葛卫东押注！高性能GPU公司拟IPO

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise approximately 3.9 billion yuan by issuing no more than 40.1 million shares [2][3]. Group 1: Company Overview - Muxi Integrated Circuit was established in September 2020, focusing on the research, design, and sales of full-stack GPU products for artificial intelligence training, inference, general computing, and graphics rendering [6]. - The company claims to be one of the few domestic suppliers to achieve large-scale commercial applications of GPU clusters, currently supporting the full pre-training of models like the 128B MoE [6]. Group 2: Financial Performance - Muxi Integrated Circuit has not yet achieved profitability, with net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [11][12]. - The company's revenue has shown rapid growth, with figures of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan for the same periods [11][12]. - The total assets of the company reached approximately 1.046 billion yuan as of March 31, 2025, with a debt ratio of 8.3% [12]. Group 3: Investment and Shareholding Structure - The company has attracted investments from several well-known institutions, including state-owned funds like Shanghai Sci-Tech Fund and Guotiao Fund, as well as venture capital firms such as Sequoia China and Matrix Partners [4][6]. - The actual controller of the company, Chen Weiliang, holds a combined 22.94% stake through his entities, while notable investor Ge Weidong and his Chaos Investment hold 7.48% [6][8]. - The shareholding structure includes significant stakes from various investors, with a total of 44.83% held by the top ten shareholders [8]. Group 4: Future Plans - The funds raised from the IPO will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and GPU technology projects targeting emerging applications [14].