"China's first domestic GPU stock"! Moore Threads surges 502%, one winning lottery earns 280,000 yuan, early investors profit 6,200 times.

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As the “first domestic GPU stock,” Moore Threads’ debut on the STAR Market ignited market enthusiasm with a staggering price surge. This is not only a direct affirmation of its technological scarcity but also highlights the strong optimism for the prospects of domestic high-end computing chips amid the artificial intelligence wave.

On December 5, Moore Threads officially landed on the STAR Market with an opening price of 650 yuan, soaring 468.78% from the IPO price of 114.28 yuan. The intraday high reached 688 yuan, an increase of 502%, and its market value once exceeded 270 billion yuan. Based on the opening price, investors who won one lot (500 shares) saw a floating profit of more than 280,000 yuan, making it one of the most profitable new stocks this year. At press time, the stock was last quoted at 576 yuan per share, up 404%.

Moore Threads has also brought staggering returns to early investors—among the earliest investors, Peixian Qianyao’s initial investment has seen an on-paper appreciation of over 6,262 times, creating a capital legend.

This IPO attracted bidding from 267 institutions, with an offline subscription ratio of 1,572 times. Leading institutions like Southern Fund and E Fund used hundreds of products to subscribe. The company raised about 8 billion yuan, making it the largest IPO on the STAR Market this year. Although the company is still loss-making, its price-to-sales ratio of 122 times far exceeds overseas giants like NVIDIA, showing that the market is pricing in a high premium for its future growth and technological uniqueness.

As the only domestic company functionally benchmarking against NVIDIA, Moore Threads has achieved technological breakthroughs on a single chip for AI computation, graphics rendering, physical simulation, and video encoding/decoding, based on its self-developed MUSA architecture. The company expects to achieve profitability as early as 2027, and took only 158 days from application submission to listing, demonstrating “STAR Market speed.”

Zhang Jianzhong, founder, chairman, and general manager of Moore Threads, stated that the company will maintain an annual iteration pace for full-function GPU chips and is committed to building a full-scenario computing platform covering the cloud and endpoints. He emphasized that as long as AI continues to evolve, demand for computing power will not be a bubble.

A “Scarce Target” Favored by Institutions

During the initial inquiry phase, Moore Threads demonstrated extremely high enthusiasm from institutional investors. According to the announcement, 267 offline investors submitted valid price quotes, managing 7,555 allocation objects, with valid subscriptions reaching 70.406 billion shares and an offline subscription ratio of 1,572 times—far surpassing most new stock inquires this year.

The participant line-up was luxurious: 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions joined the bidding. Southern Fund used 404 products, with a total intended subscription of 5.285 billion shares; E Fund used 389 products; ICBC Credit Suisse and Fullgoal Fund used 345 and 265 products respectively.

Moore Threads’ initial online winning rate was 0.02423369%. Upon opening subscriptions on November 24, the IPO price of 114.28 yuan per share set the highest record for new stock IPO prices this year. This IPO raised about 8 billion yuan, making it the largest STAR Market IPO project of the year.

From June 30, when the IPO application was accepted, to going public on December 5, the entire process took only 158 days. As the only domestic GPU manufacturer with deep B-end and C-end layouts, Moore Threads is regarded in capital markets as a “scarce target that is hard to duplicate.”

Early Investors Made 6,200 Times Profit

Since its founding in 2020, Moore Threads quickly became a focus of the primary market. The company raced through financing at a remarkable pace, totaling over 10 billion yuan, and had 86 shareholders prior to listing.

Its fundraising prowess is not only evident from the total amount but also from the astonishing returns for early investors—among the earliest investors, Peixian Qianyao’s initial investment appreciated over 6,262 times, creating a capital legend.

Moore Threads was born during the boom in China’s semiconductor investment in 2020, with many top players in the GPU track. Despite fierce competition, Moore Threads, under the halo of “China’s NVIDIA”, stunned the market from the outset, completing two financing rounds within less than 100 days of founding, reaching a valuation of over $1 billion, setting a record for “fastest to become a unicorn,” and showcasing its strong market appeal and development potential.

