GPU独角兽，走向资本台前

Core Viewpoint - The recent surge in IPOs among domestic GPU companies in China is driven by technological breakthroughs, policy support, and market demand, indicating a new phase of accelerated development in the industry [1][3][5]. Group 1: IPO Activity - In the past 30 days, three leading domestic GPU companies have advanced their IPO processes, with MuXi Integrated Circuit and MoEr Thread both submitting applications to the Shanghai Stock Exchange on June 30, and Hanbo Semiconductor disclosing its IPO guidance report on July 18 [1][2]. - Over the past year, at least five major domestic GPU companies, including MoEr Thread and MuXi, have initiated their IPO processes, with all having valuations exceeding 10 billion yuan [2][3]. - MoEr Thread's valuation reached approximately 24.62 billion yuan before its Pre-IPO round, and MuXi's post-financing valuation surpassed 21.07 billion yuan [2][3]. Group 2: Market Dynamics - The surge in IPOs reflects the industry's readiness for commercialization, with companies transitioning from research to practical applications, supported by increasing recognition from the capital market [5][8]. - The high technical barriers and long development cycles in GPU technology necessitate substantial funding, making IPOs a crucial avenue for securing stable financial resources [5][10]. - The demand for high-performance GPUs in AI and other sectors, coupled with national policies supporting the semiconductor industry, has created a favorable environment for these companies to respond to strategic needs and market opportunities [5][6]. Group 3: Competitive Landscape - The IPO wave signifies a shift in competition from purely technological to a dual focus on technology and capital, necessitating companies to build dynamic competitive advantages [10][12]. - The concentration of multiple companies pursuing IPOs may lead to a "Matthew effect," where stronger players amplify their advantages while weaker ones may struggle in a more transparent market [10][12]. - Companies must enhance their technological capabilities and capital operations to thrive in the competitive GPU market, with those successfully building technical barriers likely to secure a significant market position [12][13].