Core Viewpoint - The article discusses the challenges and opportunities faced by domestic GPU chip manufacturer Mu Xi Integrated Circuit (Shanghai) Co., Ltd. as it plans to raise 3.9 billion yuan through an IPO on the STAR Market, despite having incurred losses exceeding 3 billion yuan over the past three years [1][4]. Group 1: Company Overview - Mu Xi was founded in September 2020 by Chen Weiliang, a former AMD employee with extensive experience in GPU design and management [2]. - The core team of Mu Xi has an average of nearly 20 years of experience in high-performance GPU product development [2]. - The company's main business involves the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [2]. Group 2: Financial Performance - Mu Xi's revenue primarily comes from its Xiyun C500 series chip, which generated sales of 15.47 million yuan in 2023 and is expected to exceed 500 million yuan in 2024, accounting for approximately 69% of the company's revenue [3]. - Prior to 2024, revenue was derived from the Xisi N100 series and IP licensing, which collectively generated less than 5 million yuan in the first quarter of 2023 [3]. - The company has faced significant losses, with total losses exceeding 3 billion yuan from 2022 to 2024, and a loss of 233 million yuan in the first quarter of this year [7]. Group 3: Industry Context - The domestic GPU market is characterized by high growth potential and a push for domestic alternatives due to reliance on foreign companies [5]. - Mu Xi and other domestic chip manufacturers face intense competition from both international giants like NVIDIA, which holds a 98% market share in GPU shipments, and local competitors [8][9]. - The Chinese GPU chip market is projected to reach approximately 107.3 billion yuan in 2024, with a year-on-year growth of 33% [9].

Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development and industrialization of high-performance GPUs and AI-related projects [1][5][15]. Group 1: IPO Details - Muxi plans to issue no more than 40.10 million A-shares and has received IPO acceptance on June 30, with the status changing to "inquiry" on July 19 [1][5]. - The lead underwriter for the IPO is Huatai United Securities Co., Ltd. [5]. - The last external equity financing valued the company at 21.071 billion yuan, with an expected market capitalization of no less than 3 billion yuan [5]. Group 2: Fund Utilization - The raised funds will be allocated as follows: 2.459 billion yuan for new high-performance general-purpose GPU R&D, 453 million yuan for next-generation AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D for emerging applications [5][7]. - The total investment for the new high-performance general-purpose GPU project is approximately 3.41 billion yuan, with 2.46 billion yuan planned for use from the IPO proceeds [7]. Group 3: Financial Performance - Muxi's revenue for the first quarter of 2025 was 42.64 million yuan, with previous years showing significant growth: 530 million yuan in 2024, 743 million yuan in 2023, and 320 million yuan in 2022, reflecting a compound annual growth rate of 4074.52% from 2022 to 2024 [8][9]. - The company has accumulated losses of 3.29 billion yuan and has not yet achieved profitability, with net losses reported as 777 million yuan in Q1 2025, 871 million yuan in 2024, 1.409 billion yuan in 2023, and 233 million yuan in 2022 [12][14]. Group 4: Market Position and Competition - The GPU market is currently dominated by Nvidia, which holds over 90% of the market share for GPUs used in intelligent computing centers [12][15]. - Despite the competitive landscape, the domestic GPU market is expected to grow significantly, with a projected market size of 107.3 billion yuan in 2024, representing a year-on-year growth of 32.96% [15][16]. - Muxi faces competition from both domestic and international companies, including Nvidia, AMD, and various domestic startups [17][18]. Group 5: Product Development and Challenges - Muxi has launched several GPU products, including the Xiyun C500 series, which is currently its main revenue source, accounting for 97.28% of its revenue in 2024 [9][10]. - The company is also developing new products, including the Xiyun C600 and C700 series, but faces risks related to product development timelines and market demand [10][12].

Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. has recently had its IPO application accepted on the Sci-Tech Innovation Board, with a financing amount of 3.904 billion yuan [1] - The company specializes in the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [1][2] - Muxi's main product, the Xiyun C500 series chip, is expected to generate 722 million yuan in revenue in its first year of mass production in 2024, accounting for 97% of the company's total revenue [2] Financial Performance - Muxi has reported cumulative losses exceeding 3.2 billion yuan, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, -1.409 billion yuan in 2024, and -233 million yuan in the first quarter of 2025 [5][6] - The company is applying for an IPO under the fourth set of listing standards on the Sci-Tech Innovation Board, which requires a minimum market value of 3 billion yuan and recent annual revenue of at least 300 million yuan [5] Market Competition - The GPU chip industry is highly competitive, with major domestic competitors including Haiguang Information, Tensu Zhixin, and Huawei HiSilicon, among others [2] - Muxi's reliance on a single product for revenue poses significant risks, especially as its largest customer, Chao Xun Communication, has seen a substantial decline in performance, with a projected revenue decrease of 31.57% for 2024 [6] Investment and Shareholder Structure - Muxi has attracted significant investment from notable firms such as Chaos Investment, Sequoia Capital, and the founding team, which has a strong background in GPU design from AMD [7][8] - The company has seen a rapid increase in shareholders, with nearly 100 new investors in the 12 months leading up to the IPO application, indicating strong market interest [9]

Core Viewpoint - The domestic GPU companies, particularly Muxi Co., Ltd. and Moer Thread, are accelerating their push into the capital market, vying for the title of the first domestic GPU stock on the A-share market [1][3][18]. Group 1: Company Overview - Muxi Co., Ltd. was established in September 2020 and has undergone eight rounds of financing, raising over 2 billion yuan, with a valuation reaching 21.071 billion yuan as of March this year [1][7]. - The company has received significant investment from prominent firms such as Sequoia Capital, Matrix Partners, and others, with notable investor Ge Weidong investing 800 million yuan, becoming the second-largest shareholder [1][8]. - Muxi Co., Ltd. has demonstrated high growth potential, achieving mass production of GPU products within three years, with cumulative sales exceeding 25,000 units and a compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years [1][10]. Group 2: Financial Performance - Despite high revenue growth, Muxi Co., Ltd. has not yet achieved profitability, with cumulative losses amounting to 3.29 billion yuan from 2022 to the first quarter of this year [11]. - The company plans to raise 3.904 billion yuan through its IPO to enhance research and development and industrialization efforts [1][18]. - Revenue figures for the reporting period show significant growth, with revenues of 426,400 yuan, 53.0212 million yuan, 743 million yuan, and 320 million yuan for 2022, 2023, 2024, and the first quarter of 2025, respectively [10]. Group 3: Market Context - The domestic GPU market has seen a surge in companies due to the supply chain disruptions in high-end GPU chips, leading to a wave of domestic alternatives [3][18]. - Muxi Co., Ltd. aims to capture the data center and AI computing markets, launching its first product, the Xisi N100 series, in April 2023 [10]. - The company has established an efficient chip R&D and production system, achieving rapid development milestones [10]. Group 4: Challenges and Risks - Muxi Co., Ltd. faces challenges related to high operational costs, with R&D expenses significantly exceeding revenue, totaling 2.466 billion yuan over the reporting period [11]. - The company has experienced negative cash flow from operating activities, with net cash flow of -665 million yuan, -1.017 billion yuan, -2.148 billion yuan, and -531 million yuan for the respective periods [15]. - There are concerns regarding the stability of customers and suppliers, with significant changes in the top clients and suppliers over the reporting periods [14][17].

