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miHoYo

Consumer, Commerce & Media · Shanghai, China · Private

miHoYo develops and publishes globally distributed games, including Genshin Impact and Honkai: Star Rail.

$23BReported valuationPrivate Ledger market watch
PrivatePublic statusNo confirmed IPO
GamingSectorLive-service games and intellectual property
Sep 2026Profile updatedLatest editorial review

The Company

miHoYo develops and publishes globally distributed games, including Genshin Impact and Honkai: Star Rail.

The company's investment case is tied to live-service games and intellectual property. The Private Ledger will update this profile when material financing, operating, or market-structure developments are publicly reported.

Why It Matters

Its success shows how a private studio can build enduring global franchises through content cadence and direct player relationships.

Valuation History

  1. $23.0B→Apr 2024Reported, unconfirmed: Hurun Global Unicorn Index estimateSource ↗

What Changed

  1. miHoYo is founded or begins operating in its current form.

  2. The company remains on The Private Ledger's private-market watchlist; this profile reflects the latest editorial review.

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