Core Viewpoint - The article discusses the upcoming IPO of Moore Threads, a domestic GPU manufacturer, highlighting its significance in the context of China's push for technological self-sufficiency and the growing demand for AI and high-performance computing solutions [2][4][8]. Group 1: Company Overview - Moore Threads was established in 2020 and focuses on the research, design, and sales of full-function GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [4][5]. - The company is recognized for its MUSA architecture, which allows a single chip to support AI computing acceleration, graphics rendering, physical simulation, and scientific computing [5][6]. - As of June 30, 2025, Moore Threads has successfully mass-produced five chips and has developed a complete product matrix covering AI computing, high-performance computing, and graphics rendering [6]. Group 2: Financial Performance - Moore Threads reported revenues of 0.46 billion, 1.24 billion, and 4.38 billion yuan for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate of 208.44% [8][9]. - In the first half of 2025, the company achieved revenue of 7.02 billion yuan, with expectations to reach profitability by 2027, including government subsidies [9][10]. - The company's net losses have been narrowing, from 18.40 billion yuan in 2022 to 16.73 billion yuan in 2023, and further to 14.92 billion yuan in 2024, with a loss of 2.71 billion yuan in the first half of 2025 [9]. Group 3: Market Context and Opportunities - The IPO aims to raise 8 billion yuan, primarily for the development of next-generation AI chips, graphics chips, and AI SoC chips, enhancing the company's ecosystem [2][8]. - The recent "1+6" policy from the Science and Technology Innovation Board supports unprofitable tech companies, providing a favorable environment for high-growth potential firms like Moore Threads to access capital markets [10]. - The domestic GPU market presents significant opportunities for Moore Threads, driven by the need for local alternatives to international competitors like NVIDIA [8][10]. Group 4: Leadership and Background - The founder and CEO, Zhang Jianzhong, has extensive experience in the GPU industry, having previously served as a global vice president at NVIDIA [2][11]. - The board of directors includes several members with backgrounds at NVIDIA, indicating a strong foundation in GPU technology and market strategy [15][16].
摩尔线程闯关IPO在即 创始人张建中曾在英伟达任职14年
经济观察报·2025-09-23 09:55