Core Viewpoint - The rise of domestic AI chip companies, particularly Muxi Integrated Circuit (Shanghai) Co., Ltd., is accelerating their entry into the capital market, with Muxi's IPO on the Sci-Tech Innovation Board being a significant event in the GPU sector [1][2]. Company Overview - Muxi aims to raise 3.904 billion yuan for the development and industrialization of next-generation general-purpose GPUs, AI inference chips, and advanced heterogeneous computing architectures [1]. - Founded in 2020, Muxi is part of the "Four Little Dragons" of domestic GPUs, alongside companies like Moore Threads and Birran Technology [2]. - Muxi's flagship product, the "Xiyun C series," is a self-developed GPU chip that has achieved significant sales and application in AI public computing platforms [3]. Financial Performance - Muxi's revenue projections for 2022 to 2024 are 426,000 yuan, 53.021 million yuan, and 743 million yuan, respectively, indicating substantial growth [3]. - Despite revenue growth, Muxi is facing significant net losses projected at 780 million yuan, 870 million yuan, and 1.41 billion yuan over the same period, totaling 3.06 billion yuan in losses [3]. Market Context - The domestic AI chip market is still in its early stages, with increasing penetration rates for local brands, but lacking a clear competitive landscape [1]. - The rise of domestic GPU manufacturers is driven by the growth of AI models, the "East Data West Computing" initiative, and ongoing policies promoting domestic innovation [5]. - By 2025, domestic AI chips are expected to account for 40% of the AI server market in China, while NVIDIA's share is projected to decrease to 41.5% [7]. Policy Environment - The recent reforms in the Sci-Tech Innovation Board have created a more favorable environment for unprofitable but technologically advanced companies like Muxi, signaling a shift towards supporting "hard tech" enterprises [4].

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]