Core Viewpoint - A Chinese AI chip startup, Muxi Integration, is accelerating its breakthrough in the GPU market, traditionally dominated by Nvidia, with significant revenue growth projected from 420,000 yuan in 2022 to 740 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [1] Company Overview - Muxi Integration was founded four years ago and is focused on domestic AI computing capabilities during a critical period for localization [1] - The company has a leadership team with backgrounds from AMD and HiSilicon, indicating a blend of expertise in GPU technology [2] Product Development - Muxi Integration has launched several GPU products, including the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the upcoming Xicai G series for graphics rendering [3] - The company has achieved commercial application of its GPU products across various sectors, with over 25,000 units sold [3] Financial Performance - Despite significant revenue growth, Muxi Integration has reported cumulative losses exceeding 3 billion yuan over the past three years, with projected net losses of 770 million yuan, 870 million yuan, and 1.41 billion yuan from 2022 to 2024 [3][4] Market Context - The GPU market is characterized by a duopoly led by Nvidia and AMD, with Muxi Integration facing intense competition from both domestic and international players [5][7] - The company aims to leverage its upcoming IPO to secure funding for new GPU development projects [4] Competitive Landscape - Muxi Integration competes with other domestic firms like Moore Threads, Biren Technology, and Suirian Technology, which are also developing GPU technologies [7][8] - The domestic GPU industry is expected to undergo significant restructuring due to limited market capacity and increasing competition [8] Strategic Outlook - The rapid deployment of AI inference applications presents a growth opportunity for domestic GPU companies, although challenges remain regarding profitability and market expansion [8]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise approximately 3.9 billion yuan by issuing no more than 40.1 million shares [1][3] Company Overview - Muxi was established in September 2020, focusing on the research, design, and sales of full-stack GPU products for artificial intelligence training, inference, general computing, and graphics rendering [5] - The company claims to be one of the few domestic suppliers to achieve large-scale commercial applications of GPU clusters, currently supporting models like the 128B MoE for full pre-training [5] Financial Performance - Muxi has not yet achieved profitability, with net losses of 777 million yuan, 871 million yuan, and 1.4 billion yuan for the years 2022, 2023, and 2024 respectively [7][10] - Revenue has shown rapid growth, with figures of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan for the years 2022, 2023, 2024, and Q1 2025 respectively [10] - The company has a negative cash flow, with net cash flows from operating activities of -665 million yuan, -1.017 billion yuan, -2.148 billion yuan, and -531 million yuan for the respective periods [10] Shareholding Structure - The actual controller of the company, Chen Weiliang, holds a combined 22.94% stake through Shanghai Jiaomai and Shanghai Xijie [5] - Notable investors include Chaos Investment led by Ge Weidong, Sequoia China, and Matrix Partners, among others, with total holdings of 44.83% by major shareholders [6][5] Use of Proceeds - The funds raised from the IPO will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and GPU technology for emerging applications [11]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, focusing on the development of high-performance GPU chips and computing platforms for AI training, general computing, and graphics rendering [1][2] Company Overview - Muxi specializes in the research, design, and sales of full-stack GPU products, and has developed core technologies in GPU IP, GPU SoC, high-speed interconnects, and GPU software [1][2] - The company has successfully overcome technical bottlenecks in high-performance GPU chip and computing platform development, positioning itself among the few domestic companies with advanced process capabilities [1] Product Offering - Muxi's main products include the Xisi N series GPU for AI inference, the Xiyun C series GPU for integrated training and general computing, and the upcoming Xicai G series GPU for graphics rendering [1][2] - The GPU products are based on self-developed GPU IP and a unified computing and rendering architecture, demonstrating strong competitiveness in generality, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [2] Financial Performance - Muxi's projected revenues for 2022, 2023, and 2024 are 426,400 yuan, 5.3 million yuan, and 74.3 million yuan, respectively, with net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan, totaling a loss of 3.058 billion yuan [2] IPO Details - The company aims to raise 3.9 billion yuan through its IPO to fund projects related to new high-performance general-purpose GPU development, next-generation AI inference GPU development, and high-performance GPU technology research for emerging applications [2]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for its operations in the GPU market focused on AI training and inference, general computing, and graphics rendering [1][2]. Group 1: Business Overview - The company specializes in the research, design, and sales of full-stack GPU products, with applications in AI computing, general computing, and graphics rendering [1]. - Muxi has launched several GPU series, including the Xisi N series for AI inference, the Xiyun C series for integrated training and general computing, and the upcoming Xicai G series for graphics rendering [1]. - The company is one of the few GPU suppliers to achieve large-scale commercial applications with thousands of GPU clusters, successfully supporting significant models like the 128B MoE [1][2]. Group 2: Market and Sales Strategy - Muxi's computing network spans various regions, including Beijing, Shanghai, and Hong Kong, and is expanding to more areas [2]. - The company's GPU products are applied across multiple industries, including education, finance, transportation, energy, healthcare, and entertainment, demonstrating strong competitive and delivery capabilities [2]. - The sales strategy combines direct sales and distribution, with the top five customers accounting for a significant portion of revenue: 91.58% in 2023, 71.09% in 2024, and 88.35% in the first quarter of 2025 [2]. Group 3: Financial Performance - The company reported revenues of approximately 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in the first quarter of 2025 [4]. - Net profits for the same periods were approximately -777,000,000 yuan, -871,000,000 yuan, -1.409 billion yuan, and -233 million yuan, respectively [4]. - Total assets increased significantly from 1.044 billion yuan in Q1 2025 to 104.474 million yuan in 2022, with a notable rise in asset-liability ratios [5].

Core Insights - The global computing power landscape is evolving into two parallel paths, with domestic and international routes differing, and opportunities for domestic chips in inference scenarios are expected to emerge this year [1][4] - Two AI chip companies, Muxi Integrated Circuit (Shanghai) Co., Ltd. and Moore Threads Intelligent Technology (Beijing) Co., Ltd., are nearing their IPOs, with Muxi's counseling work completed and Moore Threads' status changing to acceptance [1][2] - The demand for AI chips in China is increasing, with several companies adapting to the popular DeepSeek-R1 model, leading to a significant shift in market dynamics [3][4] Company Summaries - Muxi and Moore Threads were founded in 2020, while Suiruan Technology and Birun Technology were established in 2018 and 2019, respectively; the latter two companies have slower IPO progress compared to the former [2] - Moore Threads has the highest valuation among the four companies at 25.5 billion yuan, followed by Suiruan Technology at 16 billion yuan, Birun Technology at 15.5 billion yuan, and Muxi at 10 billion yuan [2] - Founders of these companies have backgrounds in major overseas chip firms, with Moore Threads' CEO previously serving as NVIDIA's China General Manager and Muxi's founders coming from AMD [2] Market Dynamics - The demand for domestic AI chips has surged, with IDC reporting that 34.6% of the Chinese data center accelerator market was comprised of domestic solutions last year, and this figure is expected to exceed 40% in the first half of this year [3] - The DeepSeek application has driven significant demand for domestic computing power, with many companies adapting their products to this model [3][4] - The global computing power foundation is shifting, with 98% of large model training still relying on NVIDIA, but there is potential for a portion of pre-training to transition to non-NVIDIA cards by the end of the year [4]