Megvii's largest competitor SenseTime is reportedly going to do $750 million revenue in 2019, per Reuters:
expects its 2019 revenue to increase by more than 200% year-on-year to around $750 million, two sources familiar with the matter said.
The two combined are therefore going to do $1+ billion in revenue this year, which might literally be 5x the amount that every non-China facial recognition / video surveillance AI provider combined will do this year.
Megvii is gearing up for a new IPO after failing to follow through with the process when it released its first prospectus back in August 2019. It is currently unclear when Megvii will list.
In September 2020, Megvii signed a listing counseling agreement with CITIC Securities and plans to list on the STAR Board through China Depository Receipts (CDR), according to a document from the Beijing Securities Regulatory Bureau posted on January 12, 2020. CDRs are used to trade non-China-based companies within China. Megvii is officially registered in the Cayman Islands.
This announcement was not updated with any more recent financial info. IPVM will update accordingly as we track Megvii's IPO.