Key Points
- Expedited IPO approval: Moore Threads (Mó’ěr Xiànchéng 摩尔线程) won committee approval on the Shanghai Stock Exchange (Shànghǎi Jiāoyì Suǒ 上海证券交易所) after just 88 days, helped by the “1+6” Sci‑Tech Board reform.
- Strong R&D and IP: Company disclosed cumulative R&D of ¥4.3 billion RMB, R&D staff > 75% of employees, and holds 453 domestic patents, supporting its MUSA architecture and full‑function GPU roadmap.
- Rapid commercial traction: Revenues climbed from ¥46 million (2022) to ¥438 million (2024) and ¥702 million in H1 2025, implying a three‑year CAGR above 208.44%.
- Competitive product positioning: Claims the MTT S80 approaches NVIDIA’s RTX 3060 performance, supports FP8–FP64 precisions and DirectX 12, and reports high efficiency for thousand‑card MTT S5000 clusters.
Moore Threads IPO moved from filing to committee approval in a record 88 days.
Key outcome: Shanghai Stock Exchange listing committee approves Moore Threads’ IPO
On September 26, 2025, the Shanghai Stock Exchange (Shànghǎi Jiāoyì Suǒ 上海证券交易所) listing committee approved the initial public offering (IPO) of Moore Threads (Mó’ěr Xiànchéng 摩尔线程), a leading domestic full‑function GPU developer.
CITIC Securities (Zhōngxìn Zhèngquàn 中信证券) acted as sponsor.
Legal services were provided by Jingtian & Gongcheng (Jìngtiān Gōngchéng 竞天公诚).
Audit services were provided by Ernst & Young Hua Ming (Ānyǒng Huámíng 安永华明).
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Remarkable timeline: just 88 days from acceptance to approval
According to public filings, Moore Threads’ Sci‑Tech Board IPO moved rapidly through the process.
The company’s listing application was accepted on June 30, 2025.
It updated its IPO prospectus and responded to the first round of inquiries on September 5, 2025.
It answered a second round of questions on September 18, 2025.
From initial acceptance to committee approval the whole process took only 88 days — a notable acceleration that coincides with recent Sci‑Tech Board regulatory reforms.
Policy tailwinds: the “1+6” Sci‑Tech Board reform
Market observers attribute the accelerated review to the China Securities Regulatory Commission’s (CSRC) 2025 “1+6” Sci‑Tech Board policy package.
The reforms include:
- Establishment of a Sci‑Tech growth tier.
- Reactivation of a fifth set of listing standards for unprofitable companies.
- Expanded eligibility for those standards.
- Introduction of seasoned institutional investor participation.
- Pilot IPO pre‑review mechanism.
These measures aim to make the capital market more adaptable to high‑investment, long‑cycle, high‑growth “hard tech” firms.
That profile aligns with many chip and semiconductor design companies, including Moore Threads.
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Why Moore Threads stands out: a full‑function GPU strategy
Moore Threads (Mó’ěr Xiànchéng 摩尔线程) positions itself as one of China’s few firms pursuing a full‑function GPU roadmap.
Its self‑developed MUSA architecture supports:
- AI acceleration.
- Graphics rendering.
- Physics simulation.
- Scientific computing.
- Ultra‑high‑definition video encoding/decoding.
The company targets an integrated single‑chip architecture capable of multi‑domain workloads.
It has launched a developer program (MUSA community) and an educational initiative (Moore Academy) to nurture an independent, open GPU ecosystem.
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Product applications and market positioning
Moore Threads’ products are designed for:
- Large model training and inference.
- Digital twins.
- Consumer electronics.
- Digital office workloads.
- Cloud computing and data center deployments.
The firm supports smart computing center builds and multiple industrial verticals such as energy and manufacturing.
The company claims competitive performance on several fronts.
For example, the MTT S80 card’s single‑precision floating‑point performance is said to be close to NVIDIA (Yīngwěidá 英伟达)’s RTX 3060.
A thousand‑card cluster built with MTT S5000 units reportedly exceeds the efficiency of equivalent‑scale foreign contemporaneous GPU clusters.
Moore Threads is among the domestic vendors supporting a full range of compute precisions from FP8 to FP64.
It is also one of the first Chinese GPUs to support a DirectX 12 graphics acceleration engine.
R&D intensity and intellectual property
Moore Threads emphasizes independent R&D.
During the reporting period the company disclosed cumulative R&D investment of ¥4.3 billion RMB ($589 million USD).
R&D staff accounted for more than 75% of the workforce.
As of June 30, 2025, Moore Threads held 453 domestic patents covering processor architecture, AI applications, driver software, and GPU compute‑cluster technologies.
Financial trajectory and commercialization
The company’s recent revenue growth demonstrates rapid commercialization.
Annual revenues were ¥46 million RMB ($6.3 million USD) in 2022.
Annual revenues were ¥124 million RMB ($17.0 million USD) in 2023.
Annual revenues were ¥438 million RMB ($60.0 million USD) in 2024.
This represents a three‑year compound annual growth rate above 208.44%.
In the first half of 2025, Moore Threads reported revenue of ¥702 million RMB ($96.2 million USD), exceeding the combined revenue for the prior three years.
The company’s gross margin swung dramatically from –70.08% in 2022 to 70.71% in 2024.
Gross margin stood at 69.14% in H1 2025, highlighting a rapid improvement in product competitiveness and market acceptance.
Industry implications
The quick IPO approval and the success of hard‑tech candidates like Moore Threads signal that the Sci‑Tech Board and related regulatory reforms are beginning to yield intended effects.
Specifically, investors and founders should note three structural implications:
- Faster access to capital for deep‑tech firms can shorten product‑to‑market cycles and accelerate commercialization.
- Policy clarity reduces listing uncertainty and encourages institutional participation in long‑cycle hardware plays.
- Growing domestic compute autonomy as companies invest heavily in R&D and IP, reducing reliance on foreign GPU suppliers.
Market reaction and shareholder notes
In advance of the listing committee meeting, multiple listed companies disclosed indirect or fund‑level holdings in Moore Threads.
Disclosed holdings included stakes (typically sub‑1% positions) held via funds or indirect investments by several firms.
One company, He’ertai (Hé’értài 和而泰), disclosed a direct holding of about 1.0262%.
The Shanghai Stock Exchange’s public notice listed Moore Threads as scheduled for the September 26 committee review.
Outlook
Moore Threads’ approval reflects both company‑level execution on a technically ambitious GPU roadmap and a market environment now more accommodating to hard‑tech issuers.
For the broader domestic semiconductor ecosystem, faster market access and clearer policy support could catalyze capital flows into chip design, advanced computing hardware, and associated software ecosystems.
That could be a structural boost for domestic compute autonomy.
Quick takeaways for investors, founders, and tech strategists
- Speed matters: An 88‑day approval window shows the Sci‑Tech Board reforms can materially accelerate listings for strategic hardware firms.
- R&D intensity is a differentiator: ¥4.3 billion RMB ($589 million USD) of cumulative R&D and 453 patents signal serious technical moats in GPU architecture and software stacks.
- Commercial traction follows technical credibility: Revenue growth from ¥46 million RMB ($6.3 million USD) in 2022 to ¥702 million RMB ($96.2 million USD) in H1 2025 underscores rapid commercialization when product-market fit is achieved.
- Policy is enabling capital markets: The 1+6 reform package specifically targets the financing needs of long‑cycle, capital‑intensive semiconductor firms.
Moore Threads IPO represents a case study in how policy, IP, and product execution combine to unlock capital for deep tech.
