沐曦股份冲刺IPO，募资39亿元

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to undergo an IPO review on October 24, 2025, aiming to raise 3.904 billion yuan for the development of high-performance GPU chips and related projects [1][2]. Company Overview - Muxi was established in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, with products including the Xisi N series for intelligent computing inference and the Xiyun C series for training and general computing [1]. - As of March 31, 2025, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [1]. Financial Data - As of June 30, 2025, Muxi's total assets amounted to 10.295 billion yuan, with equity attributable to the parent company at 9.673 billion yuan [1]. - The company has reported losses from 2022 to the first half of 2025, with revenues of 42,640 yuan, 53.0212 million yuan, 740 million yuan, and 915 million yuan, and net losses of -780 million yuan, -870 million yuan, -1.4 billion yuan, and -186 million yuan respectively [2]. Funding and Valuation - Muxi has undergone seven rounds of capital increases and eight rounds of equity transfers since its inception, with a post-financing valuation reaching 21.071 billion yuan during the latest external equity financing [2]. - The company plans to allocate 2.459 billion yuan for the development and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the development of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology research targeting emerging applications [1]. Shareholder Structure - Muxi has 124 shareholders, with founder Chen Weiliang controlling 22.94% of the voting rights, making him the actual controller of the company [2]. - Notable investors include prominent figures and institutions such as Ge Weidong, Chaos Investment, Sequoia Capital, and others, with Ge Weidong holding 3.98% and Chaos Investment holding 3.50% of the shares [2][3].