Moore Threads’ IPO just sent China’s local GPU race into overdrive.

郑凯文宝宝

$摩尔线程(688795)$

Retail investors piled into the deal with 4,000× subscription, signalling massive appetite for domestic AI chip plays as China pushes to replace Nvidia hardware.

The Beijing-based GPU start-up — founded in 2020 by former Nvidia China head James Zhang and staffed with ex-Nvidia/AMD veterans — has launched four generations of GPUs (Sudi, Chunxiao, Quyuan, Pinghu) despite being on the U.S. Entity List.

Key numbers investors overlooked:

2024 revenue: RMB 438.5m (+200% 3-yr CAGR)

2024 net loss: RMB –1.5bn (heavy R&D + inventory)

1H25 revenue: RMB 701.8m

1H25 net loss: narrowed to RMB –271m

IPO proceeds: RMB 8bn

Valuation: RMB 53.7bn

Backers include Tencent, ByteDance, Sequoia China, GGV and Shenzhen Capital Group — almost 90 shareholders pre-IPO.

The subscription frenzy suggests Biren, MetaX and other domestic GPU makers may accelerate IPO timelines as China doubles down on semiconductor self-sufficiency.

Perhaps the most telling signal:

Moore Threads received regulatory approval in just 88 days, one of the fastest IPO greenlights on Star Market — showing clear policy support for China’s home-grown AI chip champions.

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Comments

ZhongRenChun
12-06
ZhongRenChun
have they released any GPU yet?

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The Beijing-based GPU start-up — founded in 2020 by former Nvidia China head James Zhang and staffed with ex-Nvidia/AMD veterans — has launched four generations of GPUs (Sudi, Chunxiao, Quyuan, Pinghu) despite being on the U.S. Entity List. Key numbers investors overlooked: 2024 revenue: RMB 438.5m (+200% 3-yr CAGR) 2024 net loss: RMB –1.5bn (heavy R&D + inventory) 1H25 revenue: RMB 701.8m 1H25 net loss: narrowed to RMB –271m IPO proceeds: RMB 8bn Valuation: RMB 53.7bn Backers include Tencent, ByteDance, Sequoia China, GGV and Shenzhen Capital Group — almost 90 shareholders pre-IPO. The subscription frenzy suggests Biren, MetaX and other domestic GPU makers may accelerate IPO timelines as China doubles down on semiconductor self-sufficiency. 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