Metax Integrated Circuits (Shanghai) Co., Ltd. (Metax), a leading domestic full-stack GPU manufacturer, is set to debut on the stock market tomorrow. With rapid revenue growth and a high issue price of 104.66 yuan per share, the company has drawn significant attention. If its first-day performance matches that of comparable firm Moore Threads, which surged 425.5% on its debut, investors could potentially earn over 220,000 yuan per lot.
Metax specializes in the R&D, design, and sales of full-stack GPUs for AI training and inference, general computing, and graphics rendering. As one of the few domestic players with independent high-performance GPU R&D and mass-production capabilities, the company has built a comprehensive "hardware-software integrated" product portfolio. Its product mix is shifting toward higher-end offerings, with AI training-inference integrated solutions accounting for 98% of Q1 2025 revenue. Its GPUs cover three key applications: training-inference integration, AI inference, and graphics rendering.
The company’s three co-founders are all former AMD executives, including Chen Weiliang, who served as Senior Director at AMD Shanghai. Under their leadership, Metax has developed full-stack high-performance GPU chips and computing platforms, mastering core technologies in architecture, IP, and system software.
The global GPU market, valued at $77.39 billion in 2024, is projected to grow at a 35.19% CAGR to $472.45 billion by 2030, driven by AI, autonomous driving, and cloud gaming. In China, the GPU market reached 107.3 billion yuan in 2024, up 32.96% YoY, though domestic firms still lag behind international peers. Policy support and technological advancements are expected to accelerate localization.
Financially, Metax reported revenue growth from 426,400 yuan in 2022 to 743 million yuan in 2024, with a 453.52% YoY increase to 1.236 billion yuan in the first nine months of 2025. However, net losses widened to 1.409 billion yuan in 2024, though the loss narrowed by 55.79% YoY in 2025.
The IPO raised 4.197 billion yuan, with proceeds allocated to three projects: R&D and industrialization of new high-performance GPUs (2.459 billion yuan), next-gen AI inference GPUs (453 million yuan), and frontier application-focused GPU technologies (991 million yuan).
Market sentiment favors strong debuts. Recent A-share IPOs averaged a 348.19% first-day gain, while科创板 (STAR Market) newcomers saw a 212.32% average. Metax’s price-to-sales ratio (TTM) of 23.84x is below peers like Cambricon (average 140.34x), suggesting room for upside. However, its high issue price and fundraising size may temper gains.
Notably, as an unprofitable firm, Metax will be listed under the科创板’s "Growth Layer," where recent debuts averaged a 228.02% first-day return (range: 74.4%–425.46%). Whether it can replicate Moore Threads’ 425.5% surge remains to be seen.
Disclaimer: This content is for reference only and does not constitute trading advice. Verify information before use. Proceed at your own risk.
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