The first domestic GPU stock is about to go public: offering price is 114.28 yuan per share, with expected fundraising of 8 billion yuan.
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Just now, Moore Threads, known as the "Chinese Nvidia," has finalized its issue price and is only one step away from going public.
On the evening of the 20th, Moore Threads announced its initial public offering and listing on the STAR Market, issuing 70 million shares, all new shares offered to the public. The online and offline offerings will take place on November 24, 2025 (T-day), through the Shanghai Stock Exchange trading system and online trading platforms respectively.
The issue price is 114.28 yuan/share, with an expected total fundraising amount of 8 billion yuan. After deducting issuance costs, the expected net fundraising amount is 7.576 billion yuan. This is the largest fundraising project among STAR Market-approved projects this year. At the issue price, Moore Threads’ total market capitalization after listing will be about 53.715 billion yuan.
After listing, Moore Threads will become the first domestic GPU stock.
This chip design company, founded just five years ago, has already achieved technical breakthroughs in AI computing, graphics rendering, and other fields. In the first half of 2025, its revenue reached 702 million yuan, surpassing the total of the previous three years, with a compound growth rate exceeding 208% over the past three years.
It is worth noting that this is also the largest IPO on the STAR Market this year, marking an important breakthrough for domestic full-function GPU companies in the capital market. The company's management expects to achieve consolidated profit as early as 2027; as of the end of June 2025, the customers in negotiation are expected to collectively order over 2 billion yuan.
Technological Breakthroughs Support Rapid Growth
Since its founding in 2020, Moore Threads has focused on independent R&D and design of full-function GPUs. Based on its fully self-developed MUSA unified system architecture, the company has taken the lead in achieving technological breakthroughs that enable a single chip to support AI computing acceleration, graphics rendering, physical simulation and scientific computation, and ultra-high-definition video codec simultaneously.
In five years, the company has successfully mass-produced five chips, completed four GPU architecture iterations, and formed a diversified product matrix covering AI computing, high-performance computing, graphics rendering, computation virtualization, intelligent media, and personal entertainment and productivity tools. Its products are widely used in key areas such as large model training and inference, digital twin, and cloud computing.
On key performance indicators, Moore Threads products have reached or approached advanced international levels. The single-precision floating-point computing power of the company's MTTS80 graphics card is close to Nvidia’s RTX3060, and the efficiency of a thousand-card GPU intelligent computing cluster built with MTTS5000 exceeds that of similarly scaled foreign GPU clusters. Moore Threads is the first in China to release a graphics acceleration engine supporting DirectX12, and is among the few domestic GPU manufacturers supporting all computing precisions from FP8 to FP64.
The prospectus shows that from 2022 to 2024, the company's operating income soared from 46 million yuan to 438 million yuan, with an annual compound growth rate above 208%. The company’s gross margin rose sharply from -70.08% in 2022 to 70.71% in 2024, indicating a significant increase in market recognition of its products.
Despite rapid business growth, Moore Threads still faces certain challenges. During the reporting period, net profit attributable to equity holders of the parent company was -1.84 billion, -1.673 billion, -1.492 billion, and -271 million yuan respectively; as of June 30, 2025, the accumulated uncovered loss was 1.478 billion yuan. In 2024, Moore Threads’ AI computing, graphics acceleration, and intelligent SoC products held less than 1% market share in their respective segments in China.
Intensive R&D Builds Technical Barriers
Moore Threads’ IPO process overall was relatively fast, coinciding with the 100th day after the launch of the STAR Market’s "1+6" reform policies, with the positive effects of the new policies continuing to emerge.
A previous WallstreetCN article noted that the 8 billion yuan raised in this IPO will be mainly used for R&D of a new generation of self-controlled AI training & inference chip projects, a new generation of self-controlled graphics chip projects, Moore Threads’ new generation self-controlled AI SoC chip project, as well as to replenish working capital.
As a technology-driven enterprise, Moore Threads has always maintained intensive investment in R&D. From 2022 to June 2025, the company’s total R&D investment exceeded 4.3 billion yuan, with R&D personnel accounting for more than 77%. As of June 2025, the company had been granted 514 patents, broadly covering key areas such as processor architecture design, AI applications, driver software design, and GPU computing clusters.
The company’s product pipeline continues to expand. In addition to existing AI computing and graphics acceleration products, Moore Threads’ "Yangtze" SoC chip for automotive smart cockpit is aimed at matching the performance benchmarks of the Qualcomm Snapdragon 8295, and is expected to be introduced and mass-produced in 2026. Moore Threads’ shareholders include well-known institutions such as Sequoia Capital, Shenzhen Capital Group, Tencent, and ByteDance; founder Zhang Jianzhong directly and indirectly controls a total of 36.36% of the company shares.
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