.
An illustration shows the Moore Threads logo on a smartphone screen in Suqian, Jiangsu Province, China, dated October 30, 2025.
Cfoto | Future Publishing | Getty Images
Shares of Moore Threads, a Beijing‑based graphics processing unit (GPU) maker often dubbed “China’s Nvidia,” rocketed more than 400 % on the company’s debut on the Shanghai Stock Exchange following a $1.1 billion listing.
The stock is now trading around 584.98 yuan, more than five times the IPO price of 114.28 yuan.
The offering was led by CITIC Securities, with BOC International Securities, China Merchants Securities and GF Securities acting as joint book‑runners.
Although Moore Threads has yet to achieve profitability, its prospectus makes clear that the proceeds will fund several core initiatives: the development of a new generation of self‑designed AI training and inference GPU chips, and the bolstering of working capital to sustain rapid expansion.
The IPO’s success is striking given the firm was placed under U.S. sanctions in 2023, which curtailed its access to cutting‑edge chip‑foundry services.
Moore Threads exemplifies a broader wave of Chinese firms building home‑grown AI processors as Beijing pushes to reduce reliance on U.S. chip designers such as Nvidia.
China’s AI‑chip ecosystem now includes telecom heavyweight Huawei, specialist chip designer Cambricon—whose Shanghai‑listed shares have surged more than 100 % this year—and newer entrants Enflame Technology and Biren Technology. All are competing for a market that Gartner estimates will exceed $150 billion by 2028, driven by generative‑AI workloads, autonomous‑driving platforms and data‑center expansion.
The U.S. has maintained export controls on Nvidia’s most advanced AI GPUs, prohibiting sales to Chinese customers. In parallel, Beijing has begun restricting imports of those same chips, aiming to accelerate domestic alternatives like Moore Threads.
From a commercial perspective, the sanction‑driven supply gap creates a sizable revenue runway for Chinese vendors. Moore Threads’ roadmap targets 7‑nanometer‑class GPUs that can deliver comparable tensor‑operation throughput to Nvidia’s mid‑tier products, but at a lower cost of ownership for domestic data‑center operators.
Technically, the company is betting on in‑house silicon intellectual property (IP) and a vertically integrated design flow that minimizes dependence on foreign EDA tools. By leveraging China’s expanding semiconductor fabs—most notably the 14‑nm and 12‑nm processes at SMIC—the firm aims to achieve a balance between performance and manufacturability.
Financial analysts note that while the current loss‑making status is a risk, the capital raised will enable Moore Threads to scale R&D staffing to over 2,000 engineers and secure multi‑year supply contracts with local cloud providers. If the firm can meet performance benchmarks on schedule, its valuation could tighten dramatically as the market rewards indigenous AI‑chip capability.
Regulators have also been supportive: the Shanghai Stock Exchange has fast‑tracked semiconductor listings, and the Chinese Ministry of Industry and Information Technology recently pledged additional subsidies for AI‑chip R&D, further de‑risking the investment thesis.
Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/14087.html
