Moore Threads’ $1.13B IPO Surge Signals China’s Chip Ambitions
Moore Threads soared 411% on its Shanghai STAR Market debut, marking China's second-largest IPO this year. The Beijing-based GPU designer raised nearly 8 billion yuan ($1.13B), reaching a $7.6B valuation. Retail demand eclipsed supply by 2,750x—the second-highest oversubscription for a billion-dollar mainland offering since 2022.
The listing rides China's semiconductor localization wave. Analysts note Moore Threads is the sole domestic firm capable of general-purpose GPU production—a critical gap as U.S. export controls squeeze Nvidia's foothold. Proceeds will fund next-gen AI chips and scale manufacturing, despite a 724M yuan net loss through September.
Regulatory tailwinds aided the launch. Relaxed STAR Board rules now fast-track unprofitable tech firms, aligning with Beijing's 'chips for hegemony' strategy. Sinolink Securities highlights Moore's positioning as a national champion in the GPU substitution race.
