将投中网设为"星标⭐"，第一时间收获最新推送 本文发于2025年1月10日，在摩尔线程过会之际，重温一下。 作者丨 张雪 编辑丨 张楠 来源丨 投中网 近年尾，高端酒店的精致饭局少不了，饭菜固然讲究却从来不是重点。几杯茅台下肚，觥筹交错间气氛热络了，心思才渐渐显 露出来。 A在一家投资机构供职，投资人身份，由于名片上职务太多，Title不明。A今年过得挺憋屈，但偏能给别人留下这么个印象： 人脉广，高端显贵、三教九流他都熟识；资源多，各种资产、份额都不是事儿；路子野，善于游走在灰色地带。关键是嘴上功 夫了得，尴尬是没有的，人家信不信是一回事，他敢不敢说又是另一回事。 不光组局，A也拼缝儿，自然是饭局常客。那天，经过短暂寒暄和推杯换盏，一个事关赚钱的热点话题一统酒桌——英伟达。 很自然地，因为利益相关，A将话题过渡到摩尔线程，开始了他的演讲。 作为寒武纪之外的另一个"中国英伟达"，2024年年末，"摩尔概念股"着实热闹了一阵，上市公司沾之即涨，摩尔线程正在接 受IPO辅导。A唾沫横飞，饭局的老板们虽久经"沙场"，依旧洗耳恭听。 看似一群人听A侃侃而谈，实际是猎物和猎手的关系，眼神交汇间，心思就暴露了大半。 于是， ...

Core Viewpoint - The domestic GPU "unicorn" Moole Technology has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC projects, marking a significant milestone in the domestic GPU sector [1] Group 1: Company Overview - Moole Technology was founded in 2020 by a team of former Nvidia executives and has rapidly developed into a leading player in the GPU market, achieving a record speed in the development of its first full-function GPU, "Sudi," within 11 months [2] - The company has adopted a "full-stack breakthrough" strategy with its self-developed MUSA architecture, integrating AI computing, graphics rendering, scientific computing, and video encoding/decoding engines, overcoming the limitations of domestic GPUs in AI computing power [2] - By the end of 2024, Moole Technology aims to have a complete product line covering desktop-level (MTT S series) and data center-level (MTT T series) GPUs, with a market share exceeding 60% in the domestic trust and innovation market [2] Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, while net losses are expected to total nearly 5 billion yuan over the same period [3] - The company's R&D expenditure is projected to exceed 300% of its revenue, with R&D costs reaching 1.359 billion yuan in 2024, indicating a strong focus on innovation despite financial losses [3] - Moole Technology has raised over 6.5 billion yuan through multiple funding rounds, with a pre-IPO valuation of 24.62 billion yuan, ranking 261st on the 2024 Hurun Global Unicorn List [3] Group 3: Market Position and Strategy - Moole Technology is implementing a dual-track strategy of "compatibility + open-source" to compete with Nvidia's CUDA ecosystem, allowing for zero-cost migration of CUDA code and attracting over 100,000 developers to its open-source community [4] - The company is building a "ten-thousand card cluster" to enhance its computing infrastructure, which is expected to improve GPU utilization by 40% and reduce fault recovery time to under 5 minutes [4] - The domestic GPU market is experiencing significant growth, with the share of domestic computing power in China's data center accelerator market expected to rise from 15% in 2022 to over 50% by the end of 2025 [5] Group 4: Future Plans and Challenges - Of the 8 billion yuan to be raised, 1.98 billion yuan will be allocated to the development of AI SoC chips, with the "Yangtze" series chips already integrated with CPU, GPU, NPU, and VPU architectures, targeting the automotive chip market [6] - Moole Technology faces challenges including a performance gap of over two generations compared to Nvidia, a developer base significantly smaller than CUDA's, and high customer concentration risk, with the top five clients accounting for over 98% of revenue [5][6]