技术层面，摩尔线程依托自主研发的 MUSA 统一系统架构，构建了差异化竞争优势。该架构实现单芯片集成 AI 计算、图形渲染、科学计算、视频编解码四 大引擎，支持从 FP64 到 FP8 的全精度计算，兼容主流生态无需重写代码。自 2020 年成立以来，公司已完成四代 GPU 架构迭代，最新 "平湖" 架构芯片着 色核心达 8192 个，显存容量最高 80GB，互连带宽 800GB/s，性能直指国际主流产品。截至 2025 年 6 月，公司累计拥有 514 项专利，其中发明专利占比超 88%。 商业化进程加速成为本次招股的重要亮点。业绩数据显示，公司营收从 2022 年的 4608 万元跃升至 2024 年的 4.38 亿元，2025 年上半年营收更是突破 7.02 亿元，接近 2024 年全年的 1.6 倍。AI 智算产品已成为核心收入来源，2025 年上半年贡献 94.85% 营收，在手订单超 20 亿元，其中 85% 来自 AI 智算领域， 已交付 5 套单价超亿元的智算集群。在市场份额方面，公司 2024 年中国数据中心 GPU 市占率达 22%，位居国产厂商首位。 11 月 24 日，国产全功能 GP ...

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].