyi faces intense competition. Tencent Video and Youku are both backed by massive cash reserves from their parent companies, allowing them to spend aggressively on content. For example, Tencent paid over 800 million yuan for popular dramas like “Ru Bi Chuan,” while Alibaba spent over 480 million yuan for similar rights. With such strong rivals, iQiyi has always been cautious in its spending. Even though it’s still the market leader, the industry is changing fast, and falling behind could happen in an instant. According to iResearch, in August this year, iQiyi ranked first in the video category with 610 million independent device installations, slightly ahead of Tencent Video’s 570 million. But in terms of quarterly growth, Tencent Video increased by 4.1%, while iQiyi only grew by 0.6%. The gap is narrowing. Knowing the tough competition ahead, iQiyi realizes that accessing the capital market is essential. Only through an IPO can it build a sustainable funding mechanism and stay competitive in the long run.

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