2026年，AI芯片冲击IPO的热度依旧不减。 先有百度决定分拆百度昆仑芯在港交所上市，再传阿里巴巴分拆平头哥独立上市，如今腾讯下重注支持的AI芯片公司也开始冲刺科创板。 1月22日，AI芯片独角兽燧原科技科创板IPO申请获受理，拟募资60亿用于先进AI产品的研发和产业化。 来源：上交所官网截图 "清华EE85班"在中国半导体业内成为传奇，这个班里出来了韦尔股份创始人虞仁荣，新恒汇董事长任志军，卓胜微电子联合创始人冯晨晖等多位半导体 上市公司的创始人或高管。现在，一位"清华EE85班"大佬重新走进公众视野。 赵立冬，1966 年出生，自清华电子工程系毕业后，赴美深造，获得美国犹他州立大学电子与计算机硕士学位。毕业后，赵立冬在硅谷半导体行业深耕超 过二十年。先后在 S3 ,Inc.、Juniper Networks 和 AMD 从事研发、管理相关工作。在 AMD 工作期间，ZHAO LIDONG 先生历任计算事业部高级总监、产 品工程部高级总监，并参与创立AMD 中国研发中心。 2014年，赵立冬回国，加入紫光通信科技集团有限公司担任副总裁，主管半导体投资相关工作，之后历任紫光集团旗下锐迪科微电子公司总裁、紫光 ...

21世纪经济报道记者 彭新 1月22日，据上交所披露信息，上海燧原科技股份有限公司（下称燧原科技）科创板IPO申请获受理， 保荐机构为中信证券。这意味着近期继摩尔线程、沐曦集成电路、壁仞科技之后，又一家国产AI芯片 头部企业站在了二级市场门口。 招股书显示，公司拟公开发行新股不低于4303.52万股且不超过6835.00万股，占发行后总股本比例不低 于10%且不超过15%。计划募资约60亿元，募集资金将用于基于五代AI芯片系列产品研发及产业化项 目、基于六代AI芯片系列产品研发及产业化项目、先进人工智能软硬件协同创新项目。根据招股书披 露的股权转让信息显示，截至2025年8月，燧原科技估值为182亿元。 燧原科技的创始团队带有鲜明的"AMD系"色彩，公司联合创始人兼CEO赵立东曾任紫光集团副总裁， 早年曾在AMD任职7年，历任计算事业部高级总监等核心职务，更可追溯至90年代老牌显示芯片公司S3 Graphics的履历。另一位联合创始人张亚林同样出身AMD，曾任资深芯片经理及中国研发中心技术总 监。 股权结构方面，燧原科技无单一控股股东，赵立东与张亚林为共同实际控制人，招股书显示，两人通过 直接持股及员工持股平 ...

