Group 1 - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration application of Moore Threads Intelligent Technology (Beijing) Co., Ltd. for listing on the STAR Market [1] - The founding team of Moore Threads has a strong background with NVIDIA, and the founder Zhang Jianzhong previously served as NVIDIA's global vice president and general manager for Greater China, indicating significant industry experience [1][2] - Moore Threads has made advancements in key areas of AI chip applications, including chip architecture design, software ecosystem compatibility with CUDA, and cluster communication capabilities, addressing bottlenecks in AI chip applications [1] Group 2 - Other domestic GPU companies such as Birun, Muxi, and Suiyuan have also submitted prospectuses or completed listing guidance, indicating a shift of domestic computing power from "laboratory" to "capital market" [1][2] - The domestic AI computing power sector is entering a growth phase, with leading companies like Haiguang Information and Cambricon reporting significant performance increases in their Q3 2025 reports, and maintaining a high growth trend for the year [1] - As of September 5, 2025, Moore Threads is negotiating expected orders worth approximately 2.004 billion yuan, with over 1.7 billion yuan in project contracts in the AI intelligent computing field [1]

【大河财立方消息】继摩尔线程之后，又一GPU独角兽——沐曦集成电路（上海）股份有限公司（以下简称沐曦股 份）即将迎来上市之路的关键路口。 10月17日，上交所网站披露，沐曦股份的科创板IPO，将于10月24日进入上市审核委员会审议。在此之前，9月26 日，另一家国产GPU公司摩尔线程已过会。 沐曦股份成立于2020年，主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领域的全 栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。据胡润研究院发布的《2024全球独角兽榜》，在上榜 的芯片独角兽企业中，摩尔线程的估值为255亿元。 此次IPO，沐曦股份拟募集资金39.04亿元，用于新型高性能通用GPU研发及产业化项目、新一代人工智能推理GPU 研发及产业化项目、面向前沿领域及新兴应用场景的高性能GPU技术研发项目。 | 房号 | 项目名称 | 投资总额 | 拟使用募集资金 投入金额 | 备案情况 | | --- | --- | --- | --- | --- | | 1 | 新型高性能通用 GPU 研发及产业 化项目 | 340.992.38 | 245.919.76 | 已备案 | | ...

Core Viewpoint - The article highlights the positive developments for domestic GPU companies, particularly Muxi Integrated Circuit (Shanghai) Co., Ltd., as it prepares for its IPO on the Sci-Tech Innovation Board, benefiting from supportive regulatory policies aimed at fostering high-tech enterprises despite their current unprofitability [1][3]. Group 1: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has implemented reforms to enhance the capital market's support for high-tech companies, including the introduction of the "16 Articles for Innovation" and "8 Articles for the Sci-Tech Innovation Board" [2]. - The regulatory body has shown clear policy support for early-stage tech companies that, while not yet profitable, possess strong technological capabilities and market potential [3]. Group 2: Market Dynamics - The global GPU market is characterized by an oligopolistic structure, with NVIDIA holding over 80% market share, indicating high entry barriers for new competitors [5]. - The rapid adoption of AI applications is driving demand for computing chips, with the domestic accelerated computing server market projected to reach approximately $22.1 billion in 2024, with GPUs dominating this segment [5]. Group 3: Company Performance and Strategy - Muxi's primary focus is on general-purpose GPUs for data centers, which represent the highest value density in the industry. NVIDIA's data center revenue reached $115.19 billion in fiscal 2025, accounting for 88% of its total revenue [6]. - Muxi has reported a compound annual growth rate of 4074.52% over the past three years, with revenue for the first half of 2025 reaching approximately $900 million, surpassing the total revenue for 2024 [8]. - Despite being in a loss-making position, Muxi's net loss for the first half of 2025 was approximately $186 million, a 63.74% reduction year-on-year, primarily due to high R&D expenditures [8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for various GPU development projects, amidst scrutiny regarding its revenue and customer base [1][3]. Group 1: Financial Performance - Muxi's revenue for the first half of 2025 is approximately 900 million yuan, with an order backlog of about 1.14 billion yuan as of August 31, 2025 [3][4]. - The company reported rapid revenue growth, with revenues of approximately 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, marking a 13-fold increase from 2023 to 2024 [9][10]. - As of March 31, 2025, Muxi's total assets reached approximately 1.046 billion yuan, with a net loss of about 232.51 million yuan for the first quarter of 2025 [10][12]. Group 2: R&D and Personnel Changes - The number of R&D personnel decreased from 706 at the end of 2024 to 652 by March 31, 2025, primarily due to employee turnover and internal restructuring [4][5]. - Muxi's R&D personnel count rebounded to 670 by August 31, 2025, but remains below the previous year's level [5]. - The company emphasizes that the reduction in R&D staff is part of normal human resource management and has not adversely affected its R&D capabilities [5][6]. Group 3: Market Position and Competition - Muxi holds a mere 1% market share in the domestic GPU market, indicating significant growth potential, especially in the AI computing sector [4][12]. - The company faces competition from domestic peers such as Moore Threads and other established firms in the GPU and ASIC chip design sectors [6][11]. Group 4: Executive Team and Corporate Structure - Several executives at Muxi have backgrounds from AMD, enhancing the company's expertise in GPU technology [6][7]. - Muxi was established in September 2020 and transitioned to a joint-stock company in January 2025, with a registered capital of 360 million yuan [7][8]. Group 5: Stock Options and Incentives - Muxi has implemented multiple employee stock option plans, with significant stock payment expenses recorded in recent years, aimed at retaining talent and incentivizing performance [14][15]. - The company plans to continue stock option programs, which may lead to increased expenses impacting financial performance [14][15].