记者丨彭新 编辑丨倪雨晴 10月24日， 沐曦集成电路（上海）股份有限公司（简称"沐曦"）的首次公开发行（IPO）申请将上会审议。中国GPU初创公司冲刺 资本市场再迎"关键一战"。 沐曦成立于2020年，五年来，先后推出用于智算推理的"曦思N"系列GPU、用于训推一体和通用计算的"曦云C"系列GPU。传统数据 中心GPU既要兼顾科学计算，又要满足AI训练需求，沐曦的GPU芯片针对云端AI训练和推理场景深度优化，旨在解决大规模人工智 能算力瓶颈。 进入2025年以来， 主要GPU初创企业沐曦、摩尔线程、壁仞等公司上市进程大幅加速，即将迎接更严格的考验。 创业以来，这些 公司曾吸引了前所未有的大额投资、高级人才和资源，剑指回报丰厚的GPU芯片市场，并誓言挑战英伟达在中国市场的垄断地位。 然而，在人工智能热潮带来的市场机会持续走高的情况下，市场环境却陡然发生变化。英伟达高端GPU在中国市场供应几乎"归 零"，这个被动形成的真空地带，成为国产GPU企业从未有过的历史性机遇。 IPO加速 9月26日，在各方期待下，中国GPU公司摩尔线程科创板IPO申请成功通过上交所上市委审议。从6月30日申请IPO到成功过会，仅用 了 ...

Core Viewpoint - The IPO applications of Chinese GPU companies, including MuXi Integrated Circuit and MoEr Thread, are progressing rapidly, marking a significant moment for the domestic GPU industry as they aim to challenge NVIDIA's dominance in the market [1][4][11]. Group 1: Company Developments - MuXi Integrated Circuit, established in 2020, has developed the "XiSi N" series GPUs for intelligent computing inference and the "XiYun C" series for training and general computing, targeting AI training and inference scenarios [1][5]. - MoEr Thread, also founded in 2020, has successfully passed the IPO review process in a record 88 days, potentially becoming the largest IPO on the STAR Market this year [3][4]. - Both companies have seen accelerated IPO processes amid a changing market environment, with significant investments and talent acquisition aimed at capturing the lucrative GPU market [1][5]. Group 2: Market Environment - The market for AI GPUs in China is experiencing rapid growth, with the market size projected to increase from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [12]. - The exit of NVIDIA from the Chinese market due to U.S. export restrictions has created a unique opportunity for domestic GPU companies to fill the void [11]. - The competitive landscape is shifting, with domestic companies like MoEr Thread and MuXi aiming to establish themselves as viable alternatives to NVIDIA, which has seen its market share in China plummet from 95% to nearly 0% [11]. Group 3: Technological Challenges - Despite advancements, domestic GPU companies still face significant technological gaps compared to NVIDIA, particularly in software ecosystems and manufacturing processes [8][9]. - The transition costs for developers to switch from NVIDIA's CUDA to domestic alternatives remain a major hurdle for the adoption of domestic GPUs [8]. - The manufacturing capabilities of domestic companies are limited to 7nm or 14nm processes, while NVIDIA has moved to 4nm, posing challenges for future competitiveness [9]. Group 4: Future Outlook - The success of domestic GPU companies will depend not only on technological advancements but also on the maturation of the entire industry ecosystem [9]. - The push for domestic AI chip independence is gaining momentum, with increasing support from policies and market dynamics favoring local manufacturers [7][11]. - The rapid adaptation of domestic GPUs to emerging AI applications, such as DeepSeek, indicates a growing recognition of their capabilities in the market [12].

