The first listed Chinese GPU company is here! Moore Threads' IPO has been successfully approved, with half-year revenue surpassing the past three years!

The first listed Chinese GPU company is here! Moore Threads' IPO has been successfully approved, with half-year revenue surpassing the past three years!

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Moore Threads Intelligent Technology (Beijing) Co., Ltd.'s IPO application has successfully passed the Shanghai Stock Exchange Listing Committee review, becoming the first domestic GPU stock.

On September 26, the Shanghai Stock Exchange Listing Committee approved the IPO application of Moore Threads Intelligent Technology (Beijing) Co., Ltd. From the acceptance of its listing application on June 30 to successfully passing the review, Moore Threads took only 88 days, setting the fastest record for a STAR Market review cycle.

In this IPO, Moore Threads plans to raise 8 billion RMB, making it the largest fundraising project among this year's A-share approvals and also the biggest IPO in the semiconductor sector this year. The company stated that the funds raised will mainly be used for the R&D of new-generation AI training and inference chips, graphics chips, and AI SoC chips, in order to consolidate its leading position in the high-performance computing sector.

In the first half of 2025, Moore Threads achieved an operating income of 702 million RMB, already surpassing the total revenue of the previous three years, with a three-year compound annual growth rate exceeding 208%. The company's gross margin increased significantly from -70.08% in 2022 to 70.71% in 2024. As of June 30, 2025, orders under negotiation with clients are expected to exceed 2 billion RMB. Management estimates consolidated profitability as early as 2027. As a leading domestic full-feature GPU company, Moore Threads' successful approval marks an important breakthrough for the domestic AI chip industry.

Moore Threads' Growth Curve: Technological Breakthroughs and Ecosystem Expansion

Founded in 2020, Moore Threads has relied on extremely high R&D investment (a cumulative 4.3 billion RMB, with over 75% of employees in R&D) to develop its fully independent MUSA architecture, has launched four generations of GPUs, and covers all application scenarios including AI training and inference, professional graphics, consumer, and smart SoC.

According to its prospectus, its MTT S80, S5000 and other products match international leading products in specific performance metrics, with some indices approaching Nvidia's RTX 3060, and cluster computing efficiency exceeding international peers. Moore Threads is also the first domestic manufacturer to mass-produce DirectX 12 graphics acceleration, widely compatible with mainstream development toolchains, reducing user migration and development costs.

In-house technology has driven product iteration, quickly boosting company revenue and gross margin. Between 2022 and 2024, revenue rose from 46 million RMB to 438 million RMB, reaching 702 million RMB in the first half of 2025, surpassing the previous three years' total. Gross margin rapidly increased from -70.08% to almost 70%, demonstrating significant market acceptance. On the commercial side, Moore Threads has achieved mass production and commercialization in areas including AI computing clusters and desktop graphics acceleration, becoming a key supplier in industries such as information innovation and the digital economy.

Plan to Raise 8 Billion RMB, Focusing on AI and Independent Innovation

In this IPO, Moore Threads plans to allocate the vast majority of the 8 billion RMB raised to technology and product R&D, showing its determination to build long-term competitive barriers through continued high-intensity investment.

Funds will be mainly invested in new-generation integrated AI training and inference chips, graphics chips, and AI SoC R&D to improve its technology and product layout. According to company disclosures, as of the end of June 2025, orders under negotiation exceed 2 billion RMB, covering AI computing, professional graphics acceleration, smart SoC, and desktop products. Clients span key emerging industries such as the internet, manufacturing, energy, smart cabins, and education. The proportion of revenue from AI computing cluster business continues to rise and is now the core incremental driver.

On the product pipeline, aside from current AI computing and graphics acceleration products, Moore Threads' "Yangtze" SoC chip for automotive smart cabins is expected to be introduced and mass-produced in 2026, with performance targets benchmarking Qualcomm's Snapdragon 8295. Founder Zhang Jianzhong (former global vice president of Nvidia) directly and indirectly controls 36.36% of the company's shares and is the actual controller. The shareholder list also includes well-known institutions such as Sequoia Capital, Shenzhen Venture Capital, Tencent, and ByteDance.

Challenges and Future Plans

The overall progress of Moore Threads' STAR Market IPO has been relatively fast. The company's listing application was accepted on June 30, 2025; the prospectus was updated and the first round of inquiries was answered on September 5; the second round on September 18; and the approval was secured on September 26. This coincides with the 100th day since the introduction of the STAR Market "1+6" series deepening reform policies, and the positive market effect of these new policies is continuously emerging.

Despite rapid performance growth, Moore Threads still faces certain challenges. Its net profit attributable to owners during the reporting periods was -1.84 billion, -1.673 billion, -1.492 billion, and -271 million RMB, respectively. As of June 30, 2025, the accumulated unmade-up losses stood at 1.478 billion RMB. In 2024, the market share of Moore Threads' AI computing, graphics acceleration, and smart SoC products in their respective domestic market segments was less than 1%.

Looking ahead, Moore Threads will continue product R&D iteration and matrix layout. The "Yangtze" SoC for automotive smart cabins, benchmarking Snapdragon 8295, is expected to be introduced and mass-produced in 2026. According to Frost & Sullivan, by 2029, the size of China's AI computing GPU market will reach 1,033.34 billion RMB, with a CAGR of 56.7% during this period.

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