追赶摩尔线程！又一GPU独角兽即将上会

Core Viewpoint - Muxi Technology is set to undergo its IPO review on October 24, 2023, following the approval of another domestic GPU company, Moore Threads, on September 26, 2023 [2] Company Overview - Muxi Technology, established in 2020, focuses on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [2] - The company aims to raise 3.904 billion yuan through its IPO to fund various GPU development projects [2] Financial Performance - Muxi Technology has not yet achieved profitability, with projected net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, respectively [3] - For the first nine months of 2023, the company anticipates a net loss between 300 million yuan and 380 million yuan [3] - Revenue is expected to grow significantly from 426,400 yuan in 2022 to 740 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [4] Market Position and Orders - As of September 5, 2025, Muxi Technology has orders totaling 1.43 billion yuan, primarily for the Xiyun C500 series [4] - The company’s founding team has a strong background, with members previously holding senior positions at AMD, a leading global GPU company [4] Industry Context - The IPO progress of domestic GPU manufacturers is supported by favorable policies, including measures from the China Securities Regulatory Commission to facilitate the listing of unprofitable tech companies on the Sci-Tech Innovation Board [5] - The GPU market is projected to remain robust, with IDC forecasting that GPUs will account for 80% of the global AI chip market by 2025 [5] - The global GPU market size is expected to grow from 25.4 billion USD in 2020 to 246.5 billion USD by 2028, with a compound annual growth rate of 32.82% [5]