Moore Threads Lists on STAR Market, Becomes China’s First Public GPU Company
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On December 5, 2025, Moore Threads, China’s leading homegrown GPU maker founded by an ex-NVIDIA executive, raised $1.13 billion in the year’s largest STAR Market IPO, debuting with a $7.6 billion valuation and becoming the country’s first publicly traded GPU company.
On December 5, 2025, Chinese GPU manufacturer Moore Threads officially debuted on the STAR Market of the Shanghai Stock Exchange under the ticker 688795, becoming China’s first publicly listed GPU company. The shares were priced at approximately USD 16.15 each, giving the company a market capitalization of around USD 7.592 billion. Moore Threads also raised USD 1.131 billion, marking the largest IPO on the STAR Market this year.
Founded in 2020 by Zhang Jianzhong, former Global Vice President of NVIDIA, the company brings together a core team of talent from leading universities and NVIDIA, with a focus on developing full-function GPUs. Moore Threads generated more than USD 56.5 million in revenue in 2024, with a three-year compound annual growth rate exceeding 200%. Revenue for the first half of 2025 reached around USD 100 million. Although the company is not yet profitable, it expects to report consolidated profits in 2027.
Proceeds from the IPO will be directed toward developing AI training/inference integrated chips and next-generation graphics processors. The IPO process was completed in just 158 days, benefiting from the reinstated STAR Market “Fifth Set of Listing Standards.” Strategic investors included state-owned capital such as China Telecom’s Tianyi Capital.
Zhang stated that Moore Threads plans to maintain an annual GPU iteration cycle, helping advance China’s computing-power supply chain and positioning the company to become a globally competitive GPU leader.
