Moore Threads (Chinese domestic GPU maker) IPO on Shanghai tech board surged 468% on opening day.
On February 5, Moore Threads, China's first domestically developed GPU manufacturer, debuted on the Science and Technology Innovation Board with a first-day surge of 468%, closing at 650 yuan per share and achieving a market capitalization exceeding 300 billion yuan. At the opening price, each allocated lot generated profits exceeding 267,000 yuan.
In this IPO, Moore Threads issued 70 million shares, with strategic placement accounting for 20% of the offering. The IPO attracted ten strategic investors, including China Securities Investment, China Telecom Capital, and Beijing Electric Control Industrial Investment. Market demand proved robust, with 270 institutional investors and 7,721 allocation targets participating in the offline preliminary inquiry. The offering achieved an overall subscription multiple of 2,228.11 times, with an online lottery rate of just 0.036% and an abandonment rate of only 0.04%, both significantly below market averages and reflecting strong market recognition of the company's sector value.
According to public records, Moore Threads submitted its listing application on June 30, 2025, and completed approval after two rounds of regulatory inquiry on September 26, setting a Science and Technology Innovation Board record by achieving approval in just 88 days.
The company focuses on developing its proprietary MUSA unified system architecture, which supports a complete precision spectrum from FP64 to INT8 and natively supports FP8 precision, enabling it to serve multiple scenarios including AI computing and graphics rendering. The latest fourth-generation "Pinghu" architecture employs a 7-nanometer process and delivers continuously upgraded performance. Built on this architecture, Moore Threads has developed a comprehensive product matrix spanning desktop-class graphics cards, server-class compute cards, and intelligent computing clusters. The MTTS80 represents the first domestically developed consumer GPU to achieve large-scale shipments, while the Kuaer intelligent computing cluster supports deployment at scale up to 10,000 GPUs, delivering 10 exa-flops of floating-point computing power and providing computational support for trillion-parameter large language models.
In market performance, Moore Threads has established a leading position in the trusted computing sector with over 60% market share. In the first half of 2025, the company generated 702 million yuan in revenue, exceeding the total from the previous three years combined, with nine-month revenue reaching 784.6 million yuan.