MetaX set for Shanghai debut amid market frenzy over AI chip stocks, Nvidia uncertainty

Core Viewpoint - MetaX Integrated Circuits, a Chinese AI chip designer, is set to debut on Shanghai's Star Market, following the successful listing of Moore Threads Technology, highlighting the growing interest in the semiconductor sector in China [1][5]. Company Overview - MetaX was founded in September 2020 in Shanghai by former engineers from Advanced Micro Devices [2]. - The company has priced its initial public offering (IPO) at 104.66 yuan per share, aiming to raise 4.2 billion yuan (approximately US$596 million) from the sale of 40.1 million shares, with net proceeds estimated at 3.9 billion yuan [2]. Financial Performance - MetaX's implied market capitalization is approximately 37.7 billion yuan, reflecting a nearly 79% increase from its pre-IPO valuation of 21.07 billion yuan in March [3]. - In the first nine months of 2025, MetaX reported revenue of 1.24 billion yuan, which is more than four times higher than the previous year, although the company incurred a net loss of 345.5 million yuan due to significant R&D expenditures [6]. Use of Proceeds - The funds raised from the IPO will be allocated towards the development and industrialization of next-generation, high-performance general-purpose graphics processing units (GPUs) and GPUs for demanding AI inferencing tasks [4]. Product Portfolio - MetaX's product lineup includes N-series GPUs for AI inference, C-series chips for general-purpose computing, and G-series processors for graphics rendering. The flagship C600 processor was launched in July and is expected to enter mass production soon, while the next-generation C700 chip is still under development [7].