市值2822.52亿元，暴涨468%！今天，南理工技术大牛斩获“国产GPU第一股”！

Core Viewpoint - The successful IPO of Moer Thread, the first domestic GPU company, marks a significant milestone in the Chinese GPU industry, with its stock price soaring by 468.78% on debut, reaching a market value of over 300 billion yuan [2][23]. Company Overview - Moer Thread was founded in 2020 by Zhang Jianzhong, an alumnus of Nanjing University of Science and Technology, and has rapidly developed its first fully functional domestic GPU within 300 days [3][23]. - The company achieved unicorn status in less than 100 days and completed its IPO process in just 122 days, showcasing a remarkable speed in the capital market [3][23]. - The IPO raised 8 billion yuan, which will be invested in the development of next-generation AI training and inference chips, as well as graphics chips [3][23]. Leadership and Background - Zhang Jianzhong, the founder, previously served as the global vice president and general manager for Nvidia in China, significantly increasing Nvidia's market share in China from under 50% to over 80% during his tenure [8][27]. - He left Nvidia to seize the opportunity in the domestic chip market, establishing Moer Thread with a focus on innovation and speed [8][27]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates AI computing and graphics rendering engines within a single chip, addressing a wide range of application scenarios from cloud-based model training to real-time interactions [10][29]. - The MUSA architecture is designed to be compatible with existing CUDA and Triton ecosystems, significantly lowering the switching costs for users [12][29]. - The company has successfully produced five chips and iterated four generations of GPU architectures, creating a comprehensive product matrix that supports AI, scientific computing, and graphics rendering [12][31]. Financial Performance - The company is projected to achieve a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with revenue in the first half of 2025 expected to reach 702 million yuan, surpassing the total revenue of the previous three years [12][31]. - The AI computing business is expected to contribute 94.73% of the company's revenue, highlighting its leading position in the core market [12][31]. Shareholder Structure - The largest shareholder is Nanjing Shen'ao Management Consulting Partnership, holding approximately 12.38% of the shares, with Zhang Jianzhong and other executives also holding significant stakes [32][33].