国产GPU上市潮涌：沐曦股份接棒申购，行业进入资本化深水区

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to launch its IPO on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference technologies [1][4]. Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms. The core team has extensive experience in GPU development, with key figures previously working at AMD [3]. - The CEO, Chen Weiliang, holds a 22.94% stake, and the company has attracted significant investments from notable entities, including the National Team and Sequoia Capital [3]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [4][5]. - Despite the revenue growth, Muxi is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [5]. Market Position and Competition - Muxi's product line includes AI training and inference GPUs, with the C500 being the main product. The company has sold over 25,000 GPU units to date [6]. - The global GPU market is dominated by NVIDIA and AMD, with Muxi holding approximately 1% market share in China's AI chip market as of 2024 [6]. Industry Context - Muxi is part of a competitive landscape with several other domestic GPU companies also pursuing IPOs, including Moer Thread and Suiruan Technology, indicating a rush in the domestic GPU sector [7][8]. - Other notable companies like Birran Technology and Glanfi are also in the process of seeking listings, highlighting the growing interest and investment in the domestic GPU market [8][9].