作者 / 鲁智高 还未上市，摩尔线程的朋友圈却已经赚翻了。 出品 / 投中网（ID:China-Venture） 在这家国产GPU公司要上会的消息广为流传后，包括和而泰等多家A股上市公司纷纷告诉外界，自己投资了摩尔线程。最终，众多投资者迅速行动起来， 导致与摩尔线程相关的多个概念股连续猛涨。 这不由得令人感慨："中国英伟达"的造富效果真是惊人。 摩尔线程还没有上市，二级市场就已经如此"热闹"，这要是真成功IPO，怕是会带来一场超豪华的财富盛宴。随着9月26日，摩尔线程上会，经过88天等待 的他们已迈出上市的关键一步，开启登陆A股的倒计时。 在"国产GPU第一股"即将诞生的期待中，累计投资摩尔线程上百亿元的红杉中国、深创投、纪源资本、阳光融汇资本、五源资本、洪泰基金、招商局创 投、厚雪资本、腾讯、字节跳动、小马智行、中关村科学城、和而泰、联美控股等，也终于迎来收获期。 "中国英伟达"，要IPO了 让我们回到故事的起点。 2020年6月，为了"打造中国最好的全功能GPU"，张建中与伙伴组建了一支拥有英伟达、微软、英特尔、AMD、ARM等背景的团队，毅然从北京踏上创业 之路。 这是一条充满荆棘的道路。一款芯片从设计 ...

Core Viewpoint - The news highlights the significant market reaction to the upcoming IPO of Moore Threads, which has led to a surge in the stock prices of related concept stocks, indicating strong investor interest and potential wealth creation before the company is even listed [1][3][21]. Company Overview - Moore Threads has achieved a valuation of 31 billion yuan, with founder Zhang Jianzhong's stake valued at nearly 4 billion yuan, reflecting the rapid growth of the company since its establishment in 2020 [3][6]. - The company has attracted investments from top-tier venture capital firms and tech giants, including Sequoia China, Tencent, and ByteDance, indicating strong confidence in its potential to become a leading player in the GPU market [5][6]. Financial Performance - Moore Threads reported revenue growth from less than 50 million yuan in 2022 to over 123 million yuan in 2023, with projections of 438 million yuan for 2024, showcasing impressive growth rates [7][8]. - Despite cumulative losses exceeding 5.2 billion yuan since 2022, with over 4.3 billion yuan allocated to R&D, investor sentiment remains positive, drawing parallels to Nvidia's early financial struggles [9][11]. Market Position and Competition - The company is positioned as a potential "Chinese Nvidia," with a strong focus on GPU architecture and a diverse product line covering AI computing, high-performance computing, and graphics rendering [6][8][26]. - Moore Threads is part of a competitive landscape that includes other domestic GPU companies, collectively referred to as the "Four Little Dragons of Domestic GPUs," which also have strong backgrounds in the semiconductor industry [13][14][15]. IPO and Future Prospects - The upcoming IPO aims to raise 8 billion yuan, marking it as one of the largest fundraising projects of the year, primarily for product development [17][18]. - The successful listing of Moore Threads could lead to a revaluation of other domestic GPU companies, boosting investor confidence and attracting more talent to the industry [20][27][28]. Industry Impact - The IPO of Moore Threads is expected to have a significant impact on the entire domestic chip industry, potentially leading to increased investment, talent acquisition, and overall confidence in the sector [29][30]. - The success of Moore Threads could symbolize a milestone for China's chip industry, demonstrating the capability to develop high-tech products in a challenging market [29][30].