Group 1 - The core point of the article highlights the significant rise of domestic AI chip companies in China, particularly the "Four Little Dragons" of domestic GPUs, driven by the ongoing enthusiasm for domestic large models and the certainty of generative AI trends, with IPOs leading to substantial market valuations [1][3][31] - Companies like Moore Threads and Muxi Co., Ltd. have recently gone public on the Sci-Tech Innovation Board, experiencing market capitalizations that surged 6-7 times post-IPO, indicating a new height of investment enthusiasm in A-shares [1][31] - Barclays' Asia-Pacific executive Matt Toms expressed that if China produces low-cost, competitive chips by 2026 or 2027, it could disrupt Nvidia and its supply chain, emphasizing the critical moment for Chinese AI chips represented by the "Four Little Dragons" [1][3] Group 2 - The "Four Little Dragons" of domestic GPUs include Moore Threads, Muxi Co., Ltd., Suiruan Technology, and Biran Technology, each founded by individuals with backgrounds in major international chip companies like Nvidia and AMD [5][17] - Moore Threads, founded by Zhang Jianzhong, has rapidly developed its GPU technology and established a CUDA-compatible ecosystem called MUSA, positioning itself as the "Chinese version of Nvidia" [7][21] - Muxi Co., Ltd., led by Chen Weiliang, focuses on general-purpose GPU (GPGPU) technology, with products aimed at AI training and inference, emphasizing open-source compatibility with major frameworks [10][23][24] Group 3 - Biran Technology, founded by Zhang Wen, emphasizes high-end GPGPU technology, with its BR100 series chip achieving performance levels surpassing Nvidia's A100, targeting cloud data centers and AI applications [15][26] - Suiruan Technology, founded by Zhao Lidong, specializes in AI training acceleration cards, focusing on large model training and developing proprietary architectures for AI applications [13][28] - The article notes that the domestic GPU sector is experiencing a historical window of opportunity due to Nvidia's exit from the Chinese market, allowing local companies to fill the gap [28] Group 4 - The investment landscape for the "Four Little Dragons" has become increasingly favorable, with significant backing from prominent investment firms and a growing market presence, as evidenced by their recent IPO successes [31][32] - The market capitalization of Moore Threads reached 289 billion yuan and Muxi Co., Ltd. reached 246.1 billion yuan shortly after their IPOs, showcasing the high investor interest in domestic AI chip companies [31][32] - The article concludes that the GPU sector, as a foundational element of artificial intelligence, is poised to be a symbol of the industry's evolution and impact in 2025 [29]

Core Insights - A significant trend is emerging as leading domestic GPU companies are rapidly pursuing IPOs, with notable examples including Moer Thread and Muxi Co., which have set records for the speed of their listing processes [1][3][10] - This capital frenzy is driven by the expectation for self-controlled computing power and the exit demands of numerous VCPEs during their fund lifecycle [2] Group 1: Moer Thread and Muxi Co. - Moer Thread's IPO process is remarkable, with its application accepted on June 30, 2025, and approval granted on September 26, 2025, taking only 88 days. The IPO aims to raise 8 billion yuan [3][7] - Founded in 2020 by Zhang Jianzhong, a former NVIDIA executive, Moer Thread focuses on full-function GPUs and has developed the MUSA architecture to support AI computing and graphics rendering on a single chip [3][4] - Moer Thread's revenue figures show a growth trajectory, with revenues of 46.09 million yuan in 2022, projected to reach 438 million yuan in 2024, and 702 million yuan in the first half of 2025, marking a compound annual growth rate of 208% [7][9] - Muxi Co. followed closely, with its IPO approved on October 24, 2025, after 116 days of review, aiming to raise 3.904 billion yuan for the development of next-generation GPU chips [10][12] - Muxi, also founded in 2020, focuses on high-performance general-purpose GPUs and has established a complete domestic supply chain for design, manufacturing, and testing [10][12] Group 2: Other Companies and Market Dynamics - Suiruan Technology is taking a more cautious approach to its IPO, currently in the counseling phase, with a complex shareholder structure potentially affecting its progress [13][17] - Suiruan's products include the domestic cloud training chip "Suis 1.0" and the fourth-generation training and inference chip "Suiruan L600," which features significant advancements in computing power and storage [14][15] - Wallran Technology's IPO path remains uncertain, with reports suggesting it has submitted a confidential listing application to the Hong Kong Stock Exchange [19][24] - Tian Shu Zhixin is also rumored to be pursuing a listing, focusing on GPGPU products that have already achieved commercial success [25][27] Group 3: Industry Trends and Challenges - The market for AI computing power is expanding rapidly, with national strategies emphasizing self-sufficiency in computing capabilities, and the Sci-Tech Innovation Board providing a pathway for unprofitable but technologically critical companies to go public [28][30] - Companies are seizing the historic opportunity for domestic substitution, particularly in light of supply constraints from NVIDIA, creating a significant market gap [29][30] - The collective IPO rush signals a broader industry trend where national interests and capital markets are aligning to promote high-end computing autonomy [30][31] - The limited capacity of the capital market means that the first companies to successfully list will gain a competitive financing advantage, potentially leading to a "Matthew effect" in the industry [31][32]