The domestic GPU sector has welcomed a new contender following Cambricon and Moore Threads. On its first trading day, Muxi shares surged over 700%, peaking at 895 yuan, with single-lot floating profits nearing 400,000 yuan—setting a record for IPO performance under China’s full registration-based system. By market close, its valuation reached 332 billion yuan, approaching Moore Threads’ 336 billion yuan listing last week.

Despite lacking profitability and being in early-stage commercialization, Muxi’s sky-high valuation has drawn scrutiny. The core question remains: How does the market assess domestic GPU firms’ worth?

Financially, Muxi appears imperfect: unprofitable with a 346 million yuan net loss in Q1-Q3 2025 and a P/S ratio exceeding 150x. Yet investors awarded it extreme premiums, signaling a pivotal shift—China’s GPU sector now faces a "supply-side consolidation + demand-side forced transition" phase.

Over two years, booming computing demand—from AI training/inference to smart data centers—has driven enterprise investments. Meanwhile, global supply chain realignments and policy shifts have disrupted high-end foreign GPU availability in China. Consequently, market focus has evolved from "technical feasibility" to production scalability, real-world deployment, and revenue traction. Muxi stands among few domestic GPU players disclosing scaled revenues.

**Founder DNA: Muxi as AMD, Moore as NVIDIA?** Per its prospectus, Shanghai-based Muxi (founded September 2020) develops high-performance general-purpose GPUs for AI/data centers/HPC, boasting rare in-house IP, mass production, and full-stack software capabilities. Its trio of AMD-veteran founders—CEO Chen Weiliang (13-year AMD R&D lead), Peng Li, and Yang Jian—imprint an "AMD-style" approach. In contrast, Moore Threads’ leadership, including ex-NVIDIA Greater China VP Zhang Jianzhong, carries distinct "NVIDIA genes," emphasizing ecosystem building versus Muxi’s focus on commercialization efficiency. Post-IPO, Chen controls ~23% of shares.

Backed by state AI funds, Sequoia China, and strategic investors (JD.com, Meituan), Muxi’s shareholder mix reflects both financial and industrial confidence in homegrown computing.

**Tech Divergence: Ecosystem vs. Compatibility** China’s GPU players diverge into: 1) AI-specific chips (Cambricon: specialized but limited versatility); 2) Full-stack GPUs with proprietary ecosystems (Moore Threads: high migration costs but long-term potential); 3) CUDA-compatible general GPUs (Muxi’s path).

Muxi’s MXMACA software stack achieves high CUDA API compatibility, slashing porting efforts to one person-day for mid-complexity apps—lowering adoption barriers but raising questions about long-term ecosystem independence.

**Commercial Race: Muxi Targets Faster Profitability** Muxi has taped out multiple GPU generations: - **C500 series**: Mass-produced in 2024, driving revenues (2022: 426k yuan → 2025 Q1-Q3: 1.236bn yuan, mainly AI training/inference). - **C600 series**: Post-silicon validation underway, featuring advanced nodes and memory.

Still, losses persist (2025 Q1-Q3: -346mn yuan R&D-heavy). The firm targets breakeven by 2026, ahead of Moore Threads’ 2027 goal (2025 Q1-Q3: 785mn yuan revenue, -724mn yuan net loss). Cambricon’s precedent shows GPU firms can flip profits rapidly once catching substitution waves.

**The Real Battle Begins** To earn the "China’s NVIDIA" crown, firms must deliver: 1) Independent GPU IP; 2) Dominant software ecosystems; 3) Sustained超额 profits.

Neither Moore nor Muxi qualifies yet. While both enjoy stellar market debuts, the next 2-3 years will test who first closes the commercial loop—transitioning from shared NVIDIA spillover红利 to mastering GPU’s "soul." This war is just unfolding.