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3w ago

Moore Threads and MetaX File 12 Billion Yuan IPO on Shanghai STAR Market

They plan to use proceeds to accelerate homegrown GPU development under tightening U.S. chip curbs.

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration
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Overview

  • Moore Threads filed Monday to raise 8 billion yuan, while MetaX seeks 3.9 billion yuan through Shanghai’s STAR Market.
  • Both startups cite U.S. export curbs on advanced GPUs and foundry access as a key driver for local demand and a material risk.
  • Each firm has operated at multi-year net losses—Moore Threads lost 1.49 billion yuan on 438 million yuan in 2024 revenue; MetaX lost 1.4 billion yuan on 743 million yuan.
  • Founders include former Nvidia and AMD executives who launched the companies in 2020 to build domestic challengers to Nvidia’s GPUs.
  • The IPOs align with Beijing’s push for semiconductor self-sufficiency and follow recent funding rounds by rivals like Biren Technology.