沐曦早期投资人光合创投：一次精彩的“本垒打”

Core Insights - Muxi Co., Ltd. has become the hottest IPO on the Sci-Tech Innovation Board since 2025, with its stock price rising over 687% from the issue price of 104.66 yuan, reaching a market capitalization of nearly 330 billion yuan [3][4][10] - The company received overwhelming interest during the subscription phase, with a total subscription amount of 57.169 billion shares and an offline subscription multiple of 2227.6 times [4][10] - Early investor Guanghe Venture Capital has seen substantial returns, with expectations that the investment in Muxi will cover and exceed the entire fund's investment costs [4][12] Company Overview - Muxi Co., Ltd. was established in September 2020 and quickly became a leading player in high-performance general-purpose GPU products [4][11] - The company has achieved remarkable growth, becoming one of the first listed domestic GPU startups within just five years of its establishment [11][12] Investment Insights - Guanghe Venture Capital led the Pre-A+ round investment in Muxi in February 2021 and continued to invest in subsequent financing rounds [7][12] - The team behind Muxi is composed of industry veterans, including two co-founders who were previously with AMD China, bringing extensive experience in research and development to the company [9][12] Market Dynamics - The development of high-performance general-purpose GPUs is characterized by high capital investment, technical barriers, and a long return cycle, making it a challenging field for entrepreneurs [11][12] - Muxi's products have gained significant market recognition, with cumulative GPU sales exceeding 25,000 units by March 2025 [11][12] Future Outlook - Following the IPO, Muxi is expected to accelerate its growth due to increased funding, enhanced credibility, and stronger industry recognition [12] - The company is well-positioned to leverage its top-tier team and the growing demand for computing power, which is seen as a long-term market opportunity [12][15]