On December 5, Moer Thread officially landed on the Sci-Tech Innovation Board, with an opening price of 650 yuan, soaring 468.78% from the issue price of 114.28 yuan.
Source: Wall Street News
As the "first domestic GPU stock," Moer Thread's debut on the Sci-Tech Innovation Board ignited market enthusiasm with its astonishing price increase. This not only directly affirms the scarcity of its technology but also highlights the strong optimism in the market regarding the prospects of domestic high-end computing chips amid the wave of artificial intelligence.
On December 5, Moer Thread officially landed on the Sci-Tech Innovation Board, with an opening price of 650 yuan, soaring 468.78% from the issue price of 114.28 yuan. During the trading session, it reached a high of 688 yuan, with an increase of 502%, and its market value briefly exceeded 270 billion yuan. Based on the opening price, investors holding one lot (500 shares) saw a floating profit of over 280,000 yuan, making it one of the most profitable new stocks this year. As of the time of writing, the stock was last reported at 590.59 yuan per share, with an increase of 416.79%.
Moer Thread also brought astonishing returns to early investors—being one of the earliest investors, Peixian Qianyao's initial investment saw a paper appreciation of over 6262 times, creating a capital myth.
This IPO attracted 267 institutions to participate in the bidding, with an offline subscription multiple of 1572 times. Leading institutions such as Southern Fund and E Fund used hundreds of products to apply. The company raised approximately 8 billion yuan, becoming the largest IPO on the Sci-Tech Innovation Board this year. Although the company is currently still in a loss-making state, its price-to-sales ratio of 122 times far exceeds that of overseas giants like NVIDIA, indicating that the market is pricing in a high premium for its future growth potential and technological uniqueness.
As the only domestic company that can functionally benchmark NVIDIA, Moer Thread has achieved technological breakthroughs in AI computing, graphics rendering, physical simulation, and video encoding and decoding on a single chip based on its self-developed MUSA architecture. The company expects to achieve profitability as early as 2027, completing the process from application submission to listing in just 158 days, showcasing the "Sci-Tech Innovation Board acceleration."
Moer Thread's founder, chairman, and general manager Zhang Jianzhong stated that the company will maintain an annual iteration speed for its full-function GPU chips, aiming to create a comprehensive computing platform covering both cloud and edge computing. He emphasized that as long as AI continues to evolve, the demand for computing power will not be a bubble.
"Scarce Targets" Favored by Institutions
Moer Thread demonstrated extremely high enthusiasm from institutional investors during the preliminary inquiry phase. According to the issuance announcement, a total of 267 offline investors submitted valid bids, with the managed allocation targets reaching 7555, and the number of valid shares subscribed reaching 70.406 billion, resulting in an offline subscription multiple of 1572 times, far exceeding the inquiry multiples of most new stocks this year.
The participating institutions were impressive, with 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions all appearing in the bidding queue. Among them, Southern Fund used 404 products to apply, intending to subscribe for 5.285 billion shares; E Fund applied with 389 products; ICBC Credit Suisse and Fortune Fund applied with 345 and 265 products, respectively.
Moer Thread's online issuance had a preliminary winning rate of 0.02423369%. When subscriptions opened on November 24, the issue price of 114.28 yuan per share set a record for the highest IPO price this year. This IPO raised approximately 8 billion yuan, becoming the largest IPO project on the Sci-Tech Innovation Board this year.
The company took only 158 days from submitting its IPO application to being accepted on June 30 to listing on December 5. As the only domestic GPU manufacturer with deep layouts in both B-end and C-end markets, Moer Thread has become a "rare target that is difficult to replicate" in the eyes of the capital market.
Early Investors Made 6200 Times Profit
Since its establishment in 2020, Moer Thread has quickly become the focus of the primary market. The company has advanced its financing at an astonishing speed, accumulating over 10 billion yuan, with as many as 86 shareholders before its listing.
Its fundraising ability is reflected not only in the total amount raised but also in the astonishing returns it has brought to early investors—being one of the earliest investors, Peixian Qianyao's initial investment saw a paper appreciation of over 6262 times, creating a capital myth.