Core Viewpoint - The article highlights the significant progress of domestic GPU companies, particularly Moore Threads and Muxi, as they both received acceptance for their IPO applications, marking a historic moment for the domestic GPU industry [1][2]. Group 1: Company Profiles - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, who established a complete GPU ecosystem in China during his 15 years at NVIDIA [2][5]. - Muxi's founding team has a strong background in AMD, with key members having extensive experience in GPU design and architecture [5][6]. - Both companies aim to break the monopoly of international giants in the high-performance GPU market, despite their different strategic focuses [9]. Group 2: Product Development and Market Strategy - Moore Threads targets both data center (B-end) and consumer gaming graphics card (C-end) markets, aiming to create a comprehensive ecosystem [3][10]. - Muxi focuses primarily on the data center market, starting with general-purpose computing (GPGPU) and gradually expanding into graphics rendering [7][17]. - Moore Threads has developed the MUSA architecture, which supports AI computing, graphics rendering, and physical simulation on a single chip, making it the only domestic company to fully compete with NVIDIA [10][13]. Group 3: Financial Performance and R&D Investment - Both companies are investing heavily in R&D, with Moore Threads' R&D investment accounting for 626.03% of its revenue over the past three years, totaling 3.8 billion yuan, while Muxi's R&D investment is 282.11% of its revenue, totaling 2.2 billion yuan [25][21]. - Muxi's revenue has shown remarkable growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, while Moore Threads also experienced a significant growth rate of 208.44% during the same period [28][30]. - Both companies are improving their gross margins, with Moore Threads increasing from 18.08% in 2022 to 36.60% in 2024, and Muxi achieving a gross margin of 62.88% in 2023 [32][32]. Group 4: Market Challenges and Future Outlook - The domestic GPU industry faces challenges, particularly in software ecosystems, where NVIDIA has a significant advantage with its CUDA platform [37]. - Both companies are working to build their developer ecosystems, with Moore Threads offering a software stack that allows for easier migration from CUDA, and Muxi supporting major frameworks like PyTorch and PaddlePaddle [37]. - Despite high R&D costs leading to losses, both companies are showing strong revenue growth and potential for future success in the GPU market [21][33].

Core Viewpoint - The IPO applications of domestic GPU chip companies Moore Threads and Muxi have been accepted by the Shanghai Stock Exchange, aiming to raise 80 billion yuan and 39.04 billion yuan respectively, indicating progress in their IPO processes amidst competition in the AI chip sector [1] Company Overview: Moore Threads - Moore Threads was established in October 2020 and has a workforce of 1,126 as of the end of 2024 [2] - The actual controller, Zhang Jianzhong, holds 11.06% of the shares directly and controls 36.36% through holding platforms [2] - The company plans to use the IPO funds for R&D of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - Moore Threads has chosen the second set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 1.5 billion yuan [4] - The company’s revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, with a compound annual growth rate (CAGR) of 208.44% [5] - Despite rapid revenue growth, the company reported net losses of approximately 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan from 2022 to 2024 [5][6] - Moore Threads anticipates achieving profitability by 2027 based on future product sales and cost forecasts [6] - The company has established four product lines, with AI computing products contributing 77.63% of revenue in 2024 [6] - The gross margin for its products in 2024 is 70.71%, with AI computing and professional graphics acceleration products having higher margins [7] - The company faces risks related to high customer concentration, with the top five customers contributing over 80% of revenue from 2022 to 2024 [7] Company Overview: Muxi - Muxi was founded in September 2020 and has a workforce of 870 as of March 2023 [8] - The founder, Chen Weiliang, has nearly 20 years of experience in GPU chip design and controls 22.94% of the voting rights [8][9] - Muxi aims to raise funds for the R&D of high-performance general-purpose GPU chips and AI inference GPU chips [9] - The company has chosen the fourth set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion yuan [9] - Muxi's revenue is projected to grow from 0.424 million yuan in 2022 to 7.43 billion yuan in 2024, with a staggering CAGR of 4,074.52% [9] - The revenue heavily relies on the C500 series training and inference chip, which accounted for 97.28% of revenue in 2024 [9][10] - Muxi's gross margin for 2024 is 53.43%, with the training and inference GPU board having a margin of 56.21% [13] - The company reported net losses of approximately 0.777 billion yuan, 0.871 billion yuan, and 1.409 billion yuan from 2022 to 2025 [13][14] - Muxi also faces high customer concentration risks, with the top five customers contributing 71.09% and 88.35% of revenue in 2024 and the first three months of 2025, respectively [11]