国产GPU爆发，但仍未迈过那道天堑

Core Viewpoint - The article discusses the recent IPO applications of two domestic GPU companies, Moore Threads and Muxi, highlighting their potential and challenges in the competitive landscape of the GPU industry in China [1][2]. Group 1: Company Overview - Moore Threads and Muxi submitted their IPO applications on June 30, marking a significant step towards their public listing [1]. - Both companies are led by experienced founders with backgrounds in major global tech firms, enhancing their credibility in the GPU market [1]. - Pre-IPO valuations for Moore Threads and Muxi are reported at 24.62 billion yuan and over 21 billion yuan, respectively [1]. Group 2: Financial Performance - Moore Threads' revenue projections from 2022 to 2024 are 46.08 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan [2]. - Muxi's revenue for the same period is projected at 426,400 yuan, 5.3 million yuan, 74.3 million yuan, and 32 million yuan, with net losses of 777 million yuan, 871 million yuan, 1.41 billion yuan, and 233 million yuan [2]. - Combined, both companies have incurred total losses of 8.2 billion yuan over the past three years [3]. Group 3: Market Context - The GPU industry is characterized by high R&D costs, with Moore Threads investing 3.81 billion yuan in R&D from 2022 to 2024, which is over six times its projected revenue [2]. - The current market environment presents a critical window for GPU companies to seek public listings, especially with recent reforms allowing unprofitable companies to go public [6]. Group 4: Product Development - Moore Threads has developed a comprehensive product line, including four generations of GPU architectures and various applications in AI computing, graphics rendering, and personal entertainment [8]. - Muxi focuses on training and inference integrated GPUs, with products based on self-developed GPU IP and instruction sets, enhancing efficiency and reducing dependency on external IP [11]. - Moore Threads' desktop GPU, MTT S80, is reported to perform comparably to NVIDIA's RTX 3060, although it still lags in driver support [10]. Group 5: Competitive Landscape - Both companies are positioned in the first tier of the domestic GPU market, but they face challenges in customer retention and dependency on key distributors [13][15]. - The ability to secure production capacity is a significant concern, as both companies rely on foundries for manufacturing, and recent regulations have limited their options [17].