今天，摩尔线程打新火了

Core Viewpoint - The IPO of Moore Threads has officially launched with a share price of 114.28 yuan, making it the most expensive new stock of the year, reflecting the booming domestic semiconductor industry and attracting significant investor interest [2][3]. Company Overview - Moore Threads, founded in 2020 by former Nvidia executive Zhang Jianzhong, aims to develop full-featured GPUs for both graphics and AI applications, utilizing its self-developed MUSA architecture [6][12]. - The company has successfully produced five chips and launched four generations of GPU architectures and smart SoC products within five years [6]. IPO Details - The IPO price is set at 114.28 yuan per share, with 70 million shares issued, aiming to raise a total of 8 billion yuan, resulting in a post-IPO market capitalization of approximately 53.7 billion yuan [4][5]. - The pre-IPO valuation nearly doubled, with a subscription demand of 704.06 billion shares, indicating a subscription multiple of 1571.56 times [5]. Investment Background - Moore Threads has attracted a diverse group of 85 shareholders, significantly more than the 32 shareholders of Cambricon during its IPO [7]. - The company has undergone eight rounds of financing and share transfers since its inception, with early investors benefiting from favorable entry prices [7][9]. Financing History - Initial investments began with a valuation of 10 million yuan, with subsequent rounds raising valuations to 240 billion yuan by 2023 [10][11]. - The latest Pre-IPO round in December 2024 valued the company at 246 billion yuan, with participation from 38 investment entities [10]. Market Context - The success of Moore Threads' IPO is seen as a reflection of the growing interest in domestic GPU companies, following the notable performance of Cambricon, which has seen its stock price soar to over 1500 yuan [3][12]. - Other domestic GPU companies are also preparing for IPOs, indicating a competitive and rapidly evolving market landscape [12][13].