国产GPU赛道又跑出一个 2700 亿独角兽！“中国AMD”沐曦股份完成IPO，开盘大涨超 500%

Core Viewpoint - The article discusses the recent IPO of MuXi Integrated Circuit (Shanghai) Co., Ltd., marking a significant event in the domestic GPU industry, following the successful listing of Moore Threads. This indicates a shift from the technology validation phase to a market and capital verification phase for domestic GPU companies [2][23]. Company Overview - MuXi officially listed on the Sci-Tech Innovation Board with a stock price of 679 CNY per share, achieving a market valuation of over 270 billion CNY [3][5]. - The company was founded in 2020 and has established R&D centers in multiple cities across China, with a core team averaging nearly 20 years of experience in high-performance GPU development [10][18]. Financial Performance - MuXi's revenue grew from 42.64 thousand CNY in 2022 to 743 million CNY in 2024, reflecting a compound annual growth rate (CAGR) exceeding 4000% [15]. - Despite significant revenue growth, the company reported a cumulative net loss of over 3 billion CNY over three years, attributed to high R&D investments and talent incentives [15]. Fundraising and Investment - The company raised approximately 4.197 billion CNY through its IPO, with funds allocated for the development of high-performance GPUs and AI inference GPUs [8][16]. - Notable investors include Sequoia China and other prominent venture capital firms, indicating strong market interest and support for MuXi's growth [16]. Product Development and Strategy - MuXi aims to provide a full-stack GPU chip and system solution, focusing on various applications including AI training, cloud computing, and data centers [10]. - The company has outlined a clear product evolution strategy, transitioning from validating GPU architecture to deploying GPUs capable of handling AI training and high-performance computing tasks [12][13]. Market Position and Competitive Landscape - The entry of MuXi and Moore Threads into the public market is seen as a pivotal moment for the domestic GPU industry, reshaping investor perceptions and expectations [21][24]. - The competition is shifting from merely producing GPUs to ensuring sustainable sales and market presence, highlighting the industry's long investment cycles and high failure rates [25].