国产GPU上市提速：摩尔线程、沐曦IPO申请同获受理

Core Insights - The domestic GPU industry is gaining attention as multiple companies initiate IPO guidance, with a focus on who will become the first domestic GPU stock by 2025 [1] - The recent approval of IPO applications for domestic GPU companies, such as Muxi Integrated Circuit and Moer Thread, reflects the capital market's inclusivity towards high-growth potential tech firms [2][6] - The rapid growth of the domestic GPU market is driven by accelerated domestic substitution, strong policy support, and surging market demand [1][6] Company Developments - Muxi and Moer Thread, both founded in 2020, have teams with extensive experience from leading global GPU companies Nvidia and AMD [3] - Moer Thread positions itself as a full-function GPU enterprise, while Muxi claims to be one of the few companies mastering comprehensive GPU architecture and core technologies [4] - Moer Thread's MTT S80 graphics card competes with Nvidia's RTX 3060, and Muxi has reported IP licensing revenues of 22.17 million yuan in 2023 [5][6] Financial Performance - Moer Thread's revenue from 2022 to 2024 is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate (CAGR) of 208.44% [6] - Muxi's revenue is expected to increase from 426,400 yuan in 2022 to 743 million yuan in 2024, achieving a staggering CAGR of 4074.52% [6] - Both companies are currently operating at a loss due to significant R&D investments, with Moer Thread's cumulative losses reaching 5 billion yuan and Muxi's around 3 billion yuan from 2022 to 2024 [6] Market Trends - The global GPU market is characterized by a duopoly dominated by Nvidia and AMD, while domestic brands are still in the early stages of development [7][8] - The domestic AI chip market is experiencing a significant increase in market penetration, with domestic suppliers' share rising from 15% to over 40% due to restrictions on Nvidia's high-end GPUs [9][10] - The domestic GPU industry is projected to grow from 38.48 billion yuan in 2020 to 163.82 billion yuan in 2024 [8] Future Outlook - Both companies have substantial fundraising plans, with Moer Thread aiming to raise 8 billion yuan and Muxi targeting 3 billion yuan for R&D and operational projects [7] - The rapid iteration of AI models and increasing demand for computing power are driving the evolution of GPU chip design towards higher density and larger memory [10][11] - The trend towards integrating multiple functions into a single chip (SoC) is expected to meet the diverse needs of edge computing and AI applications [11]