Moer Thread Seeks 80 Billion Yuan IPO for GPU Expansion

Moer Thread Intelligent Technology (Beijing) Co., Ltd., a company specializing in the research, development, design, and sales of GPUs and related products, has announced its application for listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange. The company's application status has changed to "under review," with CITIC Securities serving as its sponsor. Moer Thread aims to raise 80 billion yuan through this initial public offering (IPO).

Established in 2020, Moer Thread focuses on providing computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing. The company has successfully launched four generations of GPU architectures and expanded its product matrix to cover applications in AI computing, cloud computing, and personal computing. Moer Thread's products have reached or approached international advanced levels in some performance indicators, achieving breakthroughs in core products for certain "bottleneck" areas. For instance, the single-precision floating-point computing power of the company's MTT S80 graphics card is close to that of NVIDIA's RTX 3060. Additionally, a thousand-card GPU computing cluster built based on the MTT S5000 product outperforms clusters of the same scale using foreign GPUs of the same generation.

Moer Thread has adopted a fabless business model, focusing on the research, development, design, and sales of full-function GPU chips and related products. The company outsources wafer manufacturing, packaging and testing, and PCB assembly to semiconductor manufacturers, packaging and testing companies, and other processing plants. This model allows Moer Thread to concentrate on its core competencies while leveraging the expertise of specialized partners.

The global integrated circuit industry is currently dominated by a few foreign giants, with companies like NVIDIA and AMD holding a leading position. Domestic manufacturers, leveraging their close tracking of downstream customers and quick response to market demands, have secured a certain market share in their respective specialized fields and continue to expand into new application areas, achieving notable development. Compared to international giants like NVIDIA and AMD, Moer Thread still needs to enhance its technological accumulation and product performance. NVIDIA, with its deep technical foundation and rich industry experience in the GPU field, has significant technological and cost advantages in performance, compatibility, and the construction of large-scale GPU clusters.

Moer Thread reported revenues of approximately 46.09 million yuan, 124 million yuan, and 438 million yuan for the years 2022, 2023, and 2024, respectively. During the same periods, the company's net profits were approximately -1.84 billion yuan, -1.67 billion yuan, and -1.49 billion yuan, respectively. The funds raised from this issuance will be allocated to the following projects: the development of new GPU architectures, the expansion of production capacity, and the enhancement of research and development capabilities. This investment is expected to further strengthen Moer Thread's position in the high-performance computing market and drive its future growth.