2025年，国产GPU站在新一轮技术与资本的交汇点。成立仅五年的摩尔线程，正式冲刺科创板IPO，成 为这一浪潮中的标志性事件。 这家坚持自研路线、主攻"全功能GPU"的芯片企业，通过稳健的技术迭代和系统性市场验证，成为国内 半导体的新生力量。 在资本与技术双轮驱动之下，GPU这一高技术壁垒、长周期、高投入的赛道，正成为国产芯片企业真正 比拼"硬实力"的主战场。尽管与国际巨头仍有代际差距，但摩尔线程在关键技术点已实现局部突破。 凭借持续研发，并深化AI技术创新，摩尔线程成为国产GPU的"技术长跑"中的标杆。而它的发展路径， 也为中国高端芯片的自主创新，提供了一种可能的范式样本。 "全能型"硬核玩家 摩尔线程的起点，并非"做一张显卡"，而是构建一套完整、自主、面向未来的GPU计算平台。区别于大 多数AI加速卡仅面向单一计算任务，摩尔线程选择了难度最高、通用性最强、最稀缺的"全功能GPU"路 径。 根据功能结构划分，GPU可分为图形GPU、GPGPU（通用计算GPU）与全功能GPU。所谓"全功能 GPU"，并非仅具备图形渲染或AI训练能力，而是同时实现图形图像处理、AI张量计算、物理仿真和超 高清视频编解码等多种任 ...

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 三年入账超17亿元。 作者丨鲁智高 来源丨 东四十条资本 在国产芯片当自强的环境下，有望成为"中国英特尔"的上海明星独角兽踏上了IPO之路。 近日，兆芯集成申请在科创板上市。这家主打国产CPU的公司，已经完全掌握了通用处理器及其配 套芯片的自主研发和技术迭代能力，同时产品能支持国内商用和开源操作系统，以及兼容x86指令集 和Windows等国际主流操作系统和应用软件。 时间回到2006年，随着与载人航天、探月工程等并列的"核高基"重大科技专项的实施，拉开了解决 我国核心电子器件、高端芯片和基础软件关键核心技术的序幕。 经过多年攻坚研发，虽然被视为"核高基"重点突破目标的国产CPU有了较大发展，但同时也由于种种 原因而面临众多挑战。于是，"核高基"从2013年开始尝试多种路线，其中包括支持引进国外CPU技 术及现有处理器，并兼容成熟的应用生态。 由于x86架构CPU起步较早，生态体系较其他架构CPU具有明显优势， ...

Group 1: Company Overview - Moores Threads has submitted its IPO prospectus to the Sci-Tech Innovation Board, aiming to issue no less than 44.45 million shares, which will account for at least 10% of the total shares post-issue [1] - The company operates under a Fabless model, focusing on the research, design, and sales of full-function GPU chips, while outsourcing manufacturing and testing processes [1] Group 2: Financial Performance - In 2024, the company's revenue exceeded 400 million yuan, with a compound annual growth rate (CAGR) of over 200% in the last three years [2] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and 1.49 billion yuan in the most recent period [8] Group 3: Technological Advancements - The company has developed the MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2][3] - Moores Threads' products are designed to be highly compatible with existing global GPU application ecosystems, significantly reducing migration costs and ensuring stable technology application [3] Group 4: Market Position and Competition - The global integrated circuit industry is dominated by a few foreign companies, with Nvidia and AMD holding significant market shares [2] - The Chinese GPU market has grown rapidly, from 38.48 billion yuan in 2020 to an expected 163.82 billion yuan in 2024, driven by increasing demand for AI applications [7] Group 5: Future Prospects and Challenges - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [6] - The company faces challenges due to being placed on the U.S. Entity List, which restricts its ability to procure U.S. materials and technologies, potentially impacting its operations [8]

