Moore Threads has successfully passed the review, and the "first domestic GPU stock" is about to be born.

On September 26, domestic GPU startup Moore Threads passed the review of the Shanghai Stock Exchange, taking a crucial step towards its listing on the STAR Market and continuing its pursuit to become the "first domestic GPU stock."

It is reported that Moore Threads' IPO application for the STAR Market was accepted on June 30, 2025, and it completed two rounds of inquiries during this period. From the acceptance to successfully passing the review, Moore Threads' IPO journey took less than three months. In this IPO, Moore Threads secured the largest IPO under review on the STAR Market this year with a fundraising plan of 8 billion yuan.

Source: Screenshot from the official website of the Shanghai Stock Exchange

Moore Threads was founded in 2020 and focuses on the design of full - function GPU chips. The company's founder, Zhang Jianzhong, worked at NVIDIA for 14 years, and his last position was the global vice - president of NVIDIA and the general manager of the Greater China region. During his tenure at NVIDIA, Zhang Jianzhong increased NVIDIA's market share in China from less than 50% in 2008 to over 80% in 2020.

Relying on the connections he accumulated during his more than a decade at NVIDIA, Zhang Jianzhong recruited core engineers from tech giants such as NVIDIA, Intel, AMD, and Microsoft to form a startup team that attracted investors.

According to Moore Threads' prospectus, before the IPO application, there were already dozens of well - known investment institutions behind Moore Threads, including Sequoia Capital, Pony.ai, Guosheng Capital, GGV Capital, Tencent, Lenovo, Haisong Capital, Ceyuan Electronics Fund, Hongtai Fund, Wuyuan Capital, Ceyuan Capital, Harmony Health, and Houxue Capital, with a total financing amount exceeding 10 billion yuan.

Based on the situation of Moore Threads' last round of financing, with 5.225 billion yuan corresponding to 70.028217 million shares, Moore Threads' post - investment valuation was 29.845 billion yuan. In the "2025 Global Unicorn List" released by Hurun Research Institute, Moore Threads was valued at 31 billion yuan.

Especially in the last round of equity changes of Moore Threads, since the company did not issue new shares, many institutions had to buy old shares from existing shareholders at high prices. According to the response to the inquiry letter of Moore Threads, from January to February 2025, the share - purchase prices of institutions such as Houxue Capital, Shenzhen Capital Group, Qingdao Turing, Jiuyi Investment, and Wenzhou Kexin reached new heights.

Due to the crazy influx of capital, in terms of the equity structure, there is no single shareholder holding more than 30% of Moore Threads, and there is no controlling shareholder. Zhang Jianzhong directly holds 11.06% of the shares and controls a total of 36.36% of Moore Threads' shares through the concerted action agreement and the employee shareholding platform, making him the actual controller.

As a domestic GPU startup, the market has high expectations for it. Before Moore Threads' review meeting, listed companies in the secondary market that had invested in Moore Threads had already announced their investment, and their stock prices rose to some extent.

Meanwhile, GPU startups such as Magic Core, Enflame Technology, and Biren Technology have also embarked on the IPO journey. With Moore Threads passing the listing review, this domestic GPU company founded only five years ago may be the first to enter the capital market.

This article is from the WeChat official account "Direct Access to IPO", author: Shao Yangang. It is published by 36Kr with authorization.