Core Insights - The domestic large model company Zhipu has officially released and open-sourced its next-generation large model GLM-4.6, achieving significant advancements in core capabilities such as Agentic Coding [1] Group 1: Model Development - GLM-4.6 has been deployed on Cambricon AI chips using FP8+Int4 mixed precision computing technology, marking the first production of an FP8+Int4 model on domestic chips [1] - This mixed-precision solution significantly reduces inference costs while maintaining model accuracy, providing a feasible path for localized operation of large models on domestic chips [1] Group 2: Ecosystem Compatibility - Moore Threads has adapted GLM-4.6 based on the vLLM inference framework, demonstrating that the new generation of GPUs can stably run the model at native FP8 precision [1] - This adaptation validates the advantages of the MUSA (Meta-computing Unified System Architecture) and full-function GPUs in terms of ecological compatibility and rapid adaptability [1] Group 3: Industry Implications - The collaboration between Cambricon and Moore Threads on GLM-4.6 signifies that domestic GPUs are now capable of iterating in tandem with cutting-edge large models, accelerating the construction of a self-controlled AI technology ecosystem [1] - The combination of GLM-4.6 and domestic chips will initially be offered to enterprises and the public through the Zhipu MaaS platform [1]

Core Insights - The domestic large model company Zhipu has released and open-sourced its next-generation large model GLM-4.6, achieving significant advancements in core capabilities such as Agentic Coding [1] - GLM-4.6's code generation ability has fully aligned with Claude Sonnet 4, making it the strongest coding model in China, while also surpassing DeepSeek-V3.2-Exp in various aspects including long context processing and reasoning capabilities [1] - The model has been deployed on domestic AI chips with an FP8+Int4 mixed-precision inference solution, marking the first instance of such a model-chip integration on domestic chips, significantly reducing inference costs while maintaining model accuracy [1] Industry Developments - Moore Threads has adapted GLM-4.6 based on the vLLM inference framework, demonstrating the advantages of the MUSA architecture and full-featured GPUs in ecological compatibility and rapid adaptation [2] - The combination of GLM-4.6 with domestic chips will be offered through the Zhipu MaaS platform, aiming to release broader social and industrial value [2] - The deep collaboration between the domestically developed GLM series large models and domestic chips is expected to continuously enhance performance and efficiency in model training and inference, contributing to a more open, controllable, and efficient AI infrastructure [2]

将投中网设为"星标⭐"，第一时间收获最新推送 疯狂一幕正在上演。 作者丨 鲁智高 来源丨 投中网 还未上市，摩尔线程的朋友圈却已经赚翻了。 在这家国产 GPU 公司要上会的消息广为流传后，包括和而泰等多家 A 股上市公司纷纷告诉外界，自己投资了摩尔线程。最 终，众多投资者迅速行动起来，导致与摩尔线程相关的多个概念股连续猛涨。 这不由得令人感慨："中国英伟达"的造富效果真是惊人。 摩尔线程还没有上市，二级市场就已经如此"热闹"，这要是真成功 IPO ，怕是会带来一场超豪华的财富盛宴。随着 9 月 26 日，摩尔 线程 上会，经过 88 天等待的他们已迈出上市的关键一步，开启登陆 A 股的倒计时。 在"国产 GPU 第一股"即将诞生的期待中，累计投资摩尔线程上百亿元的红杉中国、深创投、纪源资本、五源资本、洪泰基 金、招商局创投、厚雪资本、腾讯、字节跳动、小马智行、中关村科学城、和而泰、联美控股等，也终于迎来收获期。 "中国英伟达"，要 IPO 了 让我们回到故事的起点。 2020 年 6 月，为了"打造中国最好的全功能 GPU "，张建中与伙伴组建了一支拥有英伟达、微软、英特尔、 AMD 、 ARM 等背景的团队 ...

