Sou Hu Cai Jing·2025-09-26 12:16Core Viewpoint - The recent news highlights the upcoming IPO of Moore Threads, which is set to take place on September 26, 2023, after a rapid approval process by the Shanghai Stock Exchange. The company aims to raise 8 billion yuan for various AI and graphics chip development projects [2][5]. Company Overview - Moore Threads has developed four generations of GPU architectures based on its proprietary MUSA architecture, covering product lines including chips, boards, integrated machines, and clusters, targeting both enterprise and consumer markets [2][3]. Financial Performance - Despite currently operating at a loss, the company's losses are narrowing, and it has a strong order book of 2 billion yuan, with expectations of achieving profitability within the next 1-2 years [4][5]. - The company is projected to generate over 2 billion yuan in revenue for the year 2025, with a valuation around 24 billion yuan, indicating a potential market capitalization of 150-180 billion yuan post-IPO [5]. IPO Details - The IPO will involve the issuance of no less than 44.45 million shares, representing at least 10% of the total share capital post-issue, with expectations of a 200% increase on the first trading day [5]. - Eight A-share listed companies have direct or indirect stakes in Moore Threads, positioning them as potential beneficiaries of the IPO [5]. Product Lines - The company offers a range of products including: - Fourth-generation GPU "Pinghu" for enterprise-level AI computing - Third-generation GPU "Quyuan" and second-generation GPU "Chunxiao" for various applications [3]. Institutional Interest - Institutional investors have shown significant interest, with notable increases in holdings from foreign capital and various funds, indicating a positive outlook on the company's future [7][10][25].