摩尔线程11月20日公告，发行人和保荐人（ 主承销商 ）根据初步询价结果，协商确定本次发行 价格为114.28元/股，网下发行不再进行累计投标询价。发行人本次募投项目预计使用募集资金为 80亿元。按本次发行价格114.28元/股和7000万股的新股发行数量计算，预计发行人募集资金总 额为79.996亿元，扣除发行费用，预计募集资金净额为75.76亿元。 摩尔线程成立于2020年，注册资本约4亿元，法定代表人为张建中。张建中在GPU行业有近二十 年的从业经验。创立摩尔线程之前，他曾担任英伟达全球副总裁、中国区总经理。企查查数据显 示，成立至今，摩尔线程完成7轮融资，累计融资额超过45亿元，投资方包含红杉中国、深创投 等明星投资机构，也有联想、腾讯投资、中移和创、字节跳动战略投资部这样的产业投资机构。 加入"中国IC独角兽联盟"，请点击进入 是说芯语转载，欢迎关注分享 星标 是说芯语 不错过任何一条消息 ▶ 泛集成电路行业最新动态 E I Q yers 是说芯语 博述泛集成电路行业的技术走势、热点 交流、市场应用. 行业分析 产业 ... ~ a 2 km Pro 出期责后, 进入公众号 不再关注 2位朋友读过 ...

Group 1: Core Insights - The "Four Little Dragons" of domestic GPUs, including Moore Threads, Biren Technology, Suiryan Technology, and Muxi, showcased their latest achievements at the WAIC conference, focusing on AI computing, intelligent computing centers, and optical interconnect GPUs [1][2][3] - Moore Threads, founded in 2020, aims to raise 8 billion yuan through its IPO application on the Sci-Tech Innovation Board, with products targeting AI computing, gaming graphics, and 3D modeling [1][3] - Biren Technology, established in 2019, is preparing for an IPO and focuses on high-performance general-purpose GPU chips for large data centers [1][2] Group 2: Company Highlights - Suiryan Technology, founded in 2018, specializes in AI training and inference chips, with a valuation of 20.2 billion yuan and significant investments from major firms including Tencent [2] - Muxi Integrated Circuit, established in September 2020, has sold over 25,000 GPU products as of Q1 this year and is also preparing for an IPO, seeking to raise 3.904 billion yuan [2][3] - Each company presented innovative products at the WAIC conference, with Moore Threads showcasing a general acceleration computing platform, Biren Technology unveiling the first domestic optical interconnect GPU supernode, Suiryan Technology highlighting its AI inference card, and Muxi revealing its latest training and inference integrated GPU [3]

Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]

Core Viewpoint - The domestic GPU company "Mole Thread" has completed its IPO counseling, marking a significant step towards its public listing in the competitive semiconductor industry [2][4]. Company Overview - Mole Thread was founded in October 2020 by Zhang Jianzhong, a former NVIDIA executive with over 20 years of experience in the GPU field [7]. - The company has launched multiple generations of GPU chips and has obtained 425 authorized patents by October 2024 [7]. - Mole Thread has developed a comprehensive product line that includes AI chips, gaming graphics cards, and cluster computing solutions, catering to both B-end and C-end markets [7]. Product Development - Mole Thread has released three generations of fully functional GPU chips: "Sudi," "Chunxiao," and "Quyuan" [7]. - The "Sudi" chip is the first to support AV1 encoding and features capabilities for modern graphics rendering, AI computation acceleration, and scientific computing [8]. - The "Chunxiao" chip integrates 22 billion transistors and shows significant performance improvements over "Sudi," including a 3x increase in graphics rendering and a 4x increase in encoding capabilities [8]. - The "Quyuan" chip, the third generation, offers a performance enhancement of 3 to 5 times compared to "Chunxiao" [8]. Technological Advancements - Mole Thread's "KUA" intelligent computing cluster solution has expanded from a thousand-card scale to a ten-thousand-card scale, enabling high-performance computing systems for training large models [9]. - The ten-thousand-card cluster supports various precision calculations, including FP8, and is compatible with mainstream large models like GPT and DeepSeek [9]. Financial Background - Since its establishment, Mole Thread has undergone six rounds of financing, raising several billion yuan in total [10]. - Notable funding rounds include a 20 billion yuan A round in November 2021 and a B+ round exceeding 2 billion yuan in November 2023 [11]. Corporate Structure - In 2024, Mole Thread underwent a shareholding reform, increasing its registered capital from 24.41 million yuan to 330 million yuan in preparation for its IPO [12].