On September 26, 2025, Moore Threads will face its IPO review on the STAR Board.

From acceptance on June 30 this year to the September 26 review meeting, Moore Threads completed the entire IPO process in less than three months, setting a new record for STAR Board review speed.

As a leading enterprise in China's full-function GPU sector, Moore Threads' IPO has attracted widespread attention from capital markets. Its 8 billion yuan fundraising scale, 255 billion yuan valuation (Hurun 2024 Global Unicorn List), and "unprofitable but high-growth" characteristics are reshaping the A-share market's valuation system for technology companies.

**01** **Racing Technological Breakthrough: High R&D Brings High Losses**

Moore Threads' development trajectory epitomizes China's chip industry's independent innovation journey.

The reason many netizens call Moore Threads "China's NVIDIA" may relate to the backgrounds of its senior executives.

According to the prospectus, Moore Threads founder, chairman, and general manager Zhang Jianzhong served as senior researcher at the National Computer Laboratory of the Metallurgical Automation Research and Design Institute from May 1990 to March 1992; as product general manager at China Hewlett-Packard Limited from April 1992 to May 2001; as general manager of global customer department at Dell (China) Limited from June 2001 to March 2006; as global vice president and Greater China general manager at NVIDIA from April 2006 to September 2020; participated in company management as actual controller after Moore Threads began operations in October 2020, serving as general manager since November 2023 and chairman since December 2023. In other words, Zhang Jianzhong worked at NVIDIA for over 14 years, truly a veteran.

Additionally, Moore Threads' core team largely comes from NVIDIA. For example, co-founder and employee director Zhou Yuan served as senior director of market ecosystem at NVIDIA from October 2004 to September 2020; co-founder, director, and deputy general manager Zhang Yubo worked as GPU architect at NVIDIA from October 2013 to November 2017; Moore Threads co-founder and deputy general manager Wang Dong served as sales director at NVIDIA from October 2007 to March 2019.

Moore Threads chose the full-function GPU technical route, independently developing the MUSA architecture, achieving technological breakthroughs in single-chip architecture simultaneously supporting AI computing acceleration, graphics rendering, physical simulation and scientific computing, and ultra-high-definition encoding and decoding.

Financial data reveals Moore Threads' growth trajectory under high R&D investment. From 2022 to 2024, Moore Threads' operating revenue grew from 46 million yuan to 438 million yuan, with a compound annual growth rate of 208.44%. In the first half of 2025, it achieved revenue of 702 million yuan, exceeding the total revenue of the previous three years.

However, high R&D investment also brought massive losses. Net profit attributable to parent company from 2022-2024 was -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan respectively, with cumulative uncompensated losses reaching 1.21 billion yuan. This "high growth, high investment, high loss" model represents the typical enterprise characteristics supported by the STAR Board's fifth listing standard.

Technological breakthroughs are Moore Threads' core competitiveness. Its products have approached or reached international advanced levels in some performance indicators: the MTT S80 graphics card's single-precision floating-point computing performance approaches NVIDIA RTX 3060; GPU intelligent computing clusters built on MTT S5000 products achieve efficiency exceeding that of equivalent-scale foreign same-generation GPU cluster computing efficiency.

Facing NVIDIA's absolute advantage in the CUDA ecosystem, Moore Threads chose a "compatibility + open source" dual-track strategy: its MUSA architecture achieves CUDA code migration through the code porting tool MUSIFY, currently adapting over a thousand applications.

**02** **Construction and Transformation of Domestic GPU Ecosystem: Promoting Industrial Ecosystem Collaborative Development**

Moore Threads' IPO will inject powerful momentum into the domestic GPU industry, promoting collaborative development of the entire ecosystem.

Capital injection will directly drive technological R&D and product iteration. Moore Threads plans to raise 8 billion yuan in this IPO, primarily for new-generation autonomous and controllable AI training and inference integrated chip R&D, graphics chip R&D, and AI SoC chip R&D projects. This will drive the domestic GPU industry upgrade from "usable" to "excellent," narrowing the technology gap with international giants like NVIDIA.