Core Viewpoint - Moole Technology is set to undergo an IPO review on the Sci-Tech Innovation Board, marking a record speed in the IPO process in less than three months, with a fundraising target of 8 billion yuan and a valuation of 25.5 billion yuan, reshaping the valuation system for tech companies in the A-share market [1][11][13]. Group 1: Company Overview - Moole Technology is recognized as a leading enterprise in the domestic full-function GPU sector, often referred to as "China's NVIDIA" due to its executive team's extensive experience at NVIDIA [3][4]. - The company has developed the MUSA architecture, achieving significant technological breakthroughs that support AI computing acceleration, graphics rendering, and more [4][7]. Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue grew from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, and the first half of 2025 saw revenue of 702 million yuan, surpassing the total revenue of the previous three years [4][5]. - Despite high revenue growth, the company reported substantial losses, with net profits of -1.84 billion yuan in 2022, -1.67 billion yuan in 2023, and -1.49 billion yuan in 2024, totaling an unrecouped loss of 1.21 billion yuan [5][6]. Group 3: Market Impact and Strategy - The IPO is expected to inject strong momentum into the domestic GPU industry, facilitating the development of a collaborative ecosystem and driving technological advancements [8][10]. - Moole Technology's dual strategy of "compatibility + open-source" aims to adapt to the existing CUDA ecosystem, enhancing its product's marketability [7][10]. Group 4: Capital Market Effects - The IPO is anticipated to activate the tech sector's vitality and reshape valuation logic, providing a template for other high-growth tech companies seeking to go public [11][13]. - The successful listing of Moole Technology could attract more capital into the sector, benefiting related companies and enhancing market activity [10][14]. Group 5: Future Outlook - The IPO represents a pivotal moment for the domestic high-end chip technology landscape, influencing investor confidence in the GPU industry and the broader AI computing ecosystem [15][16].

Group 1: Core Insights - The company, Moer Thread, has submitted its IPO application to the Sci-Tech Innovation Board, marking its entry into the capital market and revealing its growth trajectory and core competitiveness [1] - The latest prospectus showcases Moer Thread's technological accumulation and commercialization potential in the full-function GPU field, highlighting its all-stack technical barriers and impressive growth curve [1][2] Group 2: Technological Advantages - Moer Thread has built a comprehensive technical moat from chip to cluster, with its MUSA architecture supporting AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [2][3] - The MUSA architecture signifies Moer Thread's technological maturity in the domestic full-function GPU sector, with its flagship AI product, MTT S5000, aiming to compete with NVIDIA's H100 in performance [3][4] Group 3: Market Performance - From 2022 to 2024, Moer Thread's revenue surged from 46.09 million to 438.46 million, achieving a compound annual growth rate (CAGR) of 208.44%, reflecting its strong market competitiveness [6] - Despite being in a loss-making position, the company has narrowed its net loss from -1,839.55 million in 2022 to -1,491.94 million in 2024, indicating a 19% reduction in losses [6] Group 4: Strategic Positioning - The company emphasizes strategic losses as a means to build competitive barriers, similar to Tesla's approach, where initial losses are viewed as investments in future market dominance [7][10] - Moer Thread's R&D investment efficiency has improved significantly, with revenue per unit of R&D expenditure increasing from 0.041 to 0.323, a rise of approximately 7.88 times [7] Group 5: Future Prospects - The company plans to raise 8 billion for R&D of three new-generation chips, targeting improvements in computing efficiency, AI computing capabilities, and the development of a self-controlled ecosystem [10] - Moer Thread's path indicates a potential transition from a technology investment phase to a value return phase, with expectations of reaching a J-curve inflection point for profitability [8][10] Group 6: Conclusion - Moer Thread is positioned to break through in the GPU sector, leveraging rapid architectural iterations and a robust patent portfolio to establish a technological moat [11] - The company aims to convert its technological advantages into commercial barriers, potentially leading to a new growth phase [11]

Core Viewpoint - Moer Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 8 billion yuan for various AI and GPU chip development projects, positioning itself as a potential leader in the domestic GPU market [1][2]. Group 1: IPO and Funding - The company plans to raise around 8 billion yuan through its IPO, with funds allocated for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1][4]. - Moer Technology ranked 212th in the 2025 Hurun Global Unicorn List, indicating its growing prominence in the tech industry [1]. Group 2: Technology and Product Development - Since its establishment in 2020, the company has focused on developing full-featured GPUs, successfully launching four generations of GPU architectures that cater to high-performance computing needs in AI, digital twins, and scientific calculations [1][2]. - The company has achieved significant breakthroughs in core products in critical areas, with its MTT S80 graphics card's single-precision floating-point performance nearing that of NVIDIA's RTX 3060 [2]. - Moer Technology's MUSA architecture allows for simultaneous support of AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip, enhancing the domestic GPU industry's self-sufficiency [2][3]. Group 3: Market Position and Competitive Advantage - The company's products are designed to meet diverse computing needs across AI, big data processing, digital twins, and high-definition display, showcasing high compatibility with existing global GPU application ecosystems [3]. - As of February 2025, Moer Technology has obtained 470 patents, the highest among domestic GPU companies, covering key areas such as GPU architecture and AI acceleration [3]. Group 4: Financial Performance - The company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and projected at 1.49 billion yuan in 2024 [5][6]. - Research and development expenses have been significant, amounting to 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, and 1.359 billion yuan in 2024, reflecting a high R&D intensity relative to revenue [5][6].

