The race for the "first domestic GPU stock" heats up: After Moore Threads, Muxi Corporation is also on the way!

MuXi Co., Ltd. initiates the STAR Market IPO process, the race for "the first domestic GPU stock" enters its final sprint. Domestic GPU chip manufacturer MuXi Co., Ltd. has further accelerated its IPO process, and will officially open for subscription on December 5th. The company plans to issue 40.1 million shares, raising 3.904 billion yuan to fund the research and development of three major GPU projects. Its new-generation C700 series product is benchmarked against Nvidia’s H100 in terms of performance. On November 26th, MuXi Co., Ltd. announced its initial public offering and preliminary inquiry notice for listing on the STAR Market. The online subscription code for this issuance is 787802, the preliminary inquiry date is December 2nd, the subscription date is December 5th, and the initial strategic placement quantity is 8.02 million shares. This marks that among the "Four Little Dragons" of domestic GPUs, MuXi Co., Ltd. and Moore Threads have entered the final sprint in the battle for "the first domestic GPU stock". The company's revenue in 2024 has reached 743 million yuan, but it still faces the challenge of cumulative losses exceeding 3.2 billion yuan, with the earliest expected breakeven point in 2026. New product lineup benchmarked against Nvidia H100 Funds raised from this IPO by MuXi Co., Ltd. will be mainly used for new-generation product development. According to the prospectus, the company plans to invest 2.459 billion yuan into new high-performance general-purpose GPU R&D and industrialization projects, mainly developing the second and third generation C600 and C700 chips in the XiYun C series for both training and inference. The much-anticipated C700 series was initiated in April 2025, with performance benchmarked against leading international GPU products such as Nvidia H100. It is expected to achieve mass production in the second half of 2027. MuXi stated in the prospectus that the C700 series uses advanced domestic manufacturing processes and has established a closed-loop domestic supply chain from design, manufacturing to packaging and testing, with core technologies independently controllable. Currently, the company’s main product, the XiYun C500 series, is the primary source of income. In 2023, 2024, and January-March 2025, revenues for this series were 15.4681 million yuan, 722 million yuan, and 314 million yuan respectively, accounting for 30.09%, 97.28%, and 97.87% of main business revenue for the respective periods. Revenue surges but losses continue to expand MuXi Co., Ltd. has seen explosive revenue growth in recent years. From 2022 to 2024, the company’s operating income was 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, with a compound annual growth rate of 4,074.52% from 2022 to 2024. In the first three months of 2025, operating revenue reached 320 million yuan. Performance growth was mainly driven by the scale deployment of XiYun C500 since its mass production in February 2024. The product has been applied in bulk to national AI public computing platforms, carrier intelligent computing platforms, and commercial intelligent computing centers. As of September 5, 2025, the total value of orders in hand for the training and inference series products was 1.413 billion yuan. However, the company has not yet turned a profit. From 2022 to 2024 and January-March 2025, net losses were 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan respectively, with accumulated losses exceeding 3.2 billion yuan. Revenue in the first half of 2025 was 915 million yuan, a year-on-year increase of 404.51%, but the company still posted a loss of 186 million yuan. Market share remains to be improved Based on estimation data disclosed in the prospectus, MuXi Co., Ltd.’s market share in China’s AI chip market in 2024 was about 1%. The company notes that the AI chip market is fundamentally dominated by an “one-super, one-strong” oligopoly led by Nvidia and AMD, with Nvidia holding over 80% global market share. MuXi Co., Ltd. acknowledges a significant gap in terms of technical accumulation, product performance, team size, and industrialization experience when compared to leading international companies such as Nvidia and AMD. Major domestic competitors include GPU chip design firms such as Hygon Information, TianShu AI Chip, Biren Technology, and Moore Threads, as well as ASIC chip design firms such as Huawei HiSilicon, Cambricon, and Kunlun Chip. The company expects to reach its breakeven point as early as 2026. From 2022 to 2024, cumulative R&D investment was 2.247 billion yuan, accounting for 282.11% of revenue, demonstrating continuous, substantial investment in technology R&D. Risk warning and disclaimer The market has risks, and investments should be made cautiously. This article does not constitute personal investment advice and does not take into account individual users’ specific investment objectives, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their particular circumstances. Investment made accordingly is at your own risk.