9月26日，上交所官网披露信息显示，摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"）科创板IPO申请通过上交所上市委会议审议。 有着"中国版英伟达"之称的摩尔线程成功过会，不仅意味着A股"GPU第一股"渐行渐近，更引发了一级市场的集体欢呼。 摩尔线程成立于2020年6月，截至目前累计融资超百亿元，背后云集了红杉中国、深创投、腾讯、字节跳动等数十家一级市场知名风投机构，以及和而泰、联 美控股等上市公司。 随着摩尔线程即将登陆A股，这些陪伴多年的投资机构都将迎来收获期。 创始团队堪称"豪华" 率先实现商业化落地 公开资料显示，摩尔线程主要从事全功能GPU相关产品的研发、设计和销售，是国内极少数兼顾图形渲染与AI计算的国产GPU公司。目前，摩尔线程已成为 国内少数能够提供从FP8到FP64全计算精度支持的GPU厂商之一，也是国内率先推出支持DirectX12图形加速引擎的国产GPU企业。 摩尔线程"中国版英伟达"之称，不仅源于与英伟达相似的技术和产品布局，更得益于其特殊的创始团队。据摩尔线程招股书，该公司创始人、实际控制人为张 建中，他有过长达14年英伟达公司的任职经历，曾任英伟达全球副总裁、大中华区总 ...

Core Viewpoint - The successful approval of Moer Technology's IPO application by the Shanghai Stock Exchange marks a significant milestone for the company, often referred to as the "Chinese version of Nvidia," and signals a positive trend for unprofitable tech companies seeking to go public in the A-share market [1][8]. Company Overview - Moer Technology, established in June 2020, focuses on the research, design, and sales of full-function GPU products, becoming one of the few domestic companies that balance graphic rendering and AI computing [3]. - The company is recognized for its ability to support a full range of computing precision from FP8 to FP64 and is the first domestic GPU company to launch a DirectX12 graphics acceleration engine [3]. - The founding team, led by Zhang Jianzhong, includes several former Nvidia executives, contributing to the company's strong technical foundation and market credibility [4][6]. Financial Performance - Moer Technology has shown rapid revenue growth, with projected revenues of 46.09 million yuan, 124 million yuan, and 438 million yuan for the years 2022 to 2024, respectively, indicating a compound annual growth rate of over 200% [4]. - The company's gross margin has improved significantly, rising from -70.45% in 2022 to 69.17% in the first half of 2025, although it has incurred a cumulative net loss exceeding 5 billion yuan over three years [4]. Investment Landscape - The company has attracted substantial investment, raising over 10 billion yuan since its inception, with notable backers including Sequoia China, Tencent, and ByteDance [1][6]. - Moer Technology's valuation reached 31 billion yuan, and there is strong interest from various investment institutions, indicating a robust appetite for shares in the company [6][7]. Market Trends - The approval of Moer Technology's IPO is seen as a catalyst for other unprofitable tech companies, as recent policy changes have facilitated a faster IPO process for such firms [9][10]. - The domestic GPU market is witnessing the emergence of several competitive players, including Muxi Integration and Suiruan Technology, all of which are also pursuing IPOs [5][7].