估值破537亿！科创板年内最大IPO摩尔线程来了

Core Viewpoint - The IPO of Moer Thread (688795.SH) has garnered significant attention, with an issuance price of 114.28 yuan per share and a total fundraising amount of 8 billion yuan, marking it as the most expensive new stock of the year and the largest fundraising on the Sci-Tech Innovation Board in 2023 [1][2]. Group 1: IPO Details - Moer Thread's IPO journey has been smooth, with the company completing the IPO review process in just 122 days, the shortest among companies that passed the review this year [2][3]. - The company aims to raise 8 billion yuan for the development of next-generation AI chips, graphics chips, and AISoC chips [4]. Group 2: Financial Performance - Moer Thread has shown rapid growth in revenue, with 2022 revenue at 46 million yuan, increasing to 124 million yuan in 2023 and projected to reach 438 million yuan in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively [4]. - Despite revenue growth, the company has incurred significant losses, totaling 5.939 billion yuan over the past three years and nine months, with a net loss of 724 million yuan in the first three quarters of 2025 [4][5]. Group 3: Market Position and Competition - Moer Thread is recognized as one of the few domestic GPU manufacturers capable of supporting a full range of computing precision and has been dubbed "China's NVIDIA" due to its competitive architecture [3][7]. - The company faces intense competition in the domestic market, with other players like Muxi Co., Baidu's Kunlun Chip, and others also vying for market share in the GPU sector [8].