Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
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Moore Threads was founded by Zhang Jianzhong, a former general manager of Nvidia China.
Chinese AI chipmaker Moore Threads Intelligent Technology (Beijing) Co. Ltd. has won speedy approval for a STAR Market initial public offering (IPO), clearing the way for a major fundraising despite deep losses and U.S. sanctions.
The Shanghai Stock Exchange’s listing committee cleared the IPO on Friday, less than three months after receiving the firm’s application. The company, founded by a former Nvidia Corp. executive, aims to raise 8 billion yuan ($1.1 billion) to fund research and development and shore up working capital, according to its prospectus.
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- Moore Threads, a Chinese AI chipmaker, secured fast approval for a STAR Market IPO to raise 8 billion yuan ($1.1 billion), amid deep losses and U.S. Entity List sanctions.
- Revenue grew from 45.8 million yuan (2022) to 432 million yuan (2024), but net losses totaled 4.61 billion yuan; R&D spending reached 3.8 billion yuan over the same period.
- The firm shifted focus to GPU clusters, with AI cluster revenue reaching 184 million yuan in 2024 (42% of sales), and launched large GPU clusters.
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Who’s Who
- Moore Threads Intelligent Technology (Beijing) Co. Ltd.
- Moore Threads Intelligent Technology (Beijing) Co. Ltd. is a Chinese AI chipmaker founded in October 2020 by former Nvidia executive Zhang Jianzhong. It has received speedy approval for a STAR Market IPO to raise 8 billion yuan. Despite U.S. sanctions and significant losses (4.61 billion yuan from 2022-2024), the company shifted to GPU clusters, with AI cluster products making up over 42% of 2024 revenue.
- Nvidia Corp.
- Nvidia Corp. is mentioned as the former employer of Zhang Jianzhong, the founder of Chinese AI chipmaker Moore Threads Intelligent Technology. The article also compares Moore Threads' S5000 chip performance to Nvidia's A100 and H100 GPUs.
- Taiwan Semiconductor Manufacturing Co. Ltd.
- Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) is a company that Moore Threads previously relied on for producing high-performance chips. However, due to U.S. sanctions in October 2023, Moore Threads lost access to TSMC, forcing them to seek new suppliers. This has caused potential cost increases and slowed their research and development efforts.
- HongShan Capital Group
- HongShan Capital Group is listed as one of the backers of Moore Threads Intelligent Technology (Beijing) Co. Ltd. This Chinese AI chipmaker recently received speedy approval for a STAR Market IPO, aiming to raise 8 billion yuan. Moore Threads was founded by Zhang Jianzhong, a former general manager of Nvidia China.
- China Mobile Ltd.
- China Mobile Ltd. is mentioned as one of the backers of Moore Threads, a Chinese AI chipmaker. It has invested in a fund that supports Moore Threads.
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What Happened When
- October 2020：
- Moore Threads was founded by Zhang Jianzhong, a former general manager of Nvidia China.
- 2022：
- Moore Threads' revenue was 45.8 million yuan; R&D spending from 2022 onwards contributed to a total of 3.8 billion yuan by 2024, with cumulative net losses of 4.61 billion yuan over the period 2022-2024.
- October 2023：
- Washington added Moore Threads to its Entity List, cutting off access to Taiwan Semiconductor Manufacturing Co. Ltd. for high-performance chips.
- December 2023：
- Moore Threads launched a 1,000-card GPU cluster.
- 2024：
- Moore Threads' revenue reached 432 million yuan; revenue from AI cluster products alone reached 184 million yuan (over 42% of total sales).
- By the end of 2024：
- Moore Threads rolled out a 10,000-card GPU cluster.
- Friday, September 26, 2025：
- The Shanghai Stock Exchange’s listing committee cleared Moore Threads' IPO, less than three months after receiving the firm’s application.
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