VeriSilicon SiPaaS: One-stop Service for IP Licensing and Chip Customization

📌 Background

In the post-Moore era, the soaring cost of monolithic chip design has made IP reuse, driven by Chiplet and advanced packaging, the mainstream path. With the explosion of AI computing demand in 2026, VeriSilicon has secured 4.516 billion yuan in orders through its Silicon Platform as a Service (SiPaaS) model, with AI-related computing accounting for over 85%, establishing itself as a platform leader in domestic ASIC customization and Chiplet design.

👤 Target Customers

Fabless chip design companies, system vendors, and major internet firms that require complex SoCs like AI accelerators and autonomous driving chips but lack comprehensive IP portfolios and tape-out capabilities.

💰 Revenue Streams

1) Semiconductor IP licensing fees (reuse licensing for six major processor IPs, etc.); 2) Chip customization design service fees (NRE one-time charges); 3) Royalties and mass production revenue, sharing in the revenue as customer chip shipments continue.

🧮 Cost Structure

High continuous R&D investment in IP, EDA tools and verification costs, tape-out engineering expenses, and labor costs for customization design engineers.

🛡️ Moat

An autonomous and controllable full-spectrum processor IP library and SiPaaS platform-based reuse capability, enabling one-time design with multiple licensing and significant economies of scale; deep integration with foundries and packaging houses to close the loop from design to mass production, resulting in high customer switching costs.

🔑 Keys to Success

• Continuously expand the reusable IP library and maintain adaptation to advanced process nodes
• Secure high-growth customers in AI computing to establish benchmark cases

⚠️ Risks

• Fluctuations in major customer demand leading to orders falling short of expectations
• Geopolitical tensions and export restrictions affecting advanced process tape-outs

🏢 Cases

• VeriSilicon's SiPaaS model provides a full-chain solution including IP licensing, custom design, and tape-out mass production, with 4.516 billion yuan in orders on hand in 2026
• Over 85% of VeriSilicon's orders are AI-related, serving the customization needs of AI computing chips

📊 SWOT Analysis