Moore Threads

Moore Threads is a Chinese GPU chip design company founded in October 2020, which completed a STAR Market IPO on December 5, 2025, becoming the first domestic full-function GPU company to list in China . The company builds on a founding team with deep roots in NVIDIA and other major semiconductor firms, positioning itself to develop homegrown visual computing and AI acceleration infrastructure .

In its first year, Moore Threads moved at unusual speed: it closed multiple funding rounds totaling billions of yuan and produced its first domestic full-function GPU chip in under 300 days . 5Y Capital backed the company from angel through A-round, with partner Zhang Fei noting the team's rare combination of technical ambition and execution discipline . The investor base also included Sequoia China, GGV Capital, and state-linked funds such as Shanghai Guosheng Capital .

By the time of its IPO, Moore Threads had shifted its commercial center of gravity decisively toward AI compute. In the first half of 2025, AI intelligence computing accounted for 94.73% of its 7.02 billion yuan in revenue—already exceeding its full prior three-year total—with gross margins at 69.14% . Its KUAE clusters had reached 10,000-card scale for large-model training, and the company emphasized deep compatibility with NVIDIA's software ecosystem as a strategic advantage . The listing proceeds were earmarked for next-generation AI training-and-inference chips, graphics processors, and AI SoCs .