Core Viewpoint - The article discusses the recent IPO applications of two domestic GPU companies, Moore Threads and Muxi, highlighting their potential in the Chinese GPU market and the challenges they face in achieving profitability and market validation [3][4][5]. Group 1: Company Overview - Moore Threads and Muxi have submitted IPO applications, marking a significant step in the domestic GPU sector [3]. - Both companies are led by experienced teams, with Moore Threads' founder previously serving as NVIDIA's global vice president and Muxi's founder having a background at AMD [3][4]. - Pre-IPO valuations for Moore Threads and Muxi are reported at 24.62 billion yuan and over 21 billion yuan, respectively [4]. Group 2: Financial Performance - Moore Threads' projected revenues from 2022 to 2024 are 46.08 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan [5][6]. - Muxi's revenues for the same period are 426,400 yuan, 5.3 million yuan, 74.3 million yuan, and 32 million yuan, with net losses of 777 million yuan, 871 million yuan, 1.41 billion yuan, and 233 million yuan [5][6]. - Combined losses for both companies over the past three years total 8.2 billion yuan, which is typical for the chip industry due to high R&D costs [6][7]. Group 3: Market Position and Challenges - The current focus for domestic GPU manufacturers is to seek IPOs, especially as the market for GPU companies is becoming more challenging with the exit of many dollar funds [8][9]. - The recent reforms in the Science and Technology Innovation Board and the introduction of new listing standards for unprofitable companies provide a valuable window for GPU firms to go public [9]. - Both companies have made significant strides in product development, with Moore Threads launching four generations of GPU architectures and Muxi focusing on self-developed GPU IP and instruction sets [10][12]. Group 4: Product Development and Competitiveness - Moore Threads has developed a comprehensive product line, including AI computing, graphics rendering, and desktop graphics acceleration, with its MTT S80 desktop GPU performing comparably to NVIDIA's RTX 3060 [10][13]. - Muxi's products, such as the MXC500 and MXN100, show competitive performance metrics but still lag behind NVIDIA's offerings [12][14]. - Both companies face challenges in customer retention, with Moore Threads having low repeat purchase rates from clients, while Muxi's sales are heavily reliant on a few key distributors [17][21]. Group 5: Production and Supply Chain Issues - Both companies are Fabless and rely on foundries for production, facing potential supply constraints due to geopolitical factors affecting access to advanced manufacturing capabilities [23]. - The competition for limited foundry capacity, particularly with domestic players like SMIC, raises concerns about their ability to scale production effectively [23][24].

Core Viewpoint - The article discusses the recent IPO applications of two domestic GPU companies, Moore Threads and Muxi, highlighting their potential and challenges in the competitive landscape of the GPU industry in China [1][2]. Group 1: Company Overview - Moore Threads and Muxi submitted their IPO applications on June 30, marking a significant step towards their public listing [1]. - Both companies are led by experienced founders with backgrounds in major global tech firms, enhancing their credibility in the GPU market [1]. - Pre-IPO valuations for Moore Threads and Muxi are reported at 24.62 billion yuan and over 21 billion yuan, respectively [1]. Group 2: Financial Performance - Moore Threads' revenue projections from 2022 to 2024 are 46.08 million yuan, 124 million yuan, and 438 million yuan, with net losses of 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan [2]. - Muxi's revenue for the same period is projected at 426,400 yuan, 5.3 million yuan, 74.3 million yuan, and 32 million yuan, with net losses of 777 million yuan, 871 million yuan, 1.41 billion yuan, and 233 million yuan [2]. - Combined, both companies have incurred total losses of 8.2 billion yuan over the past three years [3]. Group 3: Market Context - The GPU industry is characterized by high R&D costs, with Moore Threads investing 3.81 billion yuan in R&D from 2022 to 2024, which is over six times its projected revenue [2]. - The current market environment presents a critical window for GPU companies to seek public listings, especially with recent reforms allowing unprofitable companies to go public [6]. Group 4: Product Development - Moore Threads has developed a comprehensive product line, including four generations of GPU architectures and various applications in AI computing, graphics rendering, and personal entertainment [8]. - Muxi focuses on training and inference integrated GPUs, with products based on self-developed GPU IP and instruction sets, enhancing efficiency and reducing dependency on external IP [11]. - Moore Threads' desktop GPU, MTT S80, is reported to perform comparably to NVIDIA's RTX 3060, although it still lags in driver support [10]. Group 5: Competitive Landscape - Both companies are positioned in the first tier of the domestic GPU market, but they face challenges in customer retention and dependency on key distributors [13][15]. - The ability to secure production capacity is a significant concern, as both companies rely on foundries for manufacturing, and recent regulations have limited their options [17].

Core Viewpoint - The article highlights the progress of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. in its IPO journey, indicating its completion of the IPO counseling process and readiness to submit listing materials for A-share listing, marking a significant step forward for the company in the competitive domestic GPU market [1][19]. Company Overview - Mu Xi was established in September 2020 and focuses on high-performance GPU computing, providing full-stack GPU chips and solutions applicable in various advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [5][6]. - The company has a strong founding team with significant experience in GPU design, including its CEO Chen Weiliang, who has nearly 20 years of experience and previously led GPU design at AMD [5][6]. Product Development - Mu Xi has launched three major series of GPU products: - Xi Yun® C series for general computing scenarios - Xi Si® N series for intelligent computing inference - Xi Cai® G series specifically for graphics rendering [10][6]. - The latest product, MXC500 Xi Yun series, aims to compete with NVIDIA's A100/A800, targeting FP32 computing power of 15 TFLOPS [7]. Financial Performance - In 2023, Mu Xi reported revenue of 107 million RMB and a loss of 846 million RMB, with projected revenue of 1.255 billion RMB and a loss of 500 million RMB for 2024 [9]. Funding and Valuation - Mu Xi has completed eight rounds of financing, raising over 2 billion RMB, with investments from various state-owned and venture capital firms [11][12]. - The company is valued at approximately 1 billion RMB, positioning it among other emerging domestic GPU manufacturers like Mo Er Thread and Sui Yuan Technology, which are also pursuing IPOs [20]. Industry Context - The domestic GPU market is experiencing intense competition, with several companies, including Huawei HiSilicon, Cambricon, and others, entering the space to meet the growing demand for AI model training and applications [14][16]. - The rise of AI models like DeepSeek has created opportunities for domestic chip manufacturers to enhance their market competitiveness through software-hardware collaboration [21][22].

Core Viewpoint - The article discusses the recent developments of the domestic GPU unicorn company, Muxi, which is preparing for an IPO while undergoing a significant workforce reduction to optimize costs and improve operational efficiency [2][3]. Group 1: Company Overview - Muxi was established in September 2020 and is led by founder and CEO Chen Weiliang, who has a background in GPU design at AMD [3]. - The company has made notable technological advancements, with its latest MXC500 Xiyun series products being competitive with NVIDIA's A100/A800, featuring an FP32 computing power of 15 TFLOPS [3]. Group 2: Financial and Market Position - Muxi has completed a financing round of approximately 2 billion RMB before initiating its IPO process, which is expected to take place in 2024 [2]. - The company was valued at 10 billion RMB and ranked 793rd in the 2023 Hurun Global Unicorn List, and it was also included in the 2024 Hurun China Metaverse Potential Enterprises List, ranking 200th [2]. Group 3: IPO Preparation - Muxi has filed for IPO guidance with the Shanghai Securities Regulatory Bureau, with Huatai United Securities as the advisory institution [3]. - The recent layoff of about 200 employees, which constitutes around 20% of its workforce, is a strategic move to enhance the likelihood of a successful IPO [2].