Moore Threads'Sci-Tech Board IPO Approved, Set to Become China's First Domestic GPU Stock

According to IPO monitoring reports, Moore Threads Technology Co., Ltd. (Beijing) (摩尔线程智能科技（北京）股份有限公司, "Moore Threads") has received approval for its initial public offering (IPO) on the STAR Market (科创板) of the Shanghai Stock Exchange on October 30, 2025.

The approval positions Moore Threads among the first hard-tech companies to complete registration under the STAR Market's new "1 + 6" reform framework, paving the way for it to become China's first publicly listed domestic GPU company.

Founded in 2020, Moore Threads focuses on the independent research and development of fully functional GPUs, aligning closely with China's 15th Five-Year Plan, which calls for full-chain breakthroughs in the semiconductor industry to achieve greater technological self-reliance.

Built on its self-developed MUSA Unified System Architecture, Moore Threads has achieved major breakthroughs—enabling a single chip to support AI computing, graphics rendering, physics simulation, scientific computing, and ultra-high-definition video processing. This marks a milestone for China's homegrown high-end AI chip innovation.

Since 2021, the company has launched four generations of GPU architectures—"Su Di," "Chun Xiao," "Qu Yuan," and "Ping Hu"—as well as the "Chang Jiang" intelligent SoC chip. Its products have reached or approached international performance levels: for instance, the MTT S80 GPU delivers single-precision performance comparable to the NVIDIA RTX 3060, while clusters built on the MTT S5000 have shown higher efficiency than similarly scaled foreign systems.

Moore Threads is currently the only domestic company to achieve mass production of fully functional GPUs, with applications across large-model training, digital twins, consumer electronics, digital office solutions, and cloud computing—serving industries such as data centers, intelligent-computing hubs, energy, and manufacturing.

Financially, Moore Threads generated approximately US $96 million in revenue during the first half of 2025—already exceeding its combined revenue for 2022–2024 (about US $83 million). The company's gross margin has surged from –70.08% in 2022 to 69.14% in H1 2025, reflecting significant improvements in product competitiveness and market acceptance.

According to Frost & Sullivan, the global GPU market is projected to reach around US $4.93 trillion by 2029, with China's share rising from 30.8% in 2024 to 37.8%. The Chinese AI-chip market is also expected to grow from US $19.5 billion in 2024 to US $183 billion by 2029—a compound annual growth rate of more than 50%, with GPUs among the fastest-growing segments.

Overall, Moore Threads' successful IPO registration represents a crucial step from technological innovation to capital-market recognition. It underscores China's accelerating progress in GPU self-sufficiency and highlights the STAR Market's "1 + 6" policy reforms as a key enabler for hard-tech enterprises. In the long term, it is expected to foster deeper integration between China's AI-chip industry and AI application ecosystem, reinforcing the computational foundation for the country's high-quality digital economy development.

Source：ipozaozhidao