China’s Second GPU Stock MetaX Explodes 569% in Blockbuster STAR Market Debut
MetaX Integrated Circuits listed on Shanghai's STAR Market today, marking China's second domestic graphics processing unit maker to go public as the country accelerates efforts to develop indigenous computing capabilities. The company's shares soared as much as 569% on their trading debut.
Trading under the stock code 688802, MetaX opened at 700 yuan per share, compared with its initial public offering price of 104.66 yuan. The sharp first-day gain gave the Shanghai-based chipmaker a market valuation exceeding 270 billion yuan ($37.2 billion) at its peak. The IPO raised 4.19 billion yuan ($577 million) through the sale of 40.1 million shares.
The listing comes just weeks after Moore Threads Technology became the first domestic GPU company to trade on the STAR Market in November, reflecting growing investor appetite for Chinese semiconductor firms amid escalating technology competition with the United States. MetaX joins a small group of Chinese companies developing alternatives to Nvidia Corp.'s dominant GPU products for artificial intelligence computing.
The company reported revenue of 1.24 billion yuan ($171 million) for the first nine months of 2025, up 45.4% year-on-year. However, it posted an operating loss of 333 million yuan ($45.8 million) during that period.
Strategic Backing and IPO Structure
MetaX secured cornerstone investments totaling 796 million yuan ($110 million) from a roster of prominent institutional investors. The group includes Huatai Innovation Investment Co., the National AI Industry Investment Fund, China Telecom's Tianyi Capital Holding, and affiliates of e-commerce giant JD.com and food delivery platform Meituan.
JD.com's Suqian Yunbang Enterprise Management and Meituan's Shenzhen Sankuai Network Technology each committed 60 million yuan to the offering. The National AI Industry Investment Fund and Tianyi Capital each subscribed for 100 million yuan worth of shares, underscoring state support for domestic semiconductor development.
The company submitted its prospectus in June 2025 and received regulatory approval by October, completing the listing process within five months. The rapid approval timeline highlights Chinese authorities' prioritization of semiconductor self-sufficiency initiatives.
Revenue Growth Amid Persistent Losses
MetaX has demonstrated rapid revenue expansion despite ongoing operational losses. The company generated revenue of 743 million yuan in 2024, up from 53.02 million yuan in 2023 and just 426,000 yuan in 2022. However, net losses widened to 1.41 billion yuan in 2024 from 871 million yuan the previous year.
For the first nine months of 2025, revenue reached 1.24 billion yuan compared with 223 million yuan in the year-earlier period. Net losses narrowed to 346 million yuan from 782 million yuan, while non-GAAP net losses decreased to 392 million yuan from 780 million yuan, representing a 50% improvement year-over-year.
The company projects full-year 2025 revenue between 1.5 billion yuan and 1.98 billion yuan ($207-273 million), representing growth of 102% to 166% compared with 2024. MetaX forecasts net losses of 527 million to 763 million yuan for the year, with non-GAAP net losses expected between 588 million and 824 million yuan—a reduction of 21% to 44% from 2024 levels.
Product Portfolio and Market Position
Founded in September 2020, MetaX develops full-stack GPU chip products across three series: the MXN series for AI inference, the MXC series for general computing, and the MXG series for graphics rendering. The company's products utilize proprietary GPU intellectual property with independently developed instruction sets and architecture, supported by the MXMACA software stack designed for compatibility with mainstream GPU ecosystems.
As of the reporting period end, MetaX had sold more than 25,000 GPU chips cumulatively. The company maintains research and development centers in Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan and Changsha, with core team members averaging nearly 20 years of high-performance GPU development experience.
In October 2025, MetaX signed a cooperation agreement with Zhejiang Lab to establish a joint intelligent computing cluster laboratory, focusing on collaborative research in computing power, data and AI models.
Ownership Structure and Early Investors
Chairman and CEO Chen Weilian controls approximately 23% of MetaX through direct holdings and affiliated entities prior to the IPO. Chen, born in 1976, previously served as a senior director at Advanced Micro Devices' Shanghai subsidiary from 2007 to 2020 before founding MetaX.
Prominent investor Ge Weidong and his affiliated Chaos Investment hold a combined 7.48% stake. Matrix Partners China entities collectively own 5.13%, while HH Ruijing Capital holds 3.99%. Sequoia Capital China's affiliate Sequoia Hanchen owns 3.47%.
Other notable backers include SAIC Motor, Lenovo Group, and the state-backed Guodiao Fund with a 1.96% stake. Monolith, an investment firm founded by Cao Xi, holds approximately 2% together with limited partners, marking its RMB-denominated fund's first IPO exit. Monolith initially invested 110 million yuan at a 1 billion yuan pre-money valuation during MetaX's Series A round in 2020.
Broader Sector Momentum
MetaX's debut follows Moore Threads' November listing, which raised 8 billion yuan ($1.1 billion) at an issue price of 114.28 yuan. Moore Threads, positioned as the only domestic GPU maker with deep presence in both enterprise and consumer markets, saw its valuation exceed 400 billion yuan at one point.
BiRen Technology, another Chinese GPU developer, has also filed for an overseas listing. According to China Securities Regulatory Commission disclosures, BiRen plans to issue up to 372.46 million ordinary shares on the Hong Kong Stock Exchange.
The strong debut performance reflects heightened investor enthusiasm for Chinese chip stocks. Among new listings in the fourth quarter of 2025, average first-day closing gains reached 286%, with eight companies posting gains exceeding 300%. For MetaX, investors who secured allocations in the IPO lottery earned approximately 300,000 yuan per winning lot based on the opening price.