Founded in 2020 by former NVIDIA exec, Chinese GPU Maker Moore Threads IPOs at ±$40B Valuation

Moore Threads raised 8 billion yuan (about $1.1 billion) in its Shanghai IPO, with shares rising more than 400% on debut and valuing the three-year-old chipmaker at close to 280 billion yuan (about $39.5 billion).

Founded in 2020 by former Nvidia executive Zhang JianzhongDealroom has a profile for this one. Try Dealroom →, the company develops graphics processing units for AI training, visual computing and simulation—a positioning that aligns with Beijing’s push to expand domestic semiconductor capabilities.

The firm’s strategy centres on building full-function GPUs similar to those produced by Nvidia, rather than the narrower accelerators favoured by many local competitors.

Moore Threads faced a significant setback in 2023 when the U.S. government placed it on a trade blacklist, blocking access to advanced American technology and disrupting links to key manufacturing partners. The move forced job cuts and a shift to domestic foundries, where production is more expensive and less advanced.

Despite these constraints, revenue reached roughly $110 million in the first three quarters of 2025, while cumulative losses since 2022 amount to about $850 million. The company aims to achieve profitability by 2027, citing sustained policy support and growing demand for locally produced hardware.

IPO proceeds will fund next-generation chip development and strengthen working capital as Moore Threads works through supply-chain constraints created by export controls.

Investor enthusiasm mirrors broader momentum in China’s semiconductor sector, where policy support and tightened access to foreign technology have lifted interest in local firms. Analysts, however, note that valuations across the industry have risen sharply, shaped as much by geopolitical urgency as by commercial performance.

Sources:
Bloomberg
Bloomberg
The Wall Street Journal
The Financial Times
CNBC

J.V.