真格早期项目「沐曦集成电路」科创板 IPO 过会

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the IPO application review by the Shanghai Stock Exchange's Sci-Tech Innovation Board, highlighting its role in achieving national computing power infrastructure autonomy [1] Group 1: Company Overview - Muxi was established in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, aiming to become a globally competitive GPU enterprise [2] - The founding team consists of three senior scientists from AMD, including Dr. Chen Weiliang, who has over 20 years of chip R&D experience, and has led the development of multiple high-performance GPU products [2] Group 2: Business Progress - Muxi's commercial progress is ahead of the industry, with its Xiyun C500 training integrated GPU expected to achieve formal mass production by February 2024, and cumulative sales exceeding 25,000 units by March 31, 2025 [3] - As of September 5, 2025, Muxi has an order backlog of 1.43 billion yuan, nearly double its expected revenue for the entire year of 2024 [3] Group 3: Product Development - Muxi's self-developed MetaXLink can achieve various interconnection topologies with 2-64 cards, demonstrating strong performance in linearity and stability for intelligent computing clusters [3] - The company is developing the Xiyun C600 GPU, which completed its initial testing in July 2023 and is expected to enter mass production by the end of 2025 [3] Group 4: Market Context - The semiconductor industry is receiving integrated support from policies, funding, and market initiatives, with Muxi's IPO aiming to raise 3.904 billion yuan for the development and industrialization of new high-performance GPUs and AI inference GPUs [1]