On December 17, Metax Integrated Circuits (Shanghai) Co., Ltd. (Stock Abbreviation: Metax, Stock Code: 688802.SH) officially debuted on the Shanghai Stock Exchange's STAR Market. As a leading domestic developer of high-performance general-purpose GPU products, Metax specializes in the independent R&D of full-stack high-performance GPU chips and computing platforms. The company focuses on designing and selling GPUs for AI training/inference, general computing, and graphics rendering, while providing complementary software stacks and computing platforms. With strong technical expertise and continuous innovation, Metax leads the domestic market in product versatility, core performance, commercialization, and supply chain autonomy.
Metax priced its IPO at 104.66 yuan per share, raising 4.197 billion yuan. The proceeds will primarily fund three projects: R&D and industrialization of next-gen general-purpose GPUs, AI inference GPU development, and high-performance GPU technology for emerging applications—strengthening China's computing infrastructure across industries.
Benefiting from policies supporting "hard tech" firms, Metax completed its STAR Market listing in just 170 days from application submission. As one of China's few companies mastering full-cycle high-performance GPU development and mass production, the listing will accelerate product iteration, market expansion, and technological advancement. This aligns with national strategies prioritizing breakthroughs in core semiconductor technologies and computing infrastructure as key productive forces.
Metax boasts a rare, stable world-class technical team. Since its 2020 founding, the company has developed proprietary GPU IP (including instruction sets and microarchitecture), GPU SoCs, high-speed interconnects, and software stacks—overcoming technical bottlenecks in high-performance GPUs. By March 2025, Metax held 245 domestic patents, 3 IC layout design rights, and 25 software copyrights, ranking among China's top GPU innovators.
The company's self-developed GPU IP and unified architecture underpin its N-series AI inference GPUs and C-series training/inference GPUs. The 2023-released C500 series achieved leading domestic computing power, followed by the fully localized supply chain-compliant C600 in October 2025. Cumulative GPU shipments exceeded 25,000 units by March 2025.
Metax's proprietary MXMACA software stack—compatible with international ecosystems—provides a full toolchain from development to optimization, demonstrating exceptional performance in large-scale AI training and inference.
Revenue grew over 40-fold in three years, reaching 915 million yuan in H1 2025 (surpassing full-year 2024). With 1.43 billion yuan in orders, Metax is transitioning from technical to market leadership via its "1+6+X" strategy: leveraging GPU products and open software to empower AI applications in finance, healthcare, energy, education, transportation, and entertainment.
Metax GPUs now power multiple national AI computing platforms, telecom AI hubs, and commercial data centers, with deployments in over 10 computing clusters—making it one of China's few suppliers capable of large-scale "thousand-card cluster" commercialization.
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