MagicForm

MagicForm (魔形智能) is a Chinese AI infrastructure company building what it calls a "Token Super Factory" — a high-performance compute layer for producing the tokens that power large language model applications . Founded by CEO Lingjie Xu and CTO Chen Jin, the company focuses on delivering high-quality, high-value token generation for the global AGI industry .

The company has moved fast on fundraising. Yunqi Capital led its seed round, then in May 2026 it closed a Pre-A round of several hundred million RMB, also led by Yunqi . By August 2026 it announced a Series A led by Yida Capital, with participation from Chengyuanxiang Investment, Hongshan Capital, Ruifeng Capital, and others . At that point it was already processing trillions of tokens daily, with customers spanning internet companies, large model vendors, and enterprise leaders .

Xu frames the company's mission in industrial terms: token production capacity, he says, is becoming the key metric for measuring a country's AI competitiveness, and MagicForm aims to anchor China's position in that race through next-generation domestic super-node compute clusters .