Moore Threads, positioning itself as China's first publicly traded GPU maker, opened its subscription today with the highest initial public offering price of any new stock this year.

The company is issuing 70 million shares at RMB 114.28 per share, aiming to raise approximately RMB 8 billion yuan ($1.1 billion) in total, with net proceeds estimated at RMB 7.576 billion after deducting issuance expenses. The online and offline subscription began on November 24, 2025.

The offering price requires investors to pay RMB 57,140 for one lot, with a maximum subscription of 11,000 shares requiring RMB 110,000 in Shanghai Stock Exchange market capitalization. Following the issuance, Moore Threads' total share capital will reach 470 million shares, translating to a market capitalization of approximately RMB 53.7 billion at the offering price.

Proceeds will fund three chip development projects focused on AI training and inference chips, graphics chips, and AI system-on-chip designs, along with working capital supplements.

Founded in June 2020 and operational since October that year, Moore Threads develops full-function GPU products. The company is among the few domestic GPU makers offering computational precision from FP8 to FP64, and the first Chinese GPU company to support DirectX12 graphics acceleration.

Founder and controlling shareholder Zhang Jianzhong previously spent over a decade at Nvidia, serving as global vice president and China general manager. Several core executives share similar Nvidia backgrounds, informing the company's full-function GPU technical approach.

Revenue has grown substantially, rising from RMB 46 million in 2022 to RMB 124 million in 2023 and RMB 438 million in 2024. First-half 2025 revenue reached RMB 702 million, exceeding the prior three years combined. However, net losses totaled RMB 1.894 billion, RMB 1.703 billion, and RMB 1.618 billion respectively during 2022-2024, with a RMB 271 million loss in the first half of 2025.

Zhang told investors at a recent roadshow that the company expects to achieve consolidated profitability as early as 2027, based on market opportunities, product development, and customer adoption. He cited Frost & Sullivan projections estimating China's GPU market will reach RMB 1.36 trillion by 2029 as AI infrastructure demand accelerates.