The first domestic GPU stock is here! Moore Threads' IPO has successfully passed the review, with revenue exceeding the past three years in just six months!

Moore Threads Intelligent Technology (Beijing) Co., Ltd. has successfully passed the listing review committee meeting of the Shanghai Stock Exchange for its initial public offering (IPO), becoming the first domestic GPU stock.

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

In this IPO, Moore Threads plans to raise 8 billion yuan, making it the largest fundraising project among A-share projects approved this year, and also the largest IPO in the semiconductor field this year. The company stated that the raised funds will mainly be used for the research and development of the next generation of AI training and inference chips, graphics chips, and AI SoC chips, to consolidate its leading position in the high-performance computing field.

In the first half of 2025, Moore Threads' operating revenue reached 702 million yuan, exceeding the total revenue of the previous three years, with a compound annual growth rate of over 208% in the past three years. The company's gross profit margin increased significantly from -70.08% in 2022 to 70.71% in 2024. As of June 30, 2025, the total expected orders from clients in negotiations is estimated to exceed 2 billion yuan. The company's management expects to achieve consolidated profit as early as 2027. As a leading domestic full-function GPU enterprise, Moore Threads' successful review marks an important breakthrough in the domestic AI chip industry.

Moore Threads' Growth Curve: Technological Breakthroughs and Ecological Expansion

Founded in 2020, Moore Threads has forged its fully autonomous MUSA architecture with extremely high R&D investment (a total of 4.3 billion yuan, with over 75% of personnel in R&D), and has launched four generations of GPUs covering all application scenarios such as AI training and inference, professional graphics, consumer-grade, and intelligent SoC.

According to the prospectus, its products like MTT S80 and S5000 have performance metrics that match international standards, with some indicators approaching NVIDIA's RTX 3060, and cluster computing efficiency exceeding that of 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.

Self-developed technology has driven product structure iteration, rapidly boosting the company's revenue and gross profit margin. From 2022 to 2024, operating revenue increased from 46 million to 438 million yuan, reaching 702 million yuan in the first half of 2025, surpassing the total of the previous three years. The gross profit margin quickly rose from -70.08% to nearly 70%, indicating a significant increase in market recognition of its products. On the marketing side, Moore Threads has achieved mass production and commercialization in all fields, including AI intelligent computing clusters and desktop graphics acceleration, becoming an important supplier in industries such as Xinchuang and digital economy.

Plans to Raise 8 Billion Yuan, Fully Focusing on AI and Independent Innovation

In this IPO, Moore Threads plans to use the majority of the 8 billion yuan raised for technology and product research and development, demonstrating its strategic determination to build long-term competitive barriers through continuous high-intensity investment.

The funding will focus on the research and development of the next generation of AI training and inference integrated chips, graphics chips, and AI SoCs, improving its own technology and product layout. According to the company, by the end of June 2025, it has negotiated orders totaling over 2 billion yuan, covering AI intelligent computing, professional graphics acceleration, intelligent SoCs, and desktop products. Clients include key emerging industries such as the internet, manufacturing, energy, intelligent cockpits, and education. The revenue share from AI intelligent computing cluster business continues to increase and has become a core incremental driver.

In terms of product pipeline, in addition to existing AI intelligent computing and graphics acceleration products, Moore Threads' "Yangtze River" SoC chip for automotive intelligent cockpits is expected to be introduced and mass-produced in 2026, with performance targets comparable to Qualcomm Snapdragon 8295. Founder Zhang Jianzhong (formerly a global vice president at NVIDIA) controls a total of 36.36% of the company's shares through direct and indirect holdings, making him the actual controller. The company's shareholder list also includes well-known institutions such as Sequoia Capital, Shenzhen Capital Group, Tencent, and ByteDance.

Challenges and Future Plans

The overall process of Moore Threads' Sci-Tech Innovation Board IPO is relatively fast. The company's listing application was accepted on June 30, 2025, the prospectus was updated on September 5, the first round of inquiries was responded to on September 18, and the second round of inquiries was responded to on September 26, successfully passing the review. This coincides with the 100-day mark since the launch of the "1+6" series of deepening reform policies for the Sci-Tech Innovation Board, and the positive market effects brought by the new policies are continuing to emerge.

Despite rapid performance growth, Moore Threads still faces certain challenges. The net profits attributable to the parent company during the reporting periods were -1.84 billion yuan, -1.673 billion yuan, -1.492 billion yuan, and -271 million yuan, respectively. As of June 30, 2025, the cumulative unrecouped losses amounted to 1.478 billion yuan. In 2024, Moore Threads' market share in the corresponding segments of AI intelligent computing products, graphics acceleration products, and intelligent SoC products in the domestic market was less than 1%.

Looking to the future, Moore Threads will continue to iterate on product research and development and matrix layout. The "Yangtze River" SoC for automotive intelligent cockpits, with performance targets comparable to Qualcomm Snapdragon 8295, is expected to be introduced and mass-produced in 2026. According to Frost & Sullivan's forecast, by 2029, the market size of China's AI intelligent computing GPU market will reach 1,033.34 billion yuan, with a compound annual growth rate of 56.7% during the period