沐曦3000亿，投资人迎来超级回报

Core Viewpoint - The successful IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd. on the STAR Market marks a significant milestone for domestic GPU manufacturers, with a market capitalization exceeding 300 billion yuan shortly after listing [2][3]. Company Overview - Muxi was founded in 2020 by Chen Weiliang, who has a strong technical background from AMD, along with partners Peng Li and Yang Jian, aiming to create a self-sufficient GPU ecosystem in China [3][6]. - The company has developed a range of products, including the Xisi N series GPU for AI computing and the Xiyun C series GPU for general computing, with a focus on breaking reliance on foreign technology [6][7]. Investment Journey - Muxi's funding journey began with nearly 100 million yuan in angel financing shortly after its establishment, attracting numerous investors including Sequoia China and ZhenFund [8][9]. - Despite facing challenges in 2022 due to competition and market conditions, Muxi secured significant investments based on its technological capabilities and team experience, leading to a pre-IPO valuation exceeding 15.88 billion yuan [9][10]. Market Context - The Chinese GPU market is projected to grow from 38.5 billion yuan in 2020 to 163.8 billion yuan by 2024, with a significant shift towards domestic suppliers expected by 2027 [9][10]. - Muxi's growth reflects a broader trend of increasing domestic capabilities in high-performance computing, with the company positioned as a key player in this evolving landscape [6][7]. Team and Leadership - Chen Weiliang's leadership and experience in GPU design and commercialization have been pivotal in Muxi's rapid growth, with the company achieving a compound annual growth rate of 4074.52% in revenue over the past three years [7][8]. - The team’s extensive experience in the industry is seen as a critical factor in navigating the complexities of chip development and market entry [6][7]. Future Outlook - Muxi aims to reach profitability by 2026, with ongoing product development and market expansion strategies in place [7][8]. - The company’s successful IPO is viewed as a validation of its long-term vision and the potential for further growth in the domestic GPU market [2][3].