摩尔线程、沐曦完成上市辅导，国产AI芯片进入决赛阶段

Core Viewpoint - The valuation of domestic AI chip companies preparing for IPOs is significantly lower than that of established companies like Cambrian, leading to a complex pricing negotiation process for their upcoming listings [5][6]. Group 1: IPO Progress of AI Chip Companies - Recent updates indicate that companies like Moore Threads and Muxi Integrated Circuit are nearing their IPOs, with expectations of listing within six months after completing their counseling [2][3]. - The valuation of Moore Threads is approximately 25.5 billion, while other companies are valued over 20 billion, highlighting the high valuations in the primary market [4]. Group 2: Challenges in the IPO Process - Multiple rounds of financing have complicated the IPO counseling process for these companies, as they need to manage extensive shareholder verification [5]. - The expected timeline for Muxi Integrated Circuit to submit its IPO application is the second quarter of 2025 [5]. Group 3: Market Dynamics and Valuation - Cambrian's market cap has fluctuated, reaching a peak of over 340 billion but recently dropping to 237.1 billion, illustrating the volatility in the AI chip sector [5]. - The significant valuation gap between Cambrian and the upcoming AI chip companies (10 times higher) indicates a challenging pricing environment for new listings [5][6]. Group 4: Revenue and Profitability Challenges - Most domestic AI chip companies have not yet achieved profitability, with projected revenues ranging from several million to tens of millions in 2024 [6]. - The performance gap between domestic AI chips and leading competitors like NVIDIA poses a challenge for market acceptance and revenue generation [6][8]. Group 5: Manufacturing and Technological Hurdles - Domestic AI chip companies face challenges in advanced manufacturing due to U.S. restrictions, impacting their ability to produce high-performance chips [8]. - Despite these challenges, there is optimism that stricter U.S. regulations may drive demand for domestic chips, as companies seek alternatives [9]. Group 6: Competitive Landscape - Companies like Kunlun and Suiyuan Technology are emerging as significant competitors in the domestic AI chip market, with notable revenue figures and ongoing IPO discussions [9]. - The competitive landscape is expected to intensify as several companies approach their IPOs, with not all being able to succeed in the market [9].