在国产GPU赛道风起云涌、技术封锁与生态壁垒双重夹击的背景下，一家成立仅5年的企业，正以"全功 能GPU"的独特定位在国产芯片的浪潮中强势突围。11月20日晚间，摩尔线程进一步披露上市的细节： 此次发行股份数量为7000万股，发行价格为114.28元/股，一举拿下今年科创板募资规模最大IPO及科创 板新股发行价新高两个头衔。 摩尔线程的认购火爆程度远超预期。11月24日启动申购后，网上有效申购倍数已超出4000倍，网下初步 询价吸引了286家投资者，7787个配售对象参与，拟申购数突破700亿股，网下申购倍数超1572倍，创下 年内最高纪录。 11月25日，摩尔线程网下配售名单出炉，包括中信证券资管计划、国家级产业基金、互联网大厂等机构 集体下场，堪称"全明星阵容"。11月27日，摩尔线程公布新股发行结果，网上最终发行量1680万股，中 签率为0.036%，网下发行3920万股，战略配售数量为1400.00万股。其中，网下投资者全额认购，网上 放弃认购数量仅为29302股，此部分由保荐人(主承销商)包销，包销比例约0.04%，远低于市场常见水 平，显示市场投资者对于摩尔线程的高度认可与乐观预期。 市场的热情， ...

Core Insights - A significant trend is emerging as leading domestic GPU companies are rapidly pursuing IPOs, with notable examples including Moer Thread and Muxi Co., which have set records for the speed of their listing processes [1][3][10] - This capital frenzy is driven by the expectation for self-controlled computing power and the exit demands of numerous VCPEs during their fund lifecycle [2] Group 1: Moer Thread and Muxi Co. - Moer Thread's IPO process is remarkable, with its application accepted on June 30, 2025, and approval granted on September 26, 2025, taking only 88 days. The IPO aims to raise 8 billion yuan [3][7] - Founded in 2020 by Zhang Jianzhong, a former NVIDIA executive, Moer Thread focuses on full-function GPUs and has developed the MUSA architecture to support AI computing and graphics rendering on a single chip [3][4] - Moer Thread's revenue figures show a growth trajectory, with revenues of 46.09 million yuan in 2022, projected to reach 438 million yuan in 2024, and 702 million yuan in the first half of 2025, marking a compound annual growth rate of 208% [7][9] - Muxi Co. followed closely, with its IPO approved on October 24, 2025, after 116 days of review, aiming to raise 3.904 billion yuan for the development of next-generation GPU chips [10][12] - Muxi, also founded in 2020, focuses on high-performance general-purpose GPUs and has established a complete domestic supply chain for design, manufacturing, and testing [10][12] Group 2: Other Companies and Market Dynamics - Suiruan Technology is taking a more cautious approach to its IPO, currently in the counseling phase, with a complex shareholder structure potentially affecting its progress [13][17] - Suiruan's products include the domestic cloud training chip "Suis 1.0" and the fourth-generation training and inference chip "Suiruan L600," which features significant advancements in computing power and storage [14][15] - Wallran Technology's IPO path remains uncertain, with reports suggesting it has submitted a confidential listing application to the Hong Kong Stock Exchange [19][24] - Tian Shu Zhixin is also rumored to be pursuing a listing, focusing on GPGPU products that have already achieved commercial success [25][27] Group 3: Industry Trends and Challenges - The market for AI computing power is expanding rapidly, with national strategies emphasizing self-sufficiency in computing capabilities, and the Sci-Tech Innovation Board providing a pathway for unprofitable but technologically critical companies to go public [28][30] - Companies are seizing the historic opportunity for domestic substitution, particularly in light of supply constraints from NVIDIA, creating a significant market gap [29][30] - The collective IPO rush signals a broader industry trend where national interests and capital markets are aligning to promote high-end computing autonomy [30][31] - The limited capacity of the capital market means that the first companies to successfully list will gain a competitive financing advantage, potentially leading to a "Matthew effect" in the industry [31][32]