Moore Threads' post-listing performance will become a "barometer" for investors observing the domestic GPU industry. If it develops well after listing, it will attract more capital inflow, providing sufficient funding support for industry development. Domestic GPU companies like Muxi and Enflame will also benefit from market expectations for "domestic substitution."

Industrial ecosystem collaborative development is Moore Threads' long-term strategy. It is committed to building a full-stack ecosystem of "chips-cards-clusters-software" (such as Kuae intelligent computing clusters, MUSA architecture compatible with CUDA). After listing, it will integrate more upstream and downstream resources (such as wafer fabs, packaging and testing companies, software developers), promoting supply chain collaboration. This ecosystem construction will reduce customer "migration costs" and accelerate commercial implementation of domestic GPUs.

Moore Threads' IPO will also promote GPU supply chain localization, driving development of upstream and downstream enterprises: upstream, wafer manufacturing and packaging testing companies will receive more orders; downstream, system integrators and application scenario providers will benefit together.

Moore Threads' Pinghu architecture products have achieved large-scale implementation in intelligent computing centers. Its AI intelligent computing business dominates with over 80% share, and cluster solutions have gained favor from multiple provincial computing power nodes. This innovative model of government-enterprise cooperation may become a golden sample for regional computing power infrastructure.

**03** **Capital Market Ripple Effects and Valuation Reconstruction: Profound Impact on Capital Markets**

Moore Threads' IPO comes after the STAR Board's "1+6" new policy rollout, providing stronger support for hard technology companies with high growth potential to enter capital markets. Its listing is not only significant for the company itself but will also have profound impact on capital markets.

Moore Threads' listing is expected to reactivate technology sector vitality and reshape valuation logic. As an "unprofitable but high-growth" technology company, its IPO breaks market preconceptions about "profit thresholds," providing a listing template for similar technology companies. This move attracts more investors seeking high returns to focus on the technology sector, expanding capital market asset allocation strategies.

High valuation and market attention are expected to create demonstration effects. Moore Threads' valuation reaches 255 billion yuan, and its post-listing performance will attract incremental capital inflow, enhancing technology sector trading activity. Shareholding company Hetai (holding 1.244%) has already seen stock price increases due to market expectations, and supply chain-related companies (such as Han's Laser and DHC Software) have also been driven up.

Moore Threads' IPO reflects capital market determination to support "hard technology," enhancing confidence in early-stage capital exit and guiding social resources toward key areas like semiconductors and AI. This "policy + market" combination promotes China's economic transformation toward innovation-driven models.

Moore Threads' IPO has triggered capital market re-excavation of the semiconductor supply chain. Besides directly invested companies, Moore Threads' IPO has drawn market attention to three categories of enterprises: first, chip manufacturing segment including SMIC (wafer foundry), JCET (packaging and testing services), and NAURA (semiconductor equipment); second, chip design and supporting services including Jingjiawei (domestic GPU peer), Huada Empyrean (EDA tools), and VeriSilicon (chip IP); third, downstream application scenarios including Inspur (AI servers), Desay SV (intelligent driving), and ChinaAMC Online (metaverse content).

This driving effect reflects capital market recognition of the hard technology supply chain and provides investors with more diversified investment choices.

As U.S. chip export controls strengthen, supply of high-end AI chips from NVIDIA, AMD and other companies to China is restricted, while China's intelligent computing power demand continues to surge. IDC predicts that China's intelligent computing power scale will reach 725.3 EFLOPS in 2024, growing 74.1% year-over-year.

Against this backdrop, Moore Threads' IPO is no longer just one company's fate-changing moment, but has become a key coordinate for observing domestic high-end chip technology breakthrough and commercialization progress. Its success or failure will directly affect capital market confidence in the domestic GPU industry and even influence the construction process of the entire domestic AI computing power ecosystem.

Capital markets are voting with real money for the future of domestic GPUs. Technology breakthroughs, ecosystem construction, and commercial implementation remain the three thresholds Moore Threads must continue to overcome.