Muxi (Mùxī 沐曦股份) IPO subscription date: December 5, 2025 — what investors need to know.
Key Points
- IPO timing & code: 沐曦股份 lists on the STAR Market (科创板) — online subscription: 2025-12-05, online code 787802.
- Offering size & allocation: Planned issuance of 40.10 million shares (4010 万股) with an initial strategic placement of 8.02 million shares (802 万股, 20%).
- Business focus: Independent R&D of full-stack, high-performance GPUs and software stacks (product lines: 曦思 N 系列, 曦云 C 系列, 曦彩 G 系列).
- Financial snapshot: Revenue surged to ¥740,000,000 (2024) — a >1,700x increase from 2022 — but cumulative net loss over 2022–2024 is ¥-3,057,000,000.
- Key investor risks to watch: Use of proceeds targets R&D and industrialization; monitor product execution, profitability trajectory and allocation odds given the 20% strategic placement.
Quick overview — STAR Market IPO, subscription code, and timing
Muxi (Mùxī 沐曦股份) has published its prospectus and announced arrangements for its initial public offering on the STAR Market (科创板).
The company plans to issue 40.10 million new shares (4010 万股).
That includes an initial strategic placement of 8.02 million shares (802 万股), which represents 20% of the planned issuance.
The online preliminary inquiry (book-building) date is December 2, 2025.
The public subscription (online IPO subscription) date is December 5, 2025.
The online subscription code is 787802.
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Key IPO details and structure
- Planned issuance: 40.10 million shares (4010 万股).
- Initial strategic placement: 8.02 million shares (802 万股) — 20% of issuance.
- Preliminary inquiry date: December 2, 2025.
- Subscription (online) date: December 5, 2025.
- Online subscription code: 787802.
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Business description — what Muxi builds
Muxi (Mùxī 沐曦股份) positions itself as one of China’s leading developers of high-performance GPUs.
The company focuses on independent R&D of full-stack, high-performance GPU chips and computing platforms.
Core activities include design, development, and sales of full-stack GPU products for:
- AI training and inference.
- General-purpose computing.
- Graphics rendering.
- Plus supporting software stacks and computing platforms for those chips.
Muxi’s product roadmap covers three main series:
- Xisi N series (曦思 N 系列 GPU): GPUs targeted at intelligent-computing inference workloads.
- Xiyun C series (曦云 C 系列 GPU): GPUs aimed at training+inference integrated use cases and general computing.
- Xicai G series (曦彩 G 系列 GPU): GPUs under development for graphics rendering.
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Planned use of proceeds — R&D and industrialization focus
The company says proceeds from the offering will be used for the following projects:
- New high-performance general-purpose GPU R&D and industrialization project.
- Next-generation AI inference GPU R&D and industrialization project.
- High-performance GPU technology R&D for frontier and emerging application scenarios.
Financial performance — raw figures and what they imply
According to the prospectus, Muxi has not yet reported a net profit.
Historical operating revenue and net profit attributable to owners of the parent were reported as follows:
- 2022 revenue: ¥426,400 RMB ($58,438 USD).
- 2023 revenue: ¥53,021,200 RMB ($7,263,589 USD).
- 2024 revenue: ¥740,000,000 RMB ($101,369,863 USD).
- 2022 net profit (attributable to owners): ¥-777,000,000 RMB ($-106,438,356 USD).
- 2023 net profit (attributable to owners): ¥-871,000,000 RMB ($-119,315,068 USD).
- 2024 net profit (attributable to owners): ¥-1,409,000,000 RMB ($-193,013,699 USD).
- 2025 Q1 revenue: ¥320,000,000 RMB ($43,835,616 USD).
- 2025 Q1 net profit: ¥-233,000,000 RMB ($-31,917,808 USD).
Note on conversions: All USD figures above are approximate, calculated at ¥1 = $0.137 (1 USD = ¥7.30) as of 2025-11-26.
What the numbers reveal — fast revenue ramp, heavy investment, and sizable cumulative losses
- Revenue ramp: Revenue jumped from ¥426,400 in 2022 to ¥740,000,000 in 2024 — a more than 1,700x increase over two years.
- Year-on-year jumps: 2022→2023 shows an explosive increase (roughly a >12,000% rise), and 2023→2024 shows another large increase (roughly a >1,200% rise), illustrating rapid commercial traction or contract wins in 2023–2024.
- Cumulative net losses: Net losses were ¥-777,000,000 (2022), ¥-871,000,000 (2023), and ¥-1,409,000,000 (2024).
- Three-year total net loss: Combined net loss across 2022–2024 is ¥-3,057,000,000 RMB (which corresponds to $-418,767,123 USD using the provided conversions).
- Q1 2025 context: The company recorded ¥320,000,000 RMB of revenue in Q1 2025 and a net loss of ¥-233,000,000 RMB, indicating continued investment and operating losses during the early 2025 ramp.
What investors should watch — practical signals and risks
- Execution of R&D and industrialization plans: Growth depends on delivering next-gen GPU products and scaling manufacturing without major delays.
- Profitability trajectory: The company has reported substantial cumulative losses; watch margins, gross profit trends, and whether operating leverage appears as volumes scale.
- Customer and revenue quality: Rapid revenue growth is compelling, but investors should track customer concentration and recurring revenue versus one-time deals.
- Market competition and ecosystem: GPUs are competitive; Muxi’s ability to build software stacks and developer/partner ecosystems will be crucial for adoption.
- Subscription allocation and allotment odds: Retail investors should note the breakdown between online and offline allocations and the 20% strategic placement when assessing allotment probability.
- STAR Market dynamics: Listings on the STAR Market often attract institutional and strategic investors; monitoring cornerstones and offline placements can clarify long-term support.
Important dates — bookmark these
- Preliminary inquiry (book-building): 2025-12-02.
- Online subscription date: 2025-12-05.
Investor checklist — quick tactical takeaways
- Confirm the offering price and valuation: Price per share and implied market cap will determine the risk/reward before subscribing.
- Check prospectus details: Read lock-up terms, allocation rules, and strategic placement investor identities.
- Monitor product milestones: Watch announcements tied to the Xisi N, Xiyun C, and Xicai G series for delivery timelines and benchmarks.
- Assess competitive roadmap: Compare software ecosystem depth and support for popular AI frameworks versus incumbents.
- Plan for allocation odds: If you’re a retail investor, account for offline allocations and institutional demand when sizing subscription attempts.
Bottom line: Muxi (Mùxī 沐曦股份) shows a dramatic revenue ramp in 2023–2024 with continued heavy investment and cumulative losses.
If you’re tracking Chinese GPU startups, this STAR Market IPO is a live example of high-growth R&D-driven firms seeking public capital to industrialize chip designs and expand platform capabilities.
Key keyword: Muxi (Mùxī 沐曦股份) IPO subscription date December 5, 2025.
References
Final note: Muxi (Mùxī 沐曦股份) IPO subscription date December 5, 2025.
