Core Viewpoint - Muxi Co., Ltd., recognized as the "second domestic GPU stock," officially listed on the STAR Market on December 17, with a significant first-day price increase of 692.95%, closing at 829.90 yuan per share, resulting in a total market capitalization of 332 billion yuan [1][2]. Company Overview - Muxi Co., Ltd. was established in 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [1]. - The company aims to provide a complete software stack and computing platform alongside its GPU products [1]. IPO Details - The IPO price was set at 104.66 yuan per share, making it the second highest for STAR Market new shares in 2023, following Moer Technology's 114.28 yuan per share [1]. - The funds raised from the IPO will be allocated to projects for developing new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]. Market Response - Muxi's stock issuance attracted significant interest, with a low subscription rate of 0.03348913%, indicating strong demand from investors [2]. - Strategic investors, including the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan, participated in the subscription, highlighting the recognition of the domestic high-end chip sector [2]. Collaborations and Partnerships - Several listed companies have expressed interest in collaborating with Muxi, including Dashi Intelligent, which is exploring AI and IoT applications with Muxi [2]. - Kehua Data announced a joint project with Muxi to develop high-density liquid-cooled computing solutions [2]. - Chunzong Technology reported a 0.21% shareholding in Muxi following its IPO [2]. Financial Performance - Muxi is currently operating at a loss, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, while net losses are expected to reach 7.77 billion yuan, 8.71 billion yuan, and 14.09 billion yuan respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.236 billion yuan and a net loss of 346 million yuan [3]. - Muxi anticipates reaching a breakeven point by 2026, contingent on market conditions and customer acquisition [3]. Industry Trends - The domestic GPU market is heating up, with Muxi and Moer Technology leading the charge, while other companies in the "four little dragons" of domestic GPUs are also moving towards public listings [3]. - Wall Street has noted that Wall Street has recognized the potential of the GPU sector, with companies like Biran Technology and Suiyuan Technology also preparing for IPOs [3].
国产GPU赛道持续升温，沐曦股份上市首日涨近700%，总市值超3300亿元