Core Viewpoint - The article discusses the competitive landscape of AI chip companies in China, focusing on the IPO race between Moer Technology and Muxi Integrated Circuit, both aiming to become the first public company in the general GPU sector in China [2][3]. Company Overview - Moer Technology and Muxi Integrated Circuit are both AI chip unicorns with valuations exceeding 20 billion yuan, targeting the rapidly growing AI chip market [2][4]. - Moer Technology was founded by Zhang Jianzhong, a former NVIDIA executive, while Muxi was established by Chen Weiliang, a former AMD chief GPU designer [5][9]. Market Dynamics - The Chinese GPU market is experiencing rapid growth, projected to increase from 40 billion yuan in 2020 to over 160 billion yuan by 2024, driven by AI advancements [6]. - Both companies are in a race to secure funding through IPOs to support their high R&D expenditures and ongoing losses in a capital-intensive industry [3][4]. Financial Performance - Moer Technology's revenue has shown significant growth, with figures of 46 million yuan in 2022, 124 million yuan in 2023, and projected 438 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 209% [8]. - Muxi has experienced explosive revenue growth, with revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, achieving a staggering CAGR of 4074% [11][12]. R&D Investment - Moer Technology has maintained high R&D spending, with expenditures of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan over the past three years, significantly outpacing its revenue [8][13]. - Muxi's R&D investments have also been substantial, with amounts of 648 million yuan, 699 million yuan, and 901 million yuan in the same period, although its R&D spending as a percentage of revenue is lower than that of Moer [13]. Competitive Landscape - Both companies face significant competition from established players like Huawei, which holds a 20% market share with its Ascend series chips, while NVIDIA's special edition for China commands a 70% market share [4][20]. - The article highlights that despite their advancements, Moer and Muxi still lag behind NVIDIA and Huawei in terms of technology and market share [4][21]. Investment Backing - Both companies are backed by prominent investment firms, including Sequoia China and Lenovo Ventures, which have invested in multiple funding rounds [16][18]. - Moer Technology has completed six funding rounds, while Muxi has completed eight, indicating strong investor confidence in their growth potential [16][18].