国产GPU第二股来了，营收狂飙13倍3年却亏损30亿

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking its entry as the second domestic GPU company after Moore Threads [1][2]. Group 1: Company Overview - Muxi was founded in 2020 by former AMD employees, capitalizing on the shift in AI technology towards large models and generative AI [2]. - The company focuses on developing AI chips, particularly targeting the inference segment of AI applications, with its first inference chip, Xisi N100, delivered in January 2022 and mass-produced in April 2023 [2][3]. - Muxi aims to create a "Chinese version of AMD" by developing general-purpose GPUs (GPGPU) that emphasize AI and high-performance computing capabilities [4][6]. Group 2: Product Development - Muxi has launched several GPU products, including the Xisi N series for inference and the Xiyun C series for training and inference integration, with the Xiyun C500 officially mass-produced in February 2024 [7][11]. - The company is also developing the next-generation Xiyun C600 series and the Xisi N series for rendering, aiming to cover AI computing, general computing, and graphics rendering [11][12]. Group 3: Market Position and Financial Performance - Muxi's GPU products have achieved cumulative sales of over 25,000 units by March 2025, with applications in various AI public computing platforms [3]. - The company reported significant revenue growth, with revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [18]. - Despite rapid revenue growth, Muxi has not yet achieved profitability, with net losses of 7.77 billion yuan in 2022, 8.71 billion yuan in 2023, and 14.09 billion yuan in 2024, totaling over 30 billion yuan in losses [20]. Group 4: Investment and Future Outlook - Muxi plans to use the funds raised from its IPO for the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [11][12]. - The company expects to reach a breakeven point by 2026, driven by the increasing commercialization of its core products [17][20]. - Muxi's market share in the Chinese AI accelerator market is approximately 1%, positioning it among the leading domestic GPU manufacturers [24].