A token is the basic unit used by AI models to process text, images and speech. Every prompt and response consumes tokens, making them both a billing unit and a measure of computational resource consumption in AI services.

　　Token factories have recently received a lot of attention, and one important reason is that the AI industry is rapidly transitioning from the "chatbot era" to the "intelligent agent era," Tian noted. This shift has caused explosive growth in token consumption.

　　Approaching.ai said that since the beginning of 2026, its average token production efficiency per computing unit has more than tripled while total high-quality token capacity has increased more than 30 times.

　　The company"s fundraising comes amid a broader surge in token-related business.

　　Alibaba Cloud said its token revenue has grown more than 15 times since the start of 2026, while ByteDance"s Doubao model surpassed 180 trillion token calls per day in June, the Singapore-based Business Times reported.

　　China"s token economy has also become a key topic in the sector. The 2026 World Artificial Intelligence Conference, which will be held in Shanghai from July 17-20, is expected to feature the token economy as one of its central topics, Tian said.

　　As competition over computing intensifies, several telecom operators are moving into token-based services. China Telecom has launched token pricing packages for users ranging from casual consumers to developers and enterprises, offering consumers monthly AI usage packages starting at 9.9 yuan for 10 million tokens, according to information on its website. China Unicom"s Shanghai branch is also offering token packages to customers, according to a company press release.

　　According to the National Data Administration (NDA), China recorded more than 140 trillion token calls per day as of March, up 1,000-fold from the beginning of 2024.