现场展示了数字经济产业的多项创新成果 市民体验 全息智媒科技 北京信息技术应用创新体验区展现出了中国科技全产业链创新实力 今年是全球数字经济大会举办的第五年，大会历经四届发展，已成为链接国内外创新资源的核心纽带。 今日，2025全球数字经济大会在国家会议中心启幕。本届大会全面展现北京建设全球数字经济标杆城市 工作成果，将打造"永不落幕"的常态化办会模式。大会都有什么看点，公众如何参与？北京青年报记者 整理了一份指南。升级打造"1+6+N"活动框架实现三大跨越式创新大会以"建设数字友好城市"为主题， 紧扣"技术友好、发展友好、市民友好、生态友好、设施友好、安全友好、文化友好、合作友好"等八个 维度，打造"1+6+N"活动框架。7月2日至5日，将有60余场论坛、活动举办。具体来看，大会设置一场 开幕式、6场聚焦人工智能、数据要素等硬核议题的主论坛，围绕人工智能融合应用、数字安全、数据 要素重要领域等举办46场专题论坛，其中数字医疗、低空经济等新兴领域为新增专题论坛。数据要素是 数字经济的"核心引擎"，今年大会六大主论坛之一的数据要素发展论坛，主题为"以改革创新加速数据 价值释放"，将通过创新成果展示、中外嘉宾思想 ...

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]

Group 1 - Muxi Integrated Circuit (Shanghai) Co., Ltd. has completed its listing guidance, with Huatai United as the advisory institution [2] - Moore Threads has also completed its listing guidance, with CITIC Securities as the advisory institution [3] - Both companies are preparing to submit their prospectuses for an A-share listing [4] Group 2 - Moore Threads focuses on the research and design of full-featured GPU chips and related products, supporting AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding and decoding, physical simulation, and scientific computing [4] - The company aims to meet the growing demand for large model training and inference, facilitating the application of large models, AIGC, scientific computing, digital twins, physical simulation, and the metaverse across various industries [4] - The founder and CEO of Moore Threads, Zhang Jianzhong, controls 44.07% of the company and emphasizes the vast computational power needed for future AI applications beyond just large language models [4][6] Group 3 - Muxi, established in September 2020 in Shanghai, has set up wholly-owned subsidiaries and R&D centers in several cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [5] - Muxi is dedicated to providing full-stack GPU chips and solutions for heterogeneous computing, applicable in intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [5] - The company has launched various GPU product lines, including the Xisi® N series for intelligent computing inference, the Xiyun® C series for general computing, and the Xicai® G series for graphics rendering, focusing on high efficiency and versatility [5]

白交 发自 凹非寺 量子位 | 公众号 QbitAI 国产GPU第一股要来了？！ 最新消息， 摩尔线程 完成上市辅导。 官网显示，摩尔线程智能科技（北京）股份有限公司IPO辅导状态已变更为"辅导验收"，辅导机构为中信证券股份有限公司。 这个创始团队来自英伟达，创始人兼CEO张建中在GPU这一行业已经深耕近二十年。 从2020年诞生以来，这家公司就颇受资本市场关注，实现过「百天长成独角兽」的战绩。去年11月正式启动上市进程时，企业估值达到了 255亿元。 目前已累计完成6轮融资，融资总金额超过45亿元。今年2月份还获得了一份来自高粱基金的战略投资，不过具体金额没有披露。 投资方阵容包括了红杉中国、腾讯、字节、小马智行这些知名投资机构和企业，可以说是非常豪华了。 此消息一出，多只摩尔线程概念股上涨，比如和而泰盘中涨超8%。 国产GPU第一股 摩尔线程成立于2020年6月，注册资本3.3亿元。实控人为张建中，控制公司44.07%股份。 | 辅 导对象 | 摩尔线程智能科技(北京)股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2020年6月11日 | | | | 注 ...

以全功能GPU为核心。 在过去这一年内，摩尔线程亦取得了多项突破——2023年年末，摩尔线程首个全国产千卡千亿模型 训练平台揭幕，宣告国内首个以国产全功能GPU为底座的大规模算力集群正式落地；今年7月，摩尔 线程又宣布其AI旗舰产品夸娥（KUAE）智算集群解决方案实现重大升级，从千卡级别大幅扩展至万 卡规模。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，摩尔线程智能科技(北京)股份有限公司（以下简称"摩尔线程"）于2024年11月6 日与中信证券签署辅导协议，正式启动A股IPO进程。 这意味着， 摩尔线程 成为短期内第三家与券商签署辅导协议并完成备案的" AI 芯片独角兽"——今 年8月2 3 日和9月1 0 日， 燧原科技 和 壁仞科技 已分别与中金公司和国泰君安证券签署 A 股辅 导协议。 成立于2020年的摩尔线程以全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解 决方案，为各行各业的数智化转型提供强大的AI计算支持。 具体来讲， 摩尔线程 的 全功能GPU芯片及相关产品 可支 持AI计算加速、3D图形渲染、超高清视 频编解 ...