研发烧掉24亿，亏损32亿 又一个GPU独角兽闯关科创板IPO

Core Viewpoint - The company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, with expectations to reach breakeven by 2026 based on its operational conditions and market dynamics [1][15]. Group 1: IPO and Fundraising - Muxi plans to issue up to 40.10 million A-shares and raise approximately 3.904 billion yuan, with the funds allocated for the development of new high-performance general-purpose GPUs and AI inference GPUs [2]. - The successful fundraising is expected to enhance the company's core product line, solidify its industry leadership, and expand market share [2]. Group 2: Company Overview - Established in 2020, Muxi focuses on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [5]. - The company has launched several GPU series, including the Xisi N series for AI inference and the Xiyun C series for integrated training and inference [5]. Group 3: Market Position and Product Development - Muxi's GPUs have been deployed across various sectors, including education, finance, transportation, energy, healthcare, and entertainment, with cumulative sales exceeding 25,000 units by March 2025 [6]. - The company operates under a Fabless model, focusing on GPU chip specifications and design while outsourcing manufacturing processes [6]. Group 4: Research and Development - Muxi has maintained high R&D investment levels, with expenditures of 648 million yuan, 699 million yuan, 900 million yuan, and 218 million yuan for the years 2022 to 2025 (Q1), representing significant percentages of revenue [7]. - As of March 2025, Muxi employed 652 R&D personnel, accounting for approximately 75% of its total workforce [7]. Group 5: Financial Performance - Muxi has not yet achieved profitability, reporting revenues of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan for the respective years, with cumulative losses exceeding 3.2 billion yuan [10]. - The company attributes its lack of profitability to several factors, including market penetration challenges, high R&D costs, and significant stock-based compensation expenses [11]. Group 6: Future Outlook - Muxi anticipates that the AI chip industry will continue to grow rapidly, providing a broader market space for its main business, while maintaining high levels of R&D investment [15]. - The company expects to achieve breakeven at the earliest by 2026, contingent on market conditions and customer validation [15].