继摩尔线程之后，又一国产GPU领军企业沐曦股份站在了资本市场的门口。 沐曦股份成立5年，IPO发行估值接近420亿元，2227.6倍网下申购倍数，成为今年新的"打新之王"。这 家GPU创业公司背后的资本力量比企业本身更具故事感。 记者注意到，顶级VC（风险投资）、国家级基金、地方国资、产业资金、私募大佬葛卫东与神秘个人 投资者同时聚集于沐曦股份，绘成一幅庞大而复杂的资本图谱。在这场从"非共识"到"共识"的转变中， 究竟谁在牌桌上？谁是敢于在迷雾中下注的"伯乐"？谁又是赶在盛宴开场前搭上快车的"幸运儿"？ 天使投资： 和利资本与泰达科投等 沐曦股份于2020年9月在上海成立，聚焦全栈高性能GPU芯片及计算平台研发。公司由陈维良、彭莉、 杨建三位AMD前资深华人科学家联合创立。 "我们从刚开始的6个人、2间非常小的办公室，发展到现在差不多900人。"沐曦股份联合创始人、CTO 兼首席硬件架构师彭莉今年7月公开表示，"沐曦仅用三年时间就推出两颗高性能GPU产品，2024年销售 收入突破7亿元，公司估值超100亿元。这样的成长速度，意味着一步都不能错。" 从另一个角度看，沐曦不仅技术发展快，融资速度和估值跃升的速度也 ...

Group 1 - The core viewpoint of the article highlights the significant growth potential of Muxi Co., Ltd. (沐曦股份), which is set to launch its IPO with a share price of 104.66 yuan, benefiting from the surge in demand for computing power driven by AI models and domestic substitution trends [1] - Muxi Co., Ltd. was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms, with a core team possessing over a decade of experience in GPU research and production [1] - The company has attracted notable investors, including the state-owned China Structural Adjustment Fund, which holds 1.96%, and prominent venture capital firms such as Sequoia Capital and Matrix Partners [1] Group 2 - The company's revenue projections show a dramatic increase, with expected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, resulting in a compound annual growth rate of 4074.52% [2] - For the first quarter of 2025, Muxi Co., Ltd. reported revenue of 320 million yuan, and it anticipates full-year revenues between 1.5 billion yuan and 1.98 billion yuan, representing a year-on-year growth of 101.86% to 166.46% [2] - Despite the revenue growth, Muxi Co., Ltd. is currently operating at a loss, with net profits projected to be -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024, with cumulative undistributed profits of -1.048 billion yuan as of March 2025 [2]

12月3日，沐曦股份发布首次公开发行股票并在科创板上市发行公告，发行人与保荐人(主承销商)根据 网下发行询价报价情况，协商确定本次发行价格为104.66元/股。 发行人本次募投项目预计使用募集资金为39亿元。按本次发行价格104.66元/股和4010万股的新股发行 数量计算，若本次发行成功，预计发行人募集资金总额为41.97亿元，扣除2.98亿元(不含增值税)的发行 费用后，预计募集资金净额为38.99亿元。 沐曦股份成立于2020年9月，致力于自主研发高性能GPU芯片及计算平台。公司核心团队拥有十余年高 性能GPU研发及量产经验，创始人陈维良曾任AMD全球GPU SoC设计总监；硬件首席架构师彭莉是 AMD全球首位华人女科学家(Fellow)，曾任AMD首席架构师；软件首席架构师杨建是AMD大中华地区 第一位科学家(Fellow)，历任AMD、海思等公司首席架构师。 在股权结构上，CEO陈维良直接、间接持股22.94%，为沐曦实控人。值得注意的是，沐曦股份身后集 结了众多明星资本。除"国家队"中国国有企业结构调整基金(下文简称：国调基金)持股1.96%外，知名 投资人葛卫东及其控制的混沌投资合计持股7.48 ...

Core Viewpoint - Muxi Co., Ltd. is set to go public on the Sci-Tech Innovation Board with an IPO price of 104.66 yuan per share, aiming to raise approximately 39 billion yuan for its projects, reflecting strong growth potential driven by AI demand and domestic substitution benefits [1][2]. Company Overview - Muxi Co., Ltd. was established in September 2020, focusing on the independent research and development of high-performance GPU chips and computing platforms. The core team has over a decade of experience in high-performance GPU development and mass production [2]. - The founder, Chen Weiliang, previously served as the global GPU SoC design director at AMD, while the hardware chief architect, Peng Li, is recognized as AMD's first female scientist [2]. - The company has attracted significant investment from notable entities, including the state-owned China Structural Adjustment Fund and prominent investors like Ge Weidong, Sequoia Capital, and Matrix Partners [2]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan in 2022, 53.02 million yuan in 2023, and an estimated 743 million yuan in 2024, resulting in a compound annual growth rate of 4074.52% [3]. - For Q1 2025, the company reported revenue of 320 million yuan and anticipates total revenue for 2025 to be between 1.5 billion and 1.98 billion yuan, representing a year-on-year growth of 101.86% to 166.46% [3]. Financial Metrics - As of March 31, 2025, total assets are projected to be approximately 1.046 billion yuan, with a debt-to-asset ratio of 8.30% [4]. - The company reported a net profit loss of 232.51 million yuan for Q1 2025, with a basic earnings per share of -0.90 yuan [5].

Core Viewpoint - The article highlights the accelerated pace of IPO approvals for technology companies in China, particularly on the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating strong regulatory support for tech innovation [2][4]. Summary by Sections IPO Review Dynamics - The China Securities Regulatory Commission (CSRC) has shown increased efficiency in the IPO review process, with several technology companies achieving registration within the same year they submitted their applications [2][5]. Technology Company IPOs - Notable examples include Mu Xi Co., which received its registration approval in 136 days after submission, and Jianxin Superconducting, which took 181 days [3]. - A total of 8 companies on the "Double Innovation Board" received approvals this year, with an average review time of less than 156 days [4]. Overall Market Trends - As of November 21, 14 IPOs were scheduled for review in November alone, marking a monthly record for the year [5]. - The number of companies scheduled for review has increased significantly from previous quarters, with 32 companies reviewed in Q3 compared to 8 in Q1 [5]. Regulatory Support - The CSRC has emphasized the importance of capital markets in driving technological development, with plans to enhance the inclusivity and adaptability of the capital market system [4][5]. Backlog and Long Wait Times - Despite the acceleration in new applications, there remains a backlog of companies that have been waiting for over 800 days for their IPO reviews, indicating ongoing challenges in the system [6].