Core Viewpoint - The domestic GPU "unicorn" Moole Technology has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC projects, marking a significant milestone in the domestic GPU sector [1] Group 1: Company Overview - Moole Technology was founded in 2020 by a team of former Nvidia executives and has rapidly developed into a leading player in the GPU market, achieving a record speed in the development of its first full-function GPU, "Sudi," within 11 months [2] - The company has adopted a "full-stack breakthrough" strategy with its self-developed MUSA architecture, integrating AI computing, graphics rendering, scientific computing, and video encoding/decoding engines, overcoming the limitations of domestic GPUs in AI computing power [2] - By the end of 2024, Moole Technology aims to have a complete product line covering desktop-level (MTT S series) and data center-level (MTT T series) GPUs, with a market share exceeding 60% in the domestic trust and innovation market [2] Group 2: Financial Performance - From 2022 to 2024, Moole Technology's revenue is projected to grow from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%, while net losses are expected to total nearly 5 billion yuan over the same period [3] - The company's R&D expenditure is projected to exceed 300% of its revenue, with R&D costs reaching 1.359 billion yuan in 2024, indicating a strong focus on innovation despite financial losses [3] - Moole Technology has raised over 6.5 billion yuan through multiple funding rounds, with a pre-IPO valuation of 24.62 billion yuan, ranking 261st on the 2024 Hurun Global Unicorn List [3] Group 3: Market Position and Strategy - Moole Technology is implementing a dual-track strategy of "compatibility + open-source" to compete with Nvidia's CUDA ecosystem, allowing for zero-cost migration of CUDA code and attracting over 100,000 developers to its open-source community [4] - The company is building a "ten-thousand card cluster" to enhance its computing infrastructure, which is expected to improve GPU utilization by 40% and reduce fault recovery time to under 5 minutes [4] - The domestic GPU market is experiencing significant growth, with the share of domestic computing power in China's data center accelerator market expected to rise from 15% in 2022 to over 50% by the end of 2025 [5] Group 4: Future Plans and Challenges - Of the 8 billion yuan to be raised, 1.98 billion yuan will be allocated to the development of AI SoC chips, with the "Yangtze" series chips already integrated with CPU, GPU, NPU, and VPU architectures, targeting the automotive chip market [6] - Moole Technology faces challenges including a performance gap of over two generations compared to Nvidia, a developer base significantly smaller than CUDA's, and high customer concentration risk, with the top five clients accounting for over 98% of revenue [5][6]

Core Viewpoint - Moer Technology has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for various AI and chip development projects, despite currently operating at a loss [1][2] Group 1: IPO Details - Moer Technology's IPO has been accepted by the Shanghai Stock Exchange, with plans to raise 8 billion yuan through the issuance of at least 44.45 million shares, representing no less than 10% of the post-issue total share capital [1] - The funds raised will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1] Group 2: Company Background - Founded in October 2020, Moer Technology focuses on its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding and decoding [1] - The founder, Zhang Jianzhong, has a significant background in the chip industry, having served as a global vice president and general manager for NVIDIA in Greater China from April 2006 to September 2020 [1] Group 3: Financial Performance - Moer Technology has attracted investments from notable firms such as Sequoia China, Tencent, and ByteDance, achieving a pre-IPO valuation of 24.62 billion yuan in 2024 [2] - Despite a pre-IPO valuation nearing 25 billion yuan, the company is currently in a loss-making phase, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively [2] - The net losses for the same years are projected at 1.839 billion yuan, 1.674 billion yuan, and 1.492 billion yuan, with significant R&D expenditures totaling 3.81 billion yuan over three years, accounting for approximately 626.03% of total revenue during that period [2]