刚刚！200亿独角兽，IPO注册通过！
Sou Hu Cai Jing·2025-11-13 10:47

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Muxi Integrated Circuit (Shanghai) Co., Ltd., allowing it to list on the STAR Market [1][3]. Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [10][11]. - The company has developed a series of GPU products, including the Xisi N100 series and Xiyun C500 series, which are set to be mass-produced in 2023 and 2024, respectively [7]. Financial Performance - Muxi has not yet achieved profitability, with reported revenues of CNY 426,400 (approximately 0.042 million) in 2022, CNY 53.02 million in 2023, CNY 743.07 million in 2024, and CNY 320.41 million in Q1 2025, totaling approximately CNY 1.117 billion over nearly 13 quarters [6][14]. - The net losses for the same periods were CNY -776.97 million, CNY -871.16 million, CNY -1.41 billion, and CNY -232.51 million, with cumulative losses nearing CNY 3.29 billion [6][14]. - In the first half of 2025, the company reported a revenue of CNY 914.93 million, a year-on-year increase of 404.51%, while the net loss was reduced by 63.74% to CNY -185.89 million [7]. Market Context - The IPO process for Muxi has accelerated, taking only 116 days from application to approval, reflecting a trend among major GPU startups in China, such as Muxi and Moer Technology, which are challenging NVIDIA's market dominance [5][9]. - The company has attracted significant investment from well-known institutions, with a post-financing valuation reaching CNY 21.071 billion [9]. Investment and Development Plans - The funds raised from the IPO will be allocated to various projects, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs, with a total investment of approximately CNY 500.92 million [15][16].