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.