沐曦上市背后：那些陪它穿越“死亡谷”的投资人｜甲子光年

Core Viewpoint - Muxi Co., Ltd. has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the second company among the "Four Little Dragons" of domestic GPUs to go public, following Moore Threads [2][25]. Group 1: Listing Details - Muxi's issue price was 104.66 yuan per share, with 40.1 million shares issued, representing approximately 10% of the total share capital, leading to an initial market value of 41.9 billion yuan [2]. - On its first trading day, Muxi opened at 700 yuan per share, a 568.83% increase, and reached a peak of 895 yuan per share during trading, closing at 829.9 yuan per share, reflecting a 692.95% increase from the issue price and a total market capitalization of 332.04 billion yuan [2]. Group 2: Investment Journey - Early investors view Muxi's listing as a validation of "time value," highlighting the challenges faced in the semiconductor industry, which is characterized by high investment, long cycles, and significant uncertainty [4]. - Notable investors include He Li Capital, Sequoia Capital China, ZhenFund, and others, who supported Muxi through various challenges from investment to listing [4][15]. Group 3: Investment Rationale - Investors like Kong Lingguo from He Li Capital recognized Muxi's potential due to its well-structured team, which includes members from AMD's China R&D team, providing a strong technical foundation [10][13]. - The decision to invest in Muxi was influenced by its engineering capabilities and the team's experience in building supercomputing centers in China [10][13]. Group 4: Challenges Faced - The semiconductor industry faced significant challenges starting in 2022, including U.S. sanctions against China's semiconductor sector, leading to a cash burn of 50 million yuan per month for Muxi during critical periods [20]. - Investors provided support through various means, including operational assistance and strategic advice, to help Muxi navigate these challenges [21][22]. Group 5: Product Development and Future Outlook - Muxi's new product, the Xiyun C600, is based on domestic advanced processes and aims to establish a closed-loop domestic supply chain, with plans for risk mass production by the end of 2025 [24]. - The listing signifies a transition for domestic GPUs from a "technical narrative" phase to a "capital verification" phase, indicating that Muxi has reached a stage where its products are viable and marketable [26][27]. Group 6: Industry Implications - Muxi's successful IPO is seen as a milestone in the development of domestic GPUs, demonstrating that they have moved past the initial challenges of product development [27]. - However, the industry still faces challenges such as an incomplete ecosystem and limitations in advanced process capabilities, which could affect future product iterations [29][30].