“中国英伟达”，要IPO了

Core Viewpoint - The article discusses the rapid development and IPO plans of four leading domestic GPU companies in China, collectively referred to as the "Chinese Nvidia," highlighting their growth, investment backing, and the competitive landscape against international giants like Nvidia [4][11]. Group 1: Industry Overview - The domestic GPU sector has seen significant growth, with the four leading companies—Mole Thread, Muxi Co., Wallran Technology, and Suiruan Technology—advancing towards IPOs [4][6]. - These companies have collectively attracted over a hundred billion yuan in investments from more than a hundred investment institutions, indicating strong investor confidence in the sector [4][14]. Group 2: Company Development - The four domestic GPU companies emerged around 2018, driven by the increasing importance of domestic technology amid US-China competition [5]. - Each company has a unique focus: Mole Thread aims to develop a full-function GPU for AI and high-performance computing, while Muxi Co. specializes in high-performance GPU chips and computing platforms [8][9]. - Wallran Technology focuses on original general computing systems, and Suiruan Technology targets cloud computing products for AI [8]. Group 3: Financial Performance - Mole Thread has launched four generations of GPU architectures, generating over 600 million yuan in revenue over three years, while Muxi Co. has achieved over 1.1 billion yuan in revenue in 39 months [9][10]. - Despite revenue growth, all four companies are currently operating at a loss, with projections for 2024 revenue ranging from 200 million to 1.4 billion yuan, and none expected to be profitable [10][12]. Group 4: Investment and Valuation - The rapid financing of these companies has been notable, with Wallran Technology raising over 4.7 billion yuan in less than two years, and Mole Thread achieving a pre-IPO valuation exceeding 24.6 billion yuan [14][16]. - As of now, the valuations of these companies are significant, with Mole Thread valued at 31 billion yuan, Suiruan Technology at 20.5 billion yuan, and Wallran Technology at 16 billion yuan [16]. Group 5: IPO Prospects - The recent announcement by the China Securities Regulatory Commission to restart the fifth set of listing standards for unprofitable companies is expected to accelerate the IPO process for these domestic GPU firms [16].