摩尔线程融资故事：早期投资人回报已超6200倍

Core Viewpoint - The article discusses the remarkable journey of Moer Thread, known as the "first domestic GPU stock" in China, highlighting its rapid rise in the semiconductor industry and its recent IPO on the STAR Market, which set multiple records in terms of subscription rates and market valuation [2][3][19]. Financing Journey - Moer Thread completed two rounds of financing within three months of its establishment in 2020, achieving a valuation of over $1 billion, setting a record for the fastest unicorn in the industry [7][8]. - The first round of financing in September 2020 involved investors like Peixian Qianyao and Shenzhen Minghao, with Peixian Qianyao's initial investment of 1.9 million yuan now valued at approximately 11.898 billion yuan, yielding a return of over 6262 times [4][8]. - The angel round in December 2020 attracted top-tier investors, despite the company not having a prototype at that time, primarily due to its exceptional team [9][10]. Team and Technology - The founder, Zhang Jianzhong, previously served as a key executive at NVIDIA, contributing to the establishment of a complete GPU ecosystem in China [10][13]. - The team consists of members from leading tech companies like NVIDIA, Microsoft, Intel, AMD, and ARM, with an average of over ten years of experience [10][13]. Product Development and Market Performance - Moer Thread's first chip was delivered on time, with subsequent iterations accelerating, achieving a milestone of three chips in three years [14][15]. - The company reported revenues of 1.24 billion yuan in 2023, a 169% increase from 2022, demonstrating its commercial viability [15]. Challenges and Resilience - In October 2023, Moer Thread was placed on the U.S. Entity List, posing significant challenges, yet the management committed to increasing R&D investment and product development [17][18]. - Following this, the company secured several hundred million yuan in B+ round financing, indicating strong market confidence despite external pressures [18]. IPO and Market Reception - Moer Thread's IPO process began in November 2024, with significant interest from investors, leading to a pre-IPO round that raised 5.225 billion yuan at a valuation of 24.62 billion yuan [20][22]. - The company’s stock price surged, reflecting the market's renewed interest in its potential as a "Chinese version of NVIDIA" [20][24]. Future Outlook - The founder emphasized the ongoing efforts to enhance product performance and the importance of domestic GPU development in light of external restrictions and market demands [24].