摩尔线程科创板IPO获批，国产GPU龙头启航资本新征程

Core Insights - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Moore Threads, marking it as the first domestic GPU company to go public, injecting momentum into the A-share market for hard technology [1] Group 1: Technological Advancements - Moore Threads has established a comprehensive technology system centered on "full-function GPUs," covering chip architecture, AI computing, graphics rendering, and scientific computing since its founding in 2020 [2] - The self-developed MUSA architecture supports AI acceleration, physical simulation, and ultra-high-definition encoding and decoding, with performance metrics approaching leading international companies [2] - As of June 2025, the company holds 453 domestic patents across critical areas such as processor architecture and computing clusters, creating a technological moat [2] Group 2: Financial Performance - The company has transitioned from technological breakthroughs to scalable profitability, with revenue increasing from 46 million yuan in 2022 to 438 million yuan in 2024, reflecting a compound annual growth rate of over 200% [3] - In the first half of 2025, revenue reached 702 million yuan, surpassing the total of the previous three years [3] - Gross margin improved significantly from -70.08% in 2022 to 69.14% in 2025, indicating a turning point in profitability [3] Group 3: Capital and Valuation - Prior to the IPO, Moore Threads completed eight rounds of financing, raising over 6.5 billion yuan, with a pre-IPO valuation of 24.62 billion yuan [4] - The IPO aims to raise 8 billion yuan, with significant portions allocated for the development of next-generation AI training chips and graphics chips [4] Group 4: Industry Positioning - In a market dominated by NVIDIA and AMD, Moore Threads is positioned as a core player in domestic GPU replacement, leveraging its self-controlled architecture and open ecosystem [5] - The company's products are utilized in key sectors such as energy and manufacturing, addressing the growing demand for AI computing power [5] - The approval of the IPO signifies a shift from technological catch-up to industry leadership for domestic GPUs, with the potential to reshape the global GPU competitive landscape [5]