Investors in the "Chinese NVIDIA" have made huge profits.

Before its listing, Moore Threads' circle of friends has already reaped huge profits.

After the news that this domestic GPU company was going to have a meeting for its IPO spread widely, many A-share listed companies, including Heletech, told the outside world that they had invested in Moore Threads. Eventually, numerous investors took swift action, causing several concept stocks related to Moore Threads to soar continuously.

This inevitably makes people sigh: "The wealth - creating effect of the 'Chinese NVIDIA' is truly astonishing."

Moore Threads hasn't even been listed yet, but the secondary market is already so "lively". If it really succeeds in its IPO, it might bring about an ultra - luxurious wealth feast. On September 26th, Moore Threads had its meeting, and after 88 days of waiting, they have taken a crucial step towards listing and started the countdown to their debut on the A - share market.

Amid the anticipation of the birth of the "first domestic GPU stock", Sequoia Capital China, Shenzhen Capital Group, GGV Capital, Sunshine Ronghui Capital, Matrix Partners China, Hongtai Fund, China Merchants Group Venture Capital, Houxue Capital, Tencent, ByteDance, Pony.ai, Zhongguancun Science City, Heletech, United Beauty Group, etc., which have cumulatively invested tens of billions of yuan in Moore Threads, have finally entered the harvest period.

The 'Chinese NVIDIA' Is Going for an IPO

Let's go back to the beginning of the story.

In June 2020, in order to "create the best all - purpose GPU in China", Zhang Jianzhong and his partners assembled a team with backgrounds from NVIDIA, Microsoft, Intel, AMD, ARM, etc., and resolutely embarked on the entrepreneurial journey from Beijing.

This is a thorny path. From the design of a chip to its mass production and listing, it has to face numerous tests. For a startup company aiming to create a domestic all - purpose GPU, any problem in areas such as talent, funds, technology, and the industrial chain will seriously affect its development pace.

Moore Threads' courage to face difficulties largely stems from its founder, Zhang Jianzhong.

As an important "deputy" of Jensen Huang, he became the global vice - president of NVIDIA and the general manager of its China region in 2006. He led the team to establish a complete GPU ecosystem in China and turned Greater China into NVIDIA's most important GPU market globally.

Facing numerous skeptical voices, this startup overcame a series of difficulties in a short period of time. Its "Moore's speed" amazed the industry and it is increasingly regarded as the "Chinese NVIDIA".

Less than a year and a half after its establishment, they announced the successful development of their first all - purpose GPU. In March 2022, the company released a new unified system architecture called MUSA (a general parallel computing architecture) and its first all - purpose GPU chip, "Sudi".

According to Moore Threads, the MUSA architecture covers key elements such as a unified chip architecture, instruction set, programming model, software runtime library, and driver framework. It aims to provide high - performance computing capabilities for various parallel computing scenarios and is compatible with the international mainstream GPU ecosystem dominated by NVIDIA.

From the launch of the all - purpose GPU chip "Chunxiao" in November 2022 to the release of the all - purpose GPU chip "Quyuan" in September 2023, they also launched the AI training and inference integrated computing card MTT S4000 and the Kua'e (KUAE) thousand - card intelligent computing cluster based on "Quyuan", and self - developed the large language model MusaChat.

In about five years, Moore Threads has successfully launched four generations of GPU architecture chips, such as "Pinghu", and its products cover application fields including AI intelligent computing, high - performance computing, graphic rendering, computing virtualization, intelligent media, and personal entertainment and productivity tools.

During its rapid development, the company's revenue has also achieved leap - forward growth.

Looking through the prospectus, the company's revenue was less than 50 million yuan in 2022, exceeded 123 million yuan a year later, and reached 438 million yuan in 2024. By 2025, its revenue in half a year had exceeded 700 million yuan.

What also surprises the outside world is the speed of Moore Threads' listing. After applying for listing on the Science and Technology Innovation Board on June 30th, 2025, this Beijing - based star unicorn started the countdown to its listing.

