Moore Threads makes its debut with a surge of over 500%! The market value of the first domestic GPU stock once exceeded 300 billions yuan.
On its first day of trading, the "first domestic GPU stock" saw an intraday peak increase of 502.03%, with its total market value once exceeding 300 billions RMB. Market analysis shows that a single lot (500 shares) could earn up to 286,900 RMB at the highest point.
Moore Threads (688795.SH) made its debut on the STAR Market on December 5, 2025, with an intraday maximum increase of 502.03%, peaking at 688 yuan per share, and a total market capitalization once exceeding 300 billions yuan. As the "first domestic GPU stock" in China, its issue price was 114.28 yuan per share. Market analysis shows that a single lot (500 shares) could earn up to approximately 286,900 yuan at its peak.
As the only company in China to achieve mass production of fully functional GPUs, Moore Threads' IPO process is considered a "STAR Market acceleration." On June 30, 2025, Moore Threads' STAR Market IPO application was accepted, passed the review on September 26, received registration approval from the CSRC on October 30, IPO subscription on November 24, and successfully listed on December 5, taking only 158 days in total.
Founded in 2020, Moore Threads mainly engages in the research and development, design, and sales of GPUs and related products. With fully functional GPUs at its core, the company focuses on high-performance computing fields such as AI, digital twins, and scientific computing, providing computing acceleration platforms. It is understood that all founding team members of Moore Threads come from Nvidia's core system, and thus the company is often referred to as the "Chinese Nvidia."
The company's founder, Zhang Jianzhong, previously served as Nvidia's Global Vice President and General Manager of Greater China, with nearly 15 years of industry experience. Co-founders Zhou Yuan, Zhang Yubo, Wang Dong, and others also served at Nvidia for a long time, specializing in channel ecosystem, technology, sales, and other areas, forming a complementary core entrepreneurial team.
The development speed of Moore Threads since its founding has been astonishing. In 2021, the company launched the first fully functional GPU in China, achieved operating revenue of over 400 millions yuan in 2024, and had a compound annual growth rate of over 200% in operating revenue over the past three years. In the first half of 2025, the company achieved revenue of 702 millions yuan.
Moore Threads' fully functional GPU is based on its self-developed MUSA architecture and can simultaneously support AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing for multiple scenarios. The IPO fundraising projects include AI training and inference integrated chips, next-generation independently controllable graphics chips, and AI SoC chips, aiming to build a full-scenario computing platform covering both cloud and edge sides.
Founder Zhang Jianzhong emphasized that the development of the GPU industry is a systematic project that requires the coordinated development of the entire semiconductor industry chain. In the future, Moore Threads will work together with partners to enhance the development level of the industry chain. The company expects to achieve consolidated statement profitability in 2027 and is committed to becoming a globally competitive leading GPU enterprise, building an advanced computing acceleration platform for the intelligent digital world integrating AI and digital twins.
In its prospectus, Moore Threads pointed out that GPUs constitute the intelligent core and computing hub of electronic computing devices, playing a decisive role in promoting the advancement of cutting-edge technologies such as artificial intelligence, big data, and cloud computing, with huge potential market space.
According to Frost & Sullivan (a global market research and consulting company), by 2029, China's AI chip market size will surge from 142.537 billions yuan in 2024 to 1,336.792 billions yuan, with a compound annual growth rate of 53.7% from 2025 to 2029. In terms of sub-segments, the GPU market is growing the fastest, with its market share expected to rise from 69.9% in 2024 to 77.3% in 2029.
According to market research firm Frost & Sullivan, the global GPU market size is expected to reach 3,611.974 billions yuan in 2029. Among them, China's GPU market size will reach 1,363.578 billions yuan in 2029, with its share of the global market expected to increase from 15.6% in 2024 to 37.8% in 2029.
In terms of performance, from 2022 to 2024, Moore Threads achieved operating revenues of 46 millions yuan, 124 millions yuan, and 438 millions yuan, respectively; and net profits attributable to the parent company of -1.894 billions yuan, -1.703 billions yuan, and -1.618 billions yuan, respectively. In the first half of 2025, the company achieved revenue of 702 millions yuan and a net profit attributable to shareholders of the parent company of -271 millions yuan.
The successful listing of Moore Threads has not only brought generous returns to early investors but also provided strong momentum for the company's future development. After the IPO, Moore Threads will obtain 8 billions yuan in incremental funds from the secondary market.
Regarding the use of the raised funds, Moore Threads stated in its prospectus that the funds will be used for Moore Threads' next-generation independently controllable AI training and inference integrated chip R&D project, next-generation independently controllable graphics chip R&D project, next-generation independently controllable AI SoC chip R&D project, and to supplement working capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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