沐曦“打新王”，能复制“一签28万”狂欢吗？

Core Viewpoint - The article highlights the significant market enthusiasm surrounding domestic GPU companies, particularly focusing on the successful IPO of Moer Thread and the subsequent interest in Muxi Co., which is positioned as the "second domestic GPU stock" [4][5][9]. Group 1: Market Performance - Moer Thread, the first domestic GPU stock, debuted at an issue price of 114.28 yuan per share and opened at 650 yuan, peaking at 688 yuan, resulting in a market capitalization of approximately 2700 to 3000 billion yuan [4][5]. - Muxi Co. launched its IPO on the same day with an issue price of 104.66 yuan per share, aiming to raise 4.197 billion yuan, which would give it a market capitalization of around 418.74 billion yuan [5][9]. - Muxi's offline subscription saw a staggering 2227.6 times oversubscription, surpassing Moer Thread's previous record of 1572 times, marking it as the "king of new share subscriptions" [9][10]. Group 2: Investor Sentiment - The excitement from Moer Thread's IPO translated seamlessly to Muxi, with retail investors expressing a strong desire to participate in the latter's offering, driven by the potential for significant profits [6][7][12]. - Social media discussions reflected a prevalent "lottery mentality" among retail investors, focusing more on potential profits rather than understanding the underlying technology [6][12]. Group 3: Company Background and Financials - Muxi Co., established in September 2020, has a founding team with experience from leading chip companies like AMD and ARM, and has developed a product line that includes GPUs for general computing and AI applications [14]. - The company reported revenues of 42.64 million yuan in 2022, projected to grow to 743 million yuan by 2024, indicating a rapid growth trajectory [14]. - Despite revenue growth, Muxi has faced significant losses, with net losses of 7.77 billion yuan in 2022 and an expected continuation of losses into 2025, highlighting the challenges of high R&D costs [15][22]. Group 4: Investment Landscape - Muxi has attracted substantial investment, with total financing exceeding 10 billion yuan, supported by a diverse range of investors including state-owned funds and private equity [16][17]. - The company's shareholder structure reflects a mix of domestic and international capital, indicating strong backing but also potential pressure from early investors looking to realize gains [18]. Group 5: Future Considerations - The article emphasizes the need for Muxi to establish a sustainable business model beyond project-based revenues, aiming for recurring income streams from cloud services and software licensing [24]. - The success of Muxi will depend on its ability to validate its technology, secure long-term contracts, and maintain investor confidence amidst market volatility [23][26].