Core Viewpoint - The IPO process of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., a leading domestic GPU chip company, is progressing, attracting significant attention from the capital market as it aims to raise 3.904 billion yuan for various GPU development projects [1][3][5]. Company Overview - Mu Xi plans to issue no more than 40.1 million A-shares and aims to raise 3.904 billion yuan, with 2.459 billion yuan allocated for high-performance general-purpose GPU R&D and industrialization, 453 million yuan for AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D [5]. - The company has not yet achieved profitability, with revenues from 2022 to Q1 2025 showing significant growth: 426,400 yuan, 53.0212 million yuan, 740 million yuan, and 320 million yuan, while net losses were 780 million yuan, 870 million yuan, 1.4 billion yuan, and 230 million yuan respectively [4][5]. - Mu Xi's core revenue sources include the Xi Yun C500 series and Xi Si N100 series GPU boards, with the Xi Yun C500 contributing over 70% of revenue [5]. Market Context - The domestic GPU market is experiencing a surge in demand due to increased investments in computing power from major internet companies, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [10]. - The domestic accelerated computing server market is projected to reach 22.1 billion USD in 2024, with GPU servers accounting for 69% of this market [11]. - The competitive landscape is dominated by NVIDIA and AMD, but domestic brands are gaining market share due to the push for domestic alternatives [12]. Investment Landscape - Mu Xi has attracted notable investors such as Sequoia Capital and Matrix Partners, indicating strong interest in the domestic GPU sector [8]. - The capital influx is reshaping the domestic GPU industry, with companies like Mo Er Thread also seeking substantial funding [9]. - The trend of "demand-driven + capital support + industry chain collaboration" is accelerating the maturity of the domestic GPU industry, gradually breaking the market monopoly held by foreign companies [13].
3年亏掉30亿!国产GPU龙头沐曦IPO,盈利最早要等明年
Bei Ke Cai Jing·2025-10-21 03:11