The Grand Wealth Feast Has Begun

Facing Moore Threads, a "tasty morsel", a large number of investors rushed in early.

Within 100 days of its establishment, the company had completed two rounds of financing, raising billions of yuan from Sequoia Capital China, Shenzhen Capital Group, GGV Capital, Matrix Partners China, China Merchants Group Venture Capital, ByteDance, Pony.ai, Haisong Capital, Wenming Investment, First Capital, Heletech, etc., and became a unicorn overnight.

The luxurious team is an important reason why many investors are chasing after Moore Threads.

"Moore Threads has a world - class modern GPU architecture design team," Zhou Kui, a partner at Sequoia Capital China, once said bluntly. The company has attracted many senior engineers with more than 10 years of experience in fields such as GPU drivers, compilation, AI chips, software algorithms, and system design, and has established a complete professional IC team in China.

In November 2021, they completed a 2 - billion - yuan Series A financing. The investors included Shanghai Guosheng Capital, Matrix Partners China, Bohai Zhongcheng Fund under BOC International, CCB International, Qianhai Mother Fund, China Merchants Securities, Hongtai Fund, etc. Later, China Mobile Digital New Economy Industry Fund, Houxue Capital, Ceyuan Ventures, Zhongguancun Science City, etc. also became their shareholders.

By October 2024, Moore Threads finally completed its shareholding system reform and finalized the last round of financing before listing two months later.

Matrix Partners China, Houxue Capital, Shoutai Jinxin, Golden Cuckoo Capital, Jiuyi Investment, Huakong Fund, Bohai Industrial Investment Fund, ABC Investment, Xiamen Guoxing Investment, Wanshi Venture Capital, Circumference Capital, Zhejiang Financial Holding, Zhejiang Industry Investment, Turing Asset Management, Qianxi Capital, Dianshi Capital, Future Qichuang Fund, BAIC Industrial Investment, Qianhai Mother Fund, Shandong Guohui, China Insurance Investment Fund, Smart Internet - connected Industry Fund, Zhongke Lanxun, Yingqu Technology, Hengxing Group, United Beauty Group, etc. jointly invested more than 5.2 billion yuan in them.

With the completion of the Pre - IPO round of financing, this startup, which has raised more than 10 billion yuan in financing, has closed its financing window in the primary market and is accelerating towards its IPO.

As Moore Threads is about to list, investors who missed the chance to invest and old shareholders who want more shares can't sit still. So they have all set their sights on the company's old shares. In the first two months of 2025, many investment institutions accelerated their "shopping spree" from old shareholders.

Behind the scramble for shares lies investors' beautiful expectations of huge investment returns from Moore Threads' successful listing. You know, when the news that the company started the IPO counseling process spread in early November 2024, several related concept stocks had multiple daily limit up moves.

A similar scene reappeared. As the news that they were going to have a meeting for their IPO spread, many A - share listed companies, including Heletech, told the outside world that they had invested in Moore Threads. Eventually, numerous investors took swift action, causing several related concept stocks to reach the daily limit up continuously.

Even before the company is listed, the secondary market is already so "crazy", allowing some early - stage shareholders to enjoy the overflowing wealth in advance. When Moore Threads officially debuts on the A - share market, a large number of investors may reap returns far exceeding their initial investment expectations.

According to the "2025 Global Unicorn List" released by Hurun Research Institute, Moore Threads is valued at 31 billion yuan. This also means that Zhang Jianzhong, who holds 12.73% of the shares, has a net worth close to 4 billion yuan. More importantly, this is just a startup that has been established for a little over five years.

With the countdown to the listing, the wealth feast brought about by Moore Threads is accelerating.

The 'First Domestic GPU Stock' Is About to Be Born

The domestic GPU industry has been looking forward to this important moment for a long time.

In the eyes of the industry, Moore Threads, Muxi Semiconductor, Biren Technology, and Suiyuan Technology are known as the "Four Little Dragons of Domestic GPU". Their journey to conquer the domestic GPU market started in 2018.

