Domestic GPU unicorn Moore Threads has started the A-share listing guidance, with a valuation of 25.5 billion yuan.

According to the official website of the China Securities Regulatory Commission, domestic GPU company Moore Thread Smart Technology (Beijing) Co., Ltd. has applied for guidance filing registration with the Beijing Securities Regulatory Bureau, officially launching the A-share listing guidance, with CITIC SEC as the guidance institution. It is reported that Moore Thread's preferred target for listing is the Science and Technology Innovation Board. It is understood that Moore Thread was established in October 2020, with Zhang Jianzhong, former Vice President and General Manager of NVIDIA Global and China, as its legal representative. The company focuses on the research and design of full-function GPU chips and related products, supporting AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding and decoding, physical simulation, and scientific computing among various combined workloads. Since its establishment, Moore Thread has iterated four generations of chips and launched the integrated software and hardware Kuang E Kuai KUAE intelligent computing cluster, which can be expanded to thousands and tens of thousands of cards, aiming to meet the growing demand for large model training and inference. In terms of technological innovation, Moore Thread has built an intelligent computing product line from chips to graphics cards to clusters, relying on the diverse computing advantages of full-function GPUs, and vigorously promoting the landing of applications such as large models, AIGC, scientific computing, digital twins, physical simulations, and metaverses, and the high-quality development of various industries. As of now, Moore Thread has obtained 425 authorized patents, ranking at the forefront of domestic GPU companies in terms of patent authorizations. Tianyancha shows that Moore Thread has completed six rounds of financing, with a cumulative financing amount of tens of billions of yuan, with investors including Deep Creation Investment, Sequoia China, ByteDance, Tencent Investment, and Beijing Centergate Technologies. When completing a 1.5 billion yuan Series B financing in December 2022, Moore Thread's valuation had reached 24 billion yuan. On April 9, 2024, Moore Thread was ranked 261st on the "2024 Hurun Global Unicorn List" with a valuation of 25.5 billion yuan. It is worth mentioning that in the second half of this year, many domestic GPU companies have successively initiated the IPO process. According to information from the China Securities Regulatory Commission's official website, in August of this year, Suien Technology's listing guidance filing has been accepted, with CICC as the guidance institution, and the company plans to conduct an IPO on the A-share market; in September, Biren Technology has filed for guidance registration with the Shanghai Securities Regulatory Bureau, officially commencing its IPO journey, with Guotai Junan as the guidance securities firm. According to data from market research institutions, the Chinese GPU market reached 80.7 billion yuan in 2023, a year-on-year growth of 32.78%. It is forecasted that by 2024, this market size will increase to 107.3 billion yuan, with strong growth momentum. With the accelerated advancement of digitalization and intelligence trends, the application of GPU chips in data centers, high-performance computing, autonomous driving, and the Internet of Things will become increasingly widespread. At the same time, with the popularization of 5G technology and the development of the Internet of Things, the demand for GPU chips will continue to grow. The demand for domestic alternatives is becoming increasingly urgent, providing Moore Thread and other domestic GPU companies with broader development opportunities.