Shanghai-based GPU developer Muxi Integrated Circuit (Muxi, 688802.SH) is set to debut on the STAR Market. On November 27, the company announced its IPO plan and preliminary price inquiry, with its listing application officially approved. Muxi plans to issue 40.1 million shares, accounting for 10.02% of its post-IPO share capital. The price inquiry will begin on December 2, with subscription dates set for December 5. Huatai United Securities serves as the underwriter.

According to its prospectus, Muxi aims to raise 3.904 billion yuan ($550 million) for R&D and industrialization of next-gen general-purpose GPUs (C600 and C700 series), AI inference GPUs, and high-performance GPU technologies for emerging applications. If successful, Muxi will become the second domestic GPU firm listed on the A-share market, following Moore Threads.

Founded in September 2020, Muxi specializes in high-performance GPU chips and computing platforms. Its core team includes industry veterans from Advanced Micro Devices (AMD), with CEO Chen Weiliang holding a 22.94% stake as the controlling shareholder. Notable investors include state-backed China Structural Reform Fund (1.96%), investor Ge Huiming (7.48% via Chaos Investment), and venture capital firms like Sequoia Capital and Matrix Partners. The company's valuation reached 21.07 billion yuan in February 2025 during its last funding round.

While benefiting from AI-driven computing demand, Muxi remains unprofitable. Revenue grew exponentially from 426,400 yuan in 2022 to 743 million yuan in 2024 (CAGR: 4,074.52%), with Q1 2025 revenue hitting 320 million yuan. However, net losses totaled 777 million yuan, 871 million yuan, and 1.409 billion yuan from 2022-2024. The company expects to break even by 2026 at the earliest.

Muxi's product lineup includes AI training (Xiyun C-series) and inference GPUs (Xisi N-series), with the C500 model being its current bestseller. In 2024, combined GPU card and server sales contributed 97.28% of total revenue, with over 25,000 GPUs shipped. Despite this, Bernstein Research estimates Muxi holds just 1% of China's AI chip market, dominated by NVIDIA and AMD.

The domestic GPU sector is witnessing an IPO race. Moore Threads, which launched its subscription on November 24, targets a 53.7 billion yuan market cap at 114.28 yuan/share—the highest STAR Market IPO price this year. Tencent-backed Enflame Technology recently switched underwriters to CITIC Securities, signaling accelerated listing plans. Meanwhile, Biren Technology filed for a Hong Kong IPO in August after securing 1.5 billion yuan in June funding, while Grainfine and SemiDrive are also preparing listings via differentiated strategies.

Grainfine, spun off from Zhaoxin's GPU division, began A-share IPO辅导 in February. SemiDrive, focusing on video-AI convergence, entered 辅导 under CITIC in July 2025, completing a funding round during preparatory phases.