At that time, as the Sino - US technological competition intensified, the importance of domestic GPUs continued to increase, and the market continued to expand. Decades of global cooperation had allowed the core teams of these domestic GPU companies to gain rich experience in the chip field, laying the foundation for their participation in the domestic GPU entrepreneurial wave.

After seeing the huge opportunities in the domestic artificial intelligence computing power field, Zhao Lidong, an alumnus of Tsinghua University with years of experience in the semiconductor industry, took the lead. He founded Suiyuan Technology in Shanghai in 2018 with his former colleagues from AMD. Before starting his business, he participated in the establishment of the AMD China R & D Center and served as the vice - president of Tsinghua Unigroup.

More than a year later, although he had no experience in the development or management of GPU companies, Zhang Wen, a Harvard Law School doctor who had served as the president of SenseTime, entered this field with the idea of creating top - notch general - purpose computing chip products. He successfully convinced many experts in the GPU field to join him and finally founded Biren Technology in Shanghai.

As the industry trend became clearer, Moore Threads and Muxi Semiconductor were established in Beijing and Shanghai respectively in 2020. Among them, Muxi Semiconductor was founded by Chen Weiliang, Yang Jian, and Peng Li, who had worked at AMD for many years. The core members have an average of nearly 20 years of experience in the end - to - end R & D of high - performance GPU products.

So far, the "Four Little Dragons of Domestic GPU" have appeared in the public eye and started their respective journeys.

After the call to conquer the domestic GPU market was sounded, investors flocked in. Sequoia Capital China, Hillhouse Capital, Shenzhen Capital Group, IDG Capital, Matrix Partners, Qiming Venture Partners, GGV Capital, Sunshine Ronghui Capital, Matrix Partners China, Tencent, ByteDance, Lenovo Capital & Incubator Group, Hongtai Fund, Walden International, Shanghai Science and Technology Innovation Fund, State - owned Capital Adjustment Fund, Songhe Capital, Huaying Capital, Gaorong Capital, Cornerstone Capital, Source Code Capital, BAI Capital, ZhenFund, CPE Yuanfeng, CICC Capital, Primavera Capital, etc., well - known investment institutions have all entered the game.

Eventually, the "Four Little Dragons of Domestic GPU" have all grown into star unicorns. In the "2025 Global Unicorn List" released by Hurun Research Institute, Suiyuan Technology is valued at 20.5 billion yuan, and Biren Technology is valued at 16 billion yuan. As for Muxi Semiconductor, its valuation has exceeded 21 billion yuan.

However, compared with NVIDIA, the "Four Little Dragons of Domestic GPU" still have a huge gap. Affected by factors such as R & D, they are currently all in a loss - making state. Since 2022, Moore Threads has accumulated a loss of more than 5.2 billion yuan in three and a half years, and its total R & D investment during the same period has exceeded 4.3 billion yuan.

Listing naturally becomes an important means for them to achieve rapid development. On June 30th, 2025, Moore Threads and Muxi Semiconductor applied for listing on the Science and Technology Innovation Board at the same time. Coupled with Biren Technology and Suiyuan Technology, which are in the IPO counseling stage, it means that all the "Four Little Dragons of Domestic GPU" have embarked on the IPO journey.

In Moore Threads' plan, they plan to raise 8 billion yuan through this listing, and the main use of the funds will be for product R & D. This huge amount of funds to be raised also makes this company the largest IPO project to have a meeting this year.

After 88 days of waiting, Moore Threads had its meeting as expected and took the crucial first step towards listing. This clear signal also announces to the outside world that the "first domestic GPU stock" is about to be born.

Reference Materials:

1. "The Domestic GPU Entrepreneurial Wave: Liveliness and Patience", LatePost AUTO

2. "High Valuation, High Loss: The 303 - day Final of Chinese AI Chip Companies' IPOs", Caijing Magazine

This article is from the WeChat official account "ChinaVenture". Author: Lu Zhigao. Republished by 36Kr with permission.