紧跟摩尔线程，“国产GPU第二股”来了，预计营收3年狂增3500倍

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to go public on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference GPUs, potentially becoming the second domestic GPU company listed in A-shares after Moore Threads [1][4]. Group 1: Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms, with a core team having over ten years of experience in GPU R&D and mass production [4]. - The company is backed by notable investors, including the state-owned China Structural Adjustment Fund and prominent venture capital firms like Sequoia Capital and Matrix Partners [5]. - Muxi's valuation reached 21.071 billion yuan following a funding round in February 2025 [5]. Group 2: Financial Performance - Muxi's revenue has seen exponential growth, with figures of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and an expected 743 million yuan in 2024, resulting in a compound annual growth rate of 4074.52% [5]. - The company anticipates a revenue of 1.5 billion to 1.98 billion yuan in 2025, representing a year-on-year growth of 101.86% to 166.46%, which is nearly a 3518-fold increase compared to 2022 [5]. - Despite the revenue growth, Muxi reported net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan from 2022 to 2024, with cumulative undistributed profits of -1.048 billion yuan as of March 2025 [6]. Group 3: Market Position and Competition - The global GPU market is dominated by Nvidia and AMD, with Muxi holding approximately 1% of the AI chip market in China as of 2024 [7]. - The company faces significant competition from established players and emerging domestic firms, which may challenge its technological advancement and commercialization capabilities [7]. Group 4: Product Development - Muxi has launched products for AI training, inference, and general computing, with the Xisi N series GPU entering mass production in April 2023 and the core Xiyun C series GPU expected to launch in February 2024 [6]. - The training and inference GPU series is projected to generate 512 million yuan in sales in 2024, accounting for 68.99% of the company's main business revenue [6].