Moore Threads, often dubbed the "China's Nvidia," has taken a significant step toward going public, as its IPO counseling status was updated to "accepted" on June 18, according to the China Securities Regulatory Commission. If successful, the company is expected to become China’s first publicly listed GPU developer, a milestone for the domestic computing chip industry.

Founded in 2020 with a registered capital of RMB 400 million, Moore Threads has completed six funding rounds totaling over RMB 4.5 billion (approx. $620 million). Its backers include Sequoia China, Tencent, ByteDance, China Mobile, and government-linked funds such as Shenzhen Venture Capital and Zhongguancun Science City. The company ranked 261st on the 2024 Global Unicorn List with an estimated valuation of RMB 25.5 billion ($3.5 billion).

Led by founder and CEO Zhang Jianzhong, a former global VP at NVIDIA, Moore Threads has built a full-stack GPU product line, including chips, graphics cards, and high-performance computing clusters. It is one of the few domestic players with deployments in both enterprise (B2B) and consumer (B2C) markets. Its in-house GPU architecture, MUSA, integrates four major processing engines, including AI acceleration.

In December 2023, Moore Threads launched a domestic high-performance training platform supporting thousands of GPUs and trillion-parameter models. In March 2025, its MTT S4000 AI accelerator passed inference validation by the China Academy of Information and Communications Technology (CAICT) when running the DeepSeek-R1 671B model. The company also supports the full open-source stack from DeepSeek.

Moore Threads also gained early traction in the consumer market. Its MTT S80, released in 2022, was the first Chinese-made gaming graphics card, earning the nickname "No.1 domestic gaming GPU.

According to Wang Lingfeng, senior analyst at JW Insights, Moore Threads is poised to become China's first true GPU stock—unlike other chip companies focused on AI or NPU segments. Its IPO could mark a significant milestone for China's ambition to achieve self-sufficiency in computing power. While long-term market growth will depend on product competitiveness, Moore Threads is strategically positioned to benefit from government-backed IT localization efforts and the expanding AI market.

With a strong capital base, a full-stack product strategy, and increasing adoption in both industrial and consumer applications, Moore Threads is emerging as a key player in China’s GPU landscape and a new contender in the global computing race.