Once it gained initial market recognition, Moore Threads completely ignited capital market enthusiasm. From the 2021 Pre-A round to the A round of financing, the company attracted dozens of top institutions including SCGC, Sequoia China, GGV Capital, ByteDance, and Guosheng Capital for “group-buy style” investments. This grand scenario shows that whether long-established firms deeply rooted in the sector or cross-industry industry capital, Moore Threads is seen as a top target not to be missed, with all parties rushing to invest and jointly driving its rapid development.

Profitability Challenge Behind High Valuation

Despite overwhelming market enthusiasm, the company is still posting continuous losses. Moore Threads’ revenue in 2024 was 438 million yuan, with a net loss of 1.618 billion yuan, and a price-to-sales ratio of 122 times, far beyond overseas GPU giants like NVIDIA.

The company's revenue has rapidly climbed in recent years, growing from 46.0883 million yuan in 2022 to 438 million yuan in 2024; for the first three quarters of 2025, revenue has already reached 785 million yuan. However, due to substantial R&D investment, net profit losses were 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024. For the first three quarters of 2025, losses were 724 million yuan, with a single Q3 loss of 453 million yuan, a year-on-year increase of nearly 180 million yuan.

R&D expenses remain high: 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, 1.359 billion yuan in 2024, and 557 million yuan in the first half of 2025. The company’s R&D expenses have long been higher than operating income, reflecting the importance placed on technological innovation. Moore Threads expects to achieve consolidated profitability as early as 2027, meaning domestic GPU companies will still need to endure a long nurturing period.

“Full-Function GPU” Benchmarks Against NVIDIA

“Moore Threads is the definitor of full-function GPUs.” Zhang Jianzhong explained, unlike other domestic GPU companies, Moore Threads’ products are “full-function GPUs.” Based on its self-developed MUSA architecture, the company has taken the lead in achieving breakthroughs for single-chip architectures simultaneously supporting AI acceleration, graphics rendering, physical simulation, and computational power required for ultra-high-definition video processing.

Zhang Jianzhong explained that as humanity enters the era of intelligence, scientific research’s demands on computing platforms have begun to break boundaries: a scientist may simultaneously need AI model training, high-performance computing, 3D graphics rendering, video encoding/decoding, and physical simulation platforms. Moore Threads is devoted to building a general-purpose computing acceleration platform—using computation to open new horizons for scientific research and expand more AI applications.

The MUSA architecture is compatible with the international mainstream GPU ecosystem dominated by NVIDIA, allowing developers to fully utilize existing code resources in the mainstream ecosystem at a lower cost. This enables Moore Threads to become the only domestic company functionally benchmarking against NVIDIA, and is referred to as “China’s NVIDIA.”

Three Major Investment Projects Covering All Scenarios

Moore Threads’ IPO investment centers on three projects: The AI training and inference integrated chip aims to create an intelligent computing platform integrating computation, storage, and communication to meet future demands for GPU clusters of tens of thousands of cards; the next-generation self-controlled graphics chip is designed to meet 3D rendering and related needs such as digital twins and simulating the physical world; the AI SoC chip project is dedicated to meeting the needs of smart agents in the Internet of Everything, satisfying edge-side AI demands.

“Based on MUSA architecture iteration, we’re building a full-scenario computing platform covering cloud and edge, providing powerful AI computing support for digital transformation across industries,” said Zhang Jianzhong. The company has focused on independent research and design of full-function GPUs since its founding in 2020.

According to Frost & Sullivan, the global GPU market will reach 3.62 trillion yuan by 2029. The Chinese market is growing especially fast, expected to reach 1.36 trillion yuan, with the global share rising from 15.6% in 2024 to 37.8%, and a compound annual growth rate of 51.1%. Zhang Jianzhong believes, “Human society has entered the computing age; computing power is national power, and GPU chips have become the cornerstone of computing capabilities.”

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