Earned 6,200x profits, who is the biggest winner of Moore Threads?

Source: Wallstreetcn

As the “No.1 domestic GPU stock,” Moore Threads ignited market enthusiasm with its stunning debut on the STAR Market, not only directly affirming the scarcity of its technology but also highlighting the strong optimism surrounding domestic high-end computing chips amid the AI wave.

On December 5, Moore Threads officially landed on the STAR Market, opening at 650 yuan, soaring 468.78% from its IPO price of 114.28 yuan. The intraday high reached 688 yuan, up 502%, with a market value briefly exceeding 270 billion yuan. Based on the opening price, investors who won 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 press time, the latest share price is 590.59 yuan, up 416.79%.

Moore Threads also delivered astonishing returns to early investors—one of the earliest backers, Peixian Qianyao, saw its initial investment increase more than 6,262 times on paper, creating a capital legend.

This IPO attracted quotes from 267 institutions, with the offline oversubscription ratio reaching 1,572 times. Top institutions such as Southern Fund and E Fund submitted hundreds of products for subscription. The company raised about 8 billion yuan, making it the largest IPO on the STAR Market this year. Although the company is still loss-making, its price-to-sales ratio of 122x far exceeds overseas giants like NVIDIA, showing that the market is placing a high premium on its future growth potential and technological uniqueness.

As the only domestic company functionally comparable to NVIDIA, Moore Threads 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, and it took only 158 days from application submission to listing, demonstrating the “STAR Market speed.”

Moore Threads founder, chairman, and general manager Zhang Jianzhong stated that the company will maintain an annual iteration pace for its full-function GPU chips, aiming to build a comprehensive computing platform for both cloud and edge scenarios. He emphasized that as long as AI continues to evolve, the demand for computing power will not be a bubble.

A “scarce asset” sought after by institutions

Moore Threads displayed extraordinary enthusiasm from institutional investors during the initial inquiry phase. According to the IPO announcement, 267 offline investors submitted valid quotes, with 7,555 managed placement objects and valid subscriptions totaling 70.406 billion shares, resulting in an offline oversubscription ratio of 1,572 times—far exceeding most new stock inquiries this year.

The participating institutional lineup was impressive, featuring 86 mutual funds, 124 private equity funds, 30 brokers, and 13 insurance institutions. Southern Fund submitted 404 products with a cumulative intended subscription of 5.285 billion shares; E Fund submitted 389 products; ICBC Credit Suisse and Fullgoal Fund submitted 345 and 265 products, respectively.

The initial online winning rate for Moore Threads was 0.02423369%. When subscriptions opened on November 24, the IPO price of 114.28 yuan/share set a new record for the highest new stock price this year. The IPO raised about 8 billion yuan, the largest on the STAR Market this year.

From submitting its STAR Market IPO application on June 30 to listing on December 5, the process took only 158 days. As the only domestic GPU vendor with deep B-side and C-side deployments, Moore Threads is seen by the capital market as a “rare, hard-to-replicate asset.”

Early investors reap 6,200x returns

Since its founding in 2020, Moore Threads quickly became a focal point in the primary market. The company advanced its fundraising at an astonishing pace, with cumulative funding exceeding 10 billion yuan and a pre-listing shareholder roster of 86.

Its capital attraction is not only reflected in the total amount raised but also in the incredible returns it has delivered to early investors—Peixian Qianyao, one of the earliest investors, saw its investment increase more than 6,262 times on paper, creating a capital legend.

Moore Threads emerged amid the 2020 investment boom in China’s semiconductor sector, with fierce competition in the GPU track. Despite the intense rivalry, Moore Threads, hailed as the “Chinese NVIDIA,” made a stunning debut, completing two funding rounds in less than 100 days after its founding and reaching a valuation of over $1 billion. This set an industry record for the “fastest unicorn” and showcased its strong market appeal and development potential.

After gaining initial market recognition, Moore Threads fully ignited investor enthusiasm. From the Pre-A to A rounds in 2021, it attracted “group buying” style investments from dozens of top institutions, including Shenzhen Capital Group, Sequoia China, GGV Capital, ByteDance, and Guosheng Capital. This frenzy showed that both long-established industry players and cross-sector industrial capital viewed Moore Threads as a top target not to be missed, all rushing to invest and jointly accelerating its rapid growth.

Profitability challenges behind high valuations

Despite strong market enthusiasm, the company is still loss-making. Moore Threads’ 2024 revenue was 438 million yuan, with a net loss of 1.618 billion yuan. Its price-to-sales ratio of 122x far exceeds overseas GPU giants like NVIDIA.

The company’s revenue has climbed rapidly in recent years, from 46.0883 million yuan in 2022 to 438 million yuan in 2024, and it achieved 785 million yuan in revenue in the first three quarters of 2025. However, due to massive R&D investments, net losses were 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024. In the first three quarters of 2025, the loss was 724 million yuan, with a single quarter Q3 loss of 453 million yuan, up nearly 180 million yuan year-on-year.

R&D expenses remain high: 1.116 billion yuan in 2022, 1.334 billion yuan in 2023, 1.359 billion yuan in 2024, and 557 million yuan in the first half of 2025. The company’s R&D expenses have long exceeded operating income, reflecting its emphasis on technological innovation. Moore Threads expects to achieve consolidated profitability as early as 2027, meaning domestic GPU companies still face a long cultivation period.

“Full-function GPU” benchmarking NVIDIA

“Moore Threads is the definer of full-function GPUs,” explained Zhang Jianzhong. Unlike other domestic GPU companies, Moore Threads’ products are “full-function GPUs.” Based on its self-developed MUSA architecture, the company took the lead in achieving breakthroughs that allow a single chip architecture to simultaneously support AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing.

Zhang Jianzhong explained that as humanity enters the intelligent era, scientific research’s demands on computing platforms are breaking boundaries—a scientist may need AI model training, high-performance computing, 3D graphics rendering, video encoding and decoding, and physical simulation all at once. Moore Threads is committed to building a universal computing acceleration platform, using computing to open new directions for scientific research and uncover more AI application scenarios.

The MUSA architecture is compatible with the international mainstream GPU ecosystem led by NVIDIA, allowing developers to fully leverage their existing code resources at lower cost. This makes Moore Threads the only domestic company functionally comparable to NVIDIA, often called “China’s NVIDIA.”

Three major fundraising projects for full-scenario layout

Moore Threads’ IPO will fund three major projects: the AI training and inference integrated chip project aims to create an intelligent computing platform integrating computing, storage, and communication, meeting future needs for clusters of tens of thousands to hundreds of thousands of cards; the next-generation self-controllable graphics chip targets 3D rendering and other needs, such as digital twins and physical world simulation; and the AI SoC chip project aims to meet the needs of intelligent agents for the Internet of Everything—i.e., edge AI.

“Based on the iterative MUSA architecture, we aim to build a full-scenario computing platform covering both cloud and edge, providing strong AI computing support for the digital transformation of all industries,” said Zhang Jianzhong. Since its founding in 2020, the company has focused on independent R&D and design of full-function GPUs.

According to Frost & Sullivan, the global GPU market will reach 3.62 trillion yuan by 2029. China’s market will grow particularly rapidly, reaching 1.36 trillion yuan, with its global share rising from 15.6% in 2024 to 37.8% in 2029, representing a compound annual growth rate of 51.1%. Zhang Jianzhong believes, “Human society has entered the computing era—computing power is national power, and GPU chips have become the cornerstone of computing power.”