Core Viewpoint - The article highlights the upcoming IPO of Mu Xi Co., which is set to list on December 17, 2023, on the Shanghai Stock Exchange, marking a significant step in the domestic GPU market following the successful debut of Moore Threads [1]. Group 1: Company Overview - Mu Xi Co. focuses on high-performance general-purpose GPUs, differentiating itself from Moore Threads by targeting data center applications and vertical industry clients, while leveraging domestic supply chain advantages [5]. - The IPO price is set at 104.66 yuan per share, with 40.1 million shares issued, aiming to raise approximately 4.197 billion yuan for R&D and industrialization of new AI inference GPUs [5]. Group 2: Financial Performance - Mu Xi Co. is currently in a critical phase of R&D and market expansion, reporting net losses of 777 million yuan in 2022, 871 million yuan in 2023, and projected losses of 1.409 billion yuan in 2024, primarily due to investments in core technology [6]. - Revenue has seen exponential growth, increasing from 42.64 thousand yuan in 2022 to 743 million yuan in 2024, with a projected growth rate of 101.86% to 166.46% in 2025 [6]. Group 3: Product Development - The company has established a comprehensive product line covering AI computing, general computing, and graphics rendering, including the "Xi Si N series," "Xi Yun C series," and "Xi Cai G series" [7]. - The first AI inference chip, Xi Si N100, was launched in 2022, with subsequent models showing strong performance in cloud inference scenarios [7]. Group 4: Market Context - The global GPU market is dominated by foreign companies, and the domestic AI chip demand heavily relies on imports. The ban on high-end chips from NVIDIA has created significant opportunities for domestic manufacturers [9]. - The Chinese AI chip market is expected to reach 153 billion yuan by 2025, indicating a growing demand and favorable market conditions for domestic GPU companies [9].

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].