超百亿估值，红杉入局这家国产芯片

Core Viewpoint - The article discusses the challenges and opportunities faced by domestic GPU chip manufacturer Mu Xi Integrated Circuit (Shanghai) Co., Ltd. as it plans to raise 3.9 billion yuan through an IPO on the STAR Market, despite having incurred losses exceeding 3 billion yuan over the past three years [1][4]. Group 1: Company Overview - Mu Xi was founded in September 2020 by Chen Weiliang, a former AMD employee with extensive experience in GPU design and management [2]. - The core team of Mu Xi has an average of nearly 20 years of experience in high-performance GPU product development [2]. - The company's main business involves the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [2]. Group 2: Financial Performance - Mu Xi's revenue primarily comes from its Xiyun C500 series chip, which generated sales of 15.47 million yuan in 2023 and is expected to exceed 500 million yuan in 2024, accounting for approximately 69% of the company's revenue [3]. - Prior to 2024, revenue was derived from the Xisi N100 series and IP licensing, which collectively generated less than 5 million yuan in the first quarter of 2023 [3]. - The company has faced significant losses, with total losses exceeding 3 billion yuan from 2022 to 2024, and a loss of 233 million yuan in the first quarter of this year [7]. Group 3: Industry Context - The domestic GPU market is characterized by high growth potential and a push for domestic alternatives due to reliance on foreign companies [5]. - Mu Xi and other domestic chip manufacturers face intense competition from both international giants like NVIDIA, which holds a 98% market share in GPU shipments, and local competitors [8][9]. - The Chinese GPU chip market is projected to reach approximately 107.3 billion yuan in 2024, with a year-on-year growth of 33% [9].