深度｜解码“国产GPU第一股”摩尔线程背后资本谱图！早期股东收获超4000倍回报

Core Viewpoint - The article highlights the successful IPO of Moore Threads, marking it as the first domestic GPU company in China, which has attracted significant investment from various state-owned and private venture capital firms, showcasing a robust capital ecosystem supporting the semiconductor industry [3][18]. Group 1: Company Overview - Moore Threads, founded in June 2020 by former NVIDIA executive Zhang Jianzhong, focuses on developing full-featured GPUs for AI, digital twins, and high-performance computing [3][6]. - The company has achieved a dual leap in commercialization and capitalization within five years, supported by over 80 early investors and a total funding of 9.498 billion yuan [3][4]. - From 2022 to Q3 2025, Moore Threads has invested 4.67 billion yuan in R&D while accumulating losses of 5.939 billion yuan, with a revenue growth of 181.99% year-on-year, reaching 785 million yuan [3][4]. Group 2: Investment Landscape - The IPO is expected to provide substantial returns for early investors, with Shenzhen Minghao, the largest external shareholder, projected to gain around 2.3 billion yuan from an 80 million yuan investment [4][9]. - Sequoia China and Guosheng Capital are among the top shareholders, with expected returns exceeding 1.5 billion yuan [4][14]. - Early investments from state-owned enterprises like Shen Chuang Tou and local government-backed funds have played a crucial role in Moore Threads' growth, with Shen Chuang Tou investing 800 million yuan in the third round of funding [12][14]. Group 3: Market Performance - Moore Threads' stock surged by 468.78% on its debut, with a share price of 650 yuan, indicating a potential profit of approximately 267,900 yuan for investors [8]. - The company anticipates reaching a revenue of 5.983 billion yuan by 2027, with an overall gross margin of 61%, potentially leading to profitability [3]. Group 4: Strategic Partnerships - The founding team, with a strong background from NVIDIA, has been instrumental in securing early funding and establishing a competitive edge in the domestic GPU market [6][18]. - The collaboration between market-oriented venture capital and corporate venture capital has been significant, with firms like Sequoia China and Heertai actively participating in multiple funding rounds [16][17].