As the first domestic GPU company to go public, Moore Threads Technology Co., Ltd. (688795) is about to list on the STAR Market. Public data shows its IPO price is set at 114.28 yuan per share, raising 8 billion yuan, with an estimated market capitalization of approximately 53.715 billion yuan upon listing.
Currently, Cambricon Technologies Corporation Limited (688256) holds a total market cap of 526.7 billion yuan—nearly ten times that of Moore Threads. Whether Moore Threads will attract speculative trading on its debut, potentially surging severalfold in a single day, remains to be seen.
As a pioneer in domestic GPUs, Moore Threads carries significant speculative potential. Its initial performance will depend not only on fundamentals and growth prospects but also heavily on market conditions. If the IPO coincides with favorable sentiment, its market cap could breach 100 billion yuan, or even reach 200–300 billion yuan.
Moore Threads’ 8-billion-yuan fundraising marks the largest STAR Market IPO this year, second only to Huadian New Energy on the main board. By comparison, Cambricon’s 2020 IPO raised just 2.58 billion yuan—far below Moore Threads’ current haul.
Unlike Cambricon, Moore Threads is riding the AI investment wave, which may significantly boost its valuation premium. Policy tailwinds further support its listing.
The company completed its IPO process in a record 122 days—88 days from application acceptance to approval, and another month to registration. This expedited timeline underscores regulatory backing and accelerates Moore Threads’ growth trajectory.
In 2022, Moore Threads reported revenue below 50 million yuan, but growth accelerated post-2023. While revenue climbs, R&D spending outpaces income, straining cash flow. The IPO alleviates funding pressures, though profitability is unlikely before 2027 under optimistic projections. Investors must brace for a 1–2 year (or longer) wait, with potential follow-on offerings to sustain R&D.
Cambricon exemplifies this trend: post-IPO, it conducted two private placements—raising 1.672 billion yuan in 2023 and 3.985 billion yuan in September 2025 for AI chip and software development. Total secondary fundraising (5.5+ billion yuan) doubled its IPO proceeds.
AI firms in this investment hotspot face inevitable recurring financing needs. Until profitability and cash flow stabilize, shareholders may endure repeated equity dilution without dividends or buybacks.
Investing in high-R&D, pre-profit companies like Moore Threads carries substantial uncertainty. It’s a bet on future growth—one vulnerable to shifting market trends that could deflate lofty valuations. This remains a key risk for sector-focused investors.
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