一场集结了国资机构、市场化创投、产业CVC的资本盛宴。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股4.24%的深圳明皓是公司最大外部股东，以8000万 元投资换回发行后约23亿元账面回报，其背后GP（普通合伙人）是累计管理基金规模超400亿元的善达投资。同样位居前十大股东 之列的红杉中国、国盛资本等机构，也均将实现超15亿元的投资回报。 善达投资收益颇丰 盐城国资隐性受益 摩尔线程的资本故事，始于创始团队的亮眼履历以及善达投资主导的早期布局。 结合公开资料，摩尔线程创始团队成员均源自英伟达核心体系。除张建中拥有近15年的任职履历外，公司联合创始人周苑、张钰 勃、王东，亦曾长期服务于英伟达，其间分别深耕渠道生态、技术、销售等领域，形成了优势互补的核心创业团队。 硬核的团队背景叠加国产GPU替代的时代风口，使摩尔线程在成立的第3个月便斩获8190.48万元大额融资，这笔融资由沛县乾曜兴 科技合伙企业（有限合伙，简称"沛县乾曜"）、深圳市明皓新科技合伙企业（有限合伙，简称"深圳明皓"）联合完成——沛县乾曜 作为摩尔线程最早期的外部投资人，为后者引入深圳明皓，因此在该次增资中，前者以100 ...

Core Viewpoint - The article highlights the successful IPO of Moore Threads, marking it as the first domestic GPU company in China, which has attracted significant investment from various state-owned and private venture capital firms, showcasing a robust capital ecosystem supporting the semiconductor industry [3][18]. Group 1: Company Overview - Moore Threads, founded in June 2020 by former NVIDIA executive Zhang Jianzhong, focuses on developing full-featured GPUs for AI, digital twins, and high-performance computing [3][6]. - The company has achieved a dual leap in commercialization and capitalization within five years, supported by over 80 early investors and a total funding of 9.498 billion yuan [3][4]. - From 2022 to Q3 2025, Moore Threads has invested 4.67 billion yuan in R&D while accumulating losses of 5.939 billion yuan, with a revenue growth of 181.99% year-on-year, reaching 785 million yuan [3][4]. Group 2: Investment Landscape - The IPO is expected to provide substantial returns for early investors, with Shenzhen Minghao, the largest external shareholder, projected to gain around 2.3 billion yuan from an 80 million yuan investment [4][9]. - Sequoia China and Guosheng Capital are among the top shareholders, with expected returns exceeding 1.5 billion yuan [4][14]. - Early investments from state-owned enterprises like Shen Chuang Tou and local government-backed funds have played a crucial role in Moore Threads' growth, with Shen Chuang Tou investing 800 million yuan in the third round of funding [12][14]. Group 3: Market Performance - Moore Threads' stock surged by 468.78% on its debut, with a share price of 650 yuan, indicating a potential profit of approximately 267,900 yuan for investors [8]. - The company anticipates reaching a revenue of 5.983 billion yuan by 2027, with an overall gross margin of 61%, potentially leading to profitability [3]. Group 4: Strategic Partnerships - The founding team, with a strong background from NVIDIA, has been instrumental in securing early funding and establishing a competitive edge in the domestic GPU market [6][18]. - The collaboration between market-oriented venture capital and corporate venture capital has been significant, with firms like Sequoia China and Heertai actively participating in multiple funding rounds [16][17].

Core Insights - The company "Moore Threads," known as the first domestic GPU stock, has successfully listed on the Sci-Tech Innovation Board, achieving commercialization and capitalization in just five years since its establishment in 2020 [1][11] - The company has received substantial support from over 80 early investors, accumulating 9.498 billion yuan in funding through eight rounds, which has facilitated its technological breakthroughs and mass production [1][11] - Moore Threads has become the only domestic company to achieve mass production of full-function GPUs, with a cumulative R&D investment of 4.67 billion yuan and a total loss of 5.939 billion yuan from 2022 to the third quarter of 2025 [1] Investment Returns - The listing of Moore Threads is expected to yield significant returns for early investors, with the largest external shareholder, Shenzhen Minghao, projected to achieve a book return of approximately 2.3 billion yuan from an 8 million yuan investment [2] - Other major shareholders, including Sequoia China and Guosheng Capital, are also expected to realize returns exceeding 1.5 billion yuan [2] Founding Team and Early Investments - The founding team of Moore Threads consists of former key members from NVIDIA, including Zhang Jianzhong, who has nearly 15 years of experience with the company [3] - The company secured significant early funding of 81.9048 million yuan within three months of its establishment, facilitated by early investors such as Peixian Qianyao and Shenzhen Minghao [3][4] Capital Structure and Gains - Early investors like Peixian Qianyao and Shenzhen Minghao have realized substantial gains, with Peixian Qianyao achieving nearly 2 billion yuan in total returns from its investment [4][5] - The Salt City Big Data Fund, indirectly benefiting from Moore Threads, has also seen returns of 460 million yuan [6] Support from State-Owned Enterprises - The rapid growth of Moore Threads has been supported by state-owned investment institutions from Shanghai and Shenzhen, with Shenzhen Capital Group being one of the earliest investors [7][8] - Guosheng Capital, representing Shanghai state-owned assets, has contributed over 600 million yuan to the company, becoming its second-largest external shareholder [8] Market Dynamics and Future Prospects - The capital landscape of Moore Threads includes both market-oriented institutions and corporate venture capital (CVC), with Sequoia China being a prominent player [9][10] - The company is expected to receive an additional 8 billion yuan in funding from the secondary market post-IPO, aimed at advancing the development of next-generation AI training chips and graphics chips [11]

"国产GPU第一股"摩尔线程今日登陆科创板。这家专注于全功能GPU领域的企业，自2020年成立至今仅 用5年时间，便完成了商业化与资本化的双重跨越。而这一成就背后，离不开红杉中国、深创投、国盛 资本、腾讯创业投资、和而泰等超80家早期股东，8轮累计94.98亿元资金的鼎力支持，为摩尔线程在创 业阶段突破技术瓶颈、实现量产突围提供了坚实保障。 GPU研发是典型的高投入、长周期、高风险赛道，企业发展进程与资金供给深度绑定。作为中国芯片产 业面对供应链挑战背景下诞生的硬科技企业，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中 于2020年6月创立。5年来，摩尔线程将持续注入的融资转化为巨额研发投入，成长为国内唯一实现全功 能GPU量产的企业：2022年至2025年三季度，摩尔线程累计研发投入46.7亿元，同时累计亏损59.39亿 元。不过，其成长态势已逐步显现——2025年前三季度，公司营收同比增长181.99%，达到7.85亿元。 据摩尔线程预测，当公司2027年收入达到59.83亿元，同时整体毛利率达到61%，即有望实现合并报表 盈利。 摩尔线程此次上市将为早期投资方带来丰厚回报空间。根据招股书，上市后持股 ...