Core Viewpoint - The IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review, marking a critical moment for the Chinese GPU startup as it aims to capitalize on the market opportunities created by the withdrawal of NVIDIA from the Chinese market [1][13]. Company Overview - Mu Xi was established in 2020 and has launched the "Xi Si N" series GPUs for intelligent computing inference and the "Xi Yun C" series GPUs for training and general computing [1][6]. - The company’s GPUs are optimized for cloud-based AI training and inference, addressing the bottleneck in large-scale AI computing power [1]. - As of September 5, 2025, Mu Xi reported an order backlog of 1.43 billion yuan, primarily from the Xi Yun C500 series [6]. Market Dynamics - The market for AI accelerators in China is dominated by NVIDIA (66%) and Huawei Ascend (23%), with other manufacturers, including Mu Xi and Mo Er Thread, collectively holding about 1% [12]. - The Chinese AI GPU market is projected to grow from 14.29 billion yuan in 2020 to 99.67 billion yuan by 2024, with a compound annual growth rate of 62.5% [14]. Competitive Landscape - The IPO progress of Mu Xi and Mo Er Thread reflects a broader trend of accelerated listings among Chinese GPU startups, driven by favorable market conditions following NVIDIA's exit from the Chinese market [7][13]. - Mo Er Thread, founded in 2020, has also made significant strides, with its IPO application approved in just 88 days, potentially becoming the largest IPO on the STAR Market this year [4][7]. Technological Challenges - Despite advancements, there remains a significant gap between domestic GPU companies and NVIDIA, particularly in software ecosystems and manufacturing processes [9][11]. - The current manufacturing capabilities of domestic GPUs primarily utilize 7nm or 14nm processes, while NVIDIA has advanced to 4nm technology [11]. Future Outlook - The shift in market dynamics, particularly the exit of NVIDIA from the Chinese market, presents unprecedented opportunities for domestic GPU companies to capture market share [13]. - The success of domestic companies in adapting to emerging AI applications, such as DeepSeek, is crucial for establishing their presence in the competitive landscape [14].

Core Viewpoint - The article discusses the competitive landscape of domestic GPU companies in China, highlighting the upcoming IPO of Mu Xi Integrated Circuit and the recent success of Mo Er Thread, emphasizing the importance of capital in advancing technology and market positioning in the AI computing sector [1][2][4][8]. Group 1: Mu Xi Integrated Circuit - Mu Xi Integrated Circuit's IPO on the Sci-Tech Innovation Board is set for review on October 24, following the successful listing of Mo Er Thread [1]. - The company focuses on high-performance GPU chip development, with a product matrix covering AI computing, general computing, and graphics rendering, achieving over 25,000 units sold [2]. - Mu Xi aims to leverage capital to overcome technical bottlenecks in high-performance GPUs and enhance penetration in vertical sectors like education, finance, and healthcare [2]. Group 2: Mo Er Thread - Mo Er Thread has set a benchmark by successfully passing its IPO review, with its MTT S5000 chip nearing the performance level of NVIDIA's A100 [4]. - The company reported a revenue scale of 1.8 billion yuan and has over 2 billion yuan in pending orders, indicating market recognition of its technology [4]. - Mo Er Thread plans to use its proposed fundraising of 8 billion yuan entirely for the development of next-generation chips targeting AI training and graphics rendering [4]. Group 3: Other Competitors - Suiruan Technology and Biran Technology are in the preparatory stages for their IPOs, with unique technological highlights: Suiruan focuses on a "reasoning before training" strategy, while Biran's BR100 chip boasts performance three times that of the A100 [4][6][7]. - The progress of these companies may influence the capital landscape of the domestic GPU industry [4]. Group 4: Market Context - The global GPU market has been dominated by foreign manufacturers, with NVIDIA's CUDA ecosystem presenting significant barriers to entry for domestic firms [7]. - The urgency for domestic GPU companies to achieve self-sufficiency in computing power is underscored by NVIDIA's H100 graphics card price soaring to 200,000 yuan per unit [7]. - The high investment and complexity of GPU R&D are highlighted, with Mo Er Thread having accumulated losses exceeding 5 billion yuan over three years, indicating the need for substantial funding to alleviate R&D pressures [8]. Group 5: Future Implications - The outcome of Mu Xi's IPO review on October 24 will be pivotal in the ongoing capital race among domestic GPU companies [8]. - The collective push for IPOs among these companies represents a critical step in overcoming technological barriers and advancing China's autonomous computing infrastructure [8].