Retail investors piled into the deal with 4,000× subscription, signalling massive appetite for domestic AI chip plays as China pushes to replace Nvidia hardware.
The Beijing-based GPU start-up — founded in 2020 by former Nvidia China head James Zhang and staffed with ex-Nvidia/AMD veterans — has launched four generations of GPUs (Sudi, Chunxiao, Quyuan, Pinghu) despite being on the U.S. Entity List.
Key numbers investors overlooked:
2024 revenue: RMB 438.5m (+200% 3-yr CAGR)
2024 net loss: RMB –1.5bn (heavy R&D + inventory)
1H25 revenue: RMB 701.8m
1H25 net loss: narrowed to RMB –271m
IPO proceeds: RMB 8bn
Valuation: RMB 53.7bn
Backers include Tencent, ByteDance, Sequoia China, GGV and Shenzhen Capital Group — almost 90 shareholders pre-IPO.
The subscription frenzy suggests Biren, MetaX and other domestic GPU makers may accelerate IPO timelines as China doubles down on semiconductor self-sufficiency.
Perhaps the most telling signal:
Moore Threads received regulatory approval in just 88 days, one of the fastest IPO greenlights on Star Market — showing clear policy support for China’s home-grown AI chip champions.
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