The race for the "first domestic GPU stock" is heating up: after Moore Threads, Muxi Co., Ltd. is also on the way!

MuXi Co., Ltd. has launched the IPO issuance process for the Sci-Tech Innovation Board, and the competition for the title of "the first domestic GPU stock" has entered the sprint stage.

The IPO process of domestic GPU chip manufacturer MuXi Co., Ltd. has accelerated, with official subscription set for December 5th. The company plans to issue 40.1 million shares, raising 3.904 billion yuan for the research and development of three major GPU projects, with its new generation C700 series products performance benchmarked against NVIDIA's H100.

MuXi Co., Ltd. released the announcement for its initial public offering and listing arrangements on the Sci-Tech Innovation Board on November 26th. The online subscription code for this issuance is 787802, the preliminary inquiry date is December 2nd, and the subscription date is December 5th, with an initial strategic placement quantity of 8.02 million shares.

This marks the final sprint phase in the competition for the title of "the first domestic GPU stock" between MuXi Co., Ltd. and Moore Threads among the "four little dragons" of domestic GPUs. The company expects revenue of 743 million yuan in 2024 but still faces the challenge of cumulative losses exceeding 3.2 billion yuan, with a projected earliest break-even point in 2026.

New Product Layout Benchmarking NVIDIA H100

The funds raised from MuXi Co., Ltd.'s IPO will focus on the research and development of new generation products. According to the prospectus, the company plans to invest 2.459 billion yuan in the development and industrialization of new high-performance general-purpose GPU projects, mainly developing the second and third generation products C600 and C700 of the XiYun C series training and inference integrated chip.

The most anticipated C700 series was initiated in April 2025, with performance benchmarking against the internationally mainstream GPU product NVIDIA H100, and is expected to achieve large-scale production in the second half of 2027. The company stated in the prospectus that the C700 series adopts advanced domestic process technology, establishing a closed-loop domestic supply chain from design, manufacturing to packaging and testing, with core technologies being independently controllable.

Currently, the company's main product, the XiYun C500 series, is the primary source of revenue. In 2023, 2024, and the first three months of 2025, the revenue from this series was 15.4681 million yuan, 722 million yuan, and 314 million yuan, accounting for 30.09%, 97.28%, and 97.87% of the main business revenue during the same period, respectively.

Revenue Surge but Continued Losses

MuXi Co., Ltd. has achieved explosive revenue growth in recent years. From 2022 to 2024, the company's operating revenue was 426,400 yuan, 53.0212 million yuan, and 743 million yuan, with a compound annual growth rate of 4074.52% from 2022 to 2024. In the first three months of 2025, the operating revenue reached 320 million yuan.

The growth in performance is mainly attributed to the large-scale application of the XiYun C500 after its mass production in February 2024. The product has been successively applied in multiple countries' artificial intelligence public computing power platforms, operator intelligent computing platforms, and commercial intelligent computing centers. As of September 5, 2025, the order amount for the training and inference integrated series products was 1.413 billion yuan However, the company has not yet achieved profitability. From 2022 to 2024 and in the first quarter of 2025, MuXi Co., Ltd. reported net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan, respectively, with a cumulative loss exceeding 3.2 billion yuan. In the first half of 2025, revenue was 915 million yuan, a year-on-year increase of 404.51%, but it still incurred a loss of 186 million yuan.

Market Share Still Needs Improvement

According to the estimated data disclosed in the prospectus, MuXi Co., Ltd. is expected to hold about 1% of the AI chip market in China in 2024. The company stated that the AI chip market has basically formed an oligopoly dominated by NVIDIA and AMD, with NVIDIA holding over 80% of the global market share.

MuXi Co., Ltd. admits that there is a significant gap compared to internationally leading companies like NVIDIA and AMD in terms of technology accumulation, product performance, personnel scale, and industrialization experience. The company's main domestic competitors include Haiguang Information, Tian Shu Zhi Xin, BiRan Technology, and MoEr Thread, as well as ASIC chip design companies like Huawei HiSilicon, Cambricon, and Kunlun Core.

The company expects the earliest time to reach breakeven to be in 2026. From 2022 to 2024, the cumulative R&D investment amounted to 2.247 billion yuan, accounting for 282.11% of revenue, indicating a continuous large investment in technology research and development