国产GPU第一股IPO获批，募资80亿

Core Viewpoint - The approval of Moore Threads' IPO registration marks a significant milestone as the first domestic GPU company to go public on the Sci-Tech Innovation Board, with plans to raise 8 billion yuan for research and development [1][4][26]. Group 1: IPO Details - Moore Threads submitted its IPO application on June 30 and received approval in just four months [3][17]. - The company plans to use the 8 billion yuan raised primarily for R&D, with specific allocations of 2.509 billion yuan for AI training and inference chip development, 2.502 billion yuan for graphics chip development, and 1.981 billion yuan for AI SoC chip development [4][5]. - An additional 1.006 billion yuan will be used for working capital [6]. Group 2: Financial Performance - In the first half of this year, Moore Threads reported revenue of 702 million yuan, surpassing its total revenue for the entire year of 2024 [9]. - The company's net loss for the first half of the year was 271 million yuan, a significant improvement compared to the same period last year, with management projecting potential profitability by 2027 [10][11]. - The revenue structure has shifted dramatically, with AI computing products contributing 94.85% of total revenue in the first half of this year, amounting to 665 million yuan [13][12]. Group 3: Business Model and Technology - Moore Threads operates under a Fabless model, focusing on the research, design, and sales of GPUs and related products [21]. - The company's core technology is the MUSA (Moore Threads Unified System Architecture), which integrates various capabilities such as AI computing acceleration and graphics rendering into a single chip [22][24]. - The company has successfully launched four generations of GPU chips, catering to both enterprise and consumer markets [24][25]. Group 4: Industry Context - Moore Threads is not the only domestic GPU company pursuing an IPO; several others are also in the process, including Muxi and Suiruan Technology, which are at various stages of their IPO applications [26][27][30]. - The past year has seen a surge in IPO activities among domestic GPU manufacturers, indicating a growing interest and competition in the market [31].