就在明日！国产GPU赛道再迎猛将

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Sci-Tech Innovation Board on December 17, 2025, marking its entry into the domestic GPU market as a significant player [1][4]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 15, 2025, with a public offering of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [4]. - The company’s IPO application was accepted on June 30, 2025, and the time from acceptance to listing was about 170 days, indicating a rapid progression [4]. Group 2: Fund Utilization - The funds raised will be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [4]. Group 3: Company Overview - Founded in September 2020, Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU sector, focusing on the development of high-performance GPU chips and computing platforms for AI computing, general computing, and graphics rendering [4][5]. - The company has established a comprehensive product matrix, including the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering [5]. Group 4: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and 743 million yuan in 2024, achieving a compound annual growth rate of 4074.52% over the last three years [5]. - In the first three quarters of 2025, the company generated 1.236 billion yuan in revenue, a year-on-year increase of 453.52%, while reducing net losses by 55.79% to -346 million yuan [6]. Group 5: Product Development - The latest product, the Xiyun C600 series, is expected to enter risk mass production by the end of 2025, with full production anticipated in the first half of 2026 [6]. - The next-generation Xiyun C700 series, developed using domestic supply chains, aims to match the performance of NVIDIA's H100 and is expected to be taped out in the second half of 2026 [6].