紧跟摩尔线程，“国产GPU第二股”来了，预计营收3年狂增3500倍

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to launch its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference technologies [1][5]. 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 over ten years of experience in GPU development, with notable figures from AMD [5]. - The CEO, Chen Weiliang, holds a 22.94% stake, making him the actual controller of the company. Significant investors include state-owned enterprises and prominent venture capital firms [5][6]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 15 billion to 19.8 billion yuan in 2025, representing a year-on-year increase of 101.86% to 166.46% [6]. - Despite the revenue growth, the company has reported net losses from 2022 to 2024, with cumulative losses reaching 1.048 billion yuan by March 2025 [6][7]. Product Line and Market Position - Muxi has launched products for AI training and inference, with the C500 GPU being a key product. The next-generation C600 chip is expected to support advanced training capabilities [7]. - The company currently holds about 1% market share in China's AI chip market, facing competition from established players like NVIDIA and AMD [7]. IPO and Market Context - Muxi's IPO follows the recent listing of another domestic GPU company, Moore Threads, which is seen as the first domestic GPU stock. The competitive landscape includes several other companies also pursuing IPOs [9][10]. - The market for domestic GPUs is gaining traction due to increasing demand for computing power driven by AI models, but challenges remain due to competition and the need for rapid technological advancement [7][9].