Core Viewpoint - The article discusses the successful IPO of Muxi Co., a general-purpose GPU company, highlighting its market performance, funding, and competitive positioning in the AI computing sector. Group 1: IPO Details - Muxi Co. had an IPO stock price of 104.66 yuan per share, issuing 40.1 million shares, representing about 10% of the total share capital, with a market capitalization of 419 billion yuan and raising approximately 4.2 billion yuan in total funds [2][4] - On its first trading day, Muxi's stock price surged over 500%, leading to a market capitalization exceeding 2600 billion yuan [2][4] Group 2: Company Overview - The core founder, Chen Weiliang, holds about 15% of the company's shares, controlling nearly 21% of the total shares, with a net worth of approximately 40 billion yuan based on the market capitalization [4] - Muxi specializes in AI large model computing with its GPU product lines, including the Xiyun series for AI training and inference and the Xisi series for AI inference [4] Group 3: Competitive Landscape - Muxi's GPUs are currently not included in the procurement lists of major companies like Tencent, Alibaba, and ByteDance, with domestic GPUs still needing years to catch up to NVIDIA's current offerings [6] - The company aims to achieve risk mass production of its Xiyun C600 GPU by December 2025, which is expected to outperform NVIDIA's H20 version [4][17] Group 4: Funding and Investment - Muxi has received significant investments from various institutions, with major shareholders including Ge Weidong's Chaos Capital, which holds 6.73% of the shares, and other investors like Matrix Partners and Sequoia Capital [6][27] - The total investment from Ge Weidong and Chaos Capital amounts to approximately 14 billion yuan, with a current share value of 174 billion yuan, yielding a return multiple of 12 times [6][34] Group 5: Financial Performance - Muxi's revenue for 2022, 2023, and 2024 was 4.26 million yuan, 53.02 million yuan, and 740 million yuan, respectively, with net losses of 78 million yuan, 87 million yuan, and 1.4 billion yuan [17] - In the first quarter of 2025, Muxi reported revenues of 300 million yuan, with a net loss of 200 million yuan [17] Group 6: Market Positioning - Muxi's products are primarily targeted at AI computing, with the Xiyun series accounting for nearly 98% of the revenue in the first quarter of 2025 [18] - The company has a high customer concentration, with major clients contributing nearly 70% of its revenue [18] Group 7: Future Outlook - Muxi plans to allocate nearly half of the 4.2 billion yuan raised from the IPO for the development of the Xiyun C700 GPU, with additional funds directed towards new AI inference GPUs and GPUs for new fields [4][17] - The competitive landscape remains dynamic, with ongoing uncertainties in technology iteration and market demand, indicating that the competition in AI computing is far from over [6][51]