Core Viewpoint - Muxi Co., Ltd. has received approval from the Shanghai Stock Exchange for its IPO on the Sci-Tech Innovation Board, marking a significant step for the domestic GPU manufacturer [2][3]. Company Overview - Muxi Co., Ltd. focuses on the research and development of high-performance general-purpose GPU chips and computing platforms, aiming to provide foundational computing power for various industries, including education, finance, transportation, energy, healthcare, and entertainment [4]. - The company plans to raise 3.904 billion yuan through its IPO to fund projects related to new high-performance general-purpose GPU development and artificial intelligence inference GPU development [3][4]. Financial Performance - Muxi's revenue skyrocketed from 42.64 thousand yuan in 2022 to 743 million yuan in 2024, reflecting a staggering compound annual growth rate of 4074.52% [4]. - In the first half of 2025, the company's revenue reached 915 million yuan, representing a year-on-year growth of 404.51% [4]. Order Backlog and Future Outlook - As of September 5, the company reported an order backlog of 1.43 billion yuan, nearly double its projected revenue for 2024 [7]. - Muxi anticipates reaching breakeven by 2026 based on its forward-looking estimates [7]. Shareholder Composition - The company has attracted significant investment from well-known institutions, including Chaos Investment and Sequoia Capital, with notable shareholders holding a combined 7.48% stake [7].

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the IPO application of Muxi Integrated Circuit (Shanghai) Co., Ltd., marking another case of the "1+6" reform initiative in the Sci-Tech Innovation Board after its implementation [1]. Group 1: Company Overview - Muxi Co. is a leading enterprise in the domestic high-performance general-purpose GPU market, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [1]. - The main business of Muxi Co. includes the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [1]. Group 2: IPO Details - Muxi Co. plans to raise 3.904 billion yuan through its IPO, with the funds allocated for the development and industrialization of new high-performance general-purpose GPU projects, next-generation AI inference GPU projects, and high-performance GPU technology research for emerging applications [1].