China's First Domestic GPU Maker Moore Threads Launches IPO on STAR Market
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SHANGHAI, November 24 – Moore Threads, often described as China’s first homegrown GPU company, began its public subscription for shares today on Shanghai’s STAR...
SHANGHAI, November 24 – Moore Threads, often described as China’s first homegrown GPU company, began its public subscription for shares today on Shanghai’s STAR Market, setting multiple records for a listing this year. The company set its offering price at 114.28 yuan per share, making it the most expensive new stock in 2025. With total issuance costs reaching 424 million yuan and an estimated fundraising scale of approximately 8 billion yuan, Moore Threads also leads among STAR Market newcomers in both categories. Its post-issuance market capitalization is expected to approach 54 billion yuan. Founded by former NVIDIA executives, the company is controlled by founder Zhang Jianzhong, who holds a 36.36% stake. Based on the offering valuation, his shareholding would be valued at nearly 6 billion yuan. While the company has demonstrated rapid revenue growth in recent years, it continues to report losses due to heavy investment in research and development. Moore Threads projects it could achieve profitability by 2027. The domestic GPU sector shows promising growth prospects amid China's push for technological self-reliance. However, companies like Moore Threads and rivals such as MooreX still face challenges including technical gaps, talent shortages, and high R&D costs. The successful IPO marks a significant milestone in China's efforts to build an independent semiconductor ecosystem.