Moer Thread was born during the investment boom in the domestic semiconductor field in 2020, with many experts in the GPU track. Despite fierce competition, Moer Thread, under the halo of "China's NVIDIA," made a "stunning" start, completing two rounds of financing in less than 100 days, with a valuation exceeding 1 billion dollars, breaking the record for the "fastest ascent to unicorn status" at that time, showcasing its strong market appeal and development potential.
After initially gaining market recognition, Moer Thread completely ignited enthusiasm in the capital market. From the Pre-A round to the A round of financing in 2021, the company attracted dozens of top institutions, including Shenzhen Capital Group, Sequoia China, GGV Capital, ByteDance, and Guosheng Capital, in a "bulk purchase" style of investment. This phenomenon indicates that both long-established institutions deeply rooted in the field and cross-industry capital view Moer Thread as a top target not to be missed, all rushing in to jointly promote its rapid development.
Profitability Challenges Under High Valuation
Despite the high market enthusiasm, the company is currently still in a continuous loss-making state. Moer Thread's revenue for 2024 is projected to be 438 million yuan, with a net loss of 1.618 billion yuan, and its price-to-sales ratio of 122 times far exceeds that of overseas GPU giants like NVIDIA.
The company's revenue has rapidly climbed in recent years, growing from 46.0883 million yuan in 2022 to 438 million yuan in 2024, with 785 million yuan in revenue achieved in the first three quarters of 2025. However, due to massive R&D investments, the net losses from 2022 to 2024 were 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan, respectively. In the first three quarters of 2025, the loss was 724 million yuan, with a single-quarter loss of 453 million yuan, expanding nearly 180 million yuan year-on-year.
R&D expenses remain high, with investments of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan from 2022 to 2024, and 557 million yuan in the first half of 2025. The company's R&D expenses have long exceeded its operating income, reflecting its emphasis on technological research and development. Moer Thread expects to achieve consolidated profitability as early as 2027, which means that domestic GPU companies still need to endure a long cultivation period.
"Full-Function GPU" Benchmarking NVIDIA
"Moer Thread is the definitor of full-function GPUs." Zhang Jianzhong explained that, unlike other domestic GPU companies, Moer Thread's products are "full-function GPUs." Based on its self-developed MUSA architecture, the company has taken the lead in achieving breakthroughs in supporting AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing capabilities on a single-chip architecture.
Zhang Jianzhong introduced that as humanity enters the intelligent era, the demand for computing platforms in scientific research begins to break boundaries. A scientist may simultaneously need AI model training, high-performance computing, 3D graphics rendering, video encoding and decoding, and physical simulation platforms while working. Moer Thread is committed to creating a universal computing acceleration platform to help open up scientific research ideas and explore more AI application scenarios.
The MUSA architecture is compatible with the international mainstream GPU ecosystem led by NVIDIA, allowing developers to fully utilize their own code resources under the current international mainstream ecosystem at a lower cost. This makes Moer Thread the only domestic company that can functionally benchmark NVIDIA, also known as the Chinese version of NVIDIA.
Three Major Fundraising Projects Covering All Scenarios
Moer Thread's IPO fundraising focuses on three major projects: the AI training and inference integrated chip project aims to create an intelligent computing platform that integrates computing, storage, and communication, which can meet the needs of tens of thousands or even hundreds of thousands of intelligent computing clusters in the future; the new generation of independently controllable graphics chips will meet the needs of 3D rendering and related applications, such as digital twins and simulations of the physical world; the AI SoC chip project aims to meet the intelligent needs of the Internet of Everything, specifically addressing edge-side AI requirements.
"Based on the iteration of the MUSA architecture, we aim to create a comprehensive computing platform covering both cloud and edge sides, providing strong AI computing support for the digital transformation of various industries," Zhang Jianzhong stated. Since its establishment in 2020, the company has always focused on the independent research and development and design of full-function GPUs.
According to Frost & Sullivan's forecast, the global GPU market size will reach 3.62 trillion yuan by 2029. Among them, the Chinese market is expected to grow particularly rapidly, reaching 1.36 trillion yuan, with its global share increasing from 15.6% in 2024 to 37.8%, with a compound annual growth rate of 51.1%. Zhang Jianzhong believes that "human society has entered the computing era, computing power is national strength, and GPU chips have become the cornerstone of computing power."
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