国产GPU上市潮涌

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to go public on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference GPUs [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 over ten years of experience in GPU R&D and mass production [3]. - The CEO, Chen Weiliang, holds a 22.94% stake, making him the actual controller of the company. Notable investors include the National Team and prominent venture capital firms [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]. - Despite 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. The cumulative undistributed profits reached -1.048 billion yuan by March 2025 [4]. Market Position and Competition - Muxi is expected to become the second domestic GPU company listed on the A-share market, following Moer Thread [2]. - The global GPU market is dominated by Nvidia and AMD, with Muxi holding approximately 1% of the Chinese AI chip market share in 2024 [6]. - The company faces significant competition from established players and emerging domestic firms, necessitating rapid technological advancement and commercialization capabilities [6]. Product Development - Muxi has launched products for AI training, inference, and general computing, with the C500 being the main product currently shipped. The next-generation C600 chip is expected to support advanced training capabilities [5]. - The revenue structure indicates that the integrated training and inference GPU boards are the primary drivers of growth, contributing 68.99% of the main business revenue in 2024 [5]. Industry Trends - The surge in demand for computing power driven by AI models and the push for domestic alternatives are benefiting Muxi's growth trajectory [4]. - Other domestic GPU companies are also in the process of going public, indicating a competitive landscape in the sector [7][8].