"GPU Four Dragons" Race Heats Up: MuXi's Blockbuster Debut Signals China's GPU Surge

MuXi Integrated Circuit soared 693% on its first trading day on Shanghai's STAR Market, eclipsing the debut performance of rival Moore Threads and cementing the market frenzy around China's domestic GPU sector as all four major players accelerate toward public listings.

The company's shares closed at 829.9 yuan on Tuesday, valuing the firm at 332 billion yuan ($45.7 billion) and making it the third-highest priced stock on China's A-share market behind Kweichow Moutai and Cambricon. The gain exceeded Moore Threads' 425% first-day surge. MetaX raised 4.19 billion yuan ($578 million) in its initial public offering at 104.66 yuan per share.

The listing caps a banner year for China's GPU sector, collectively known as the "GPU Four Dragons," as surging artificial intelligence development drives explosive demand for computing power. On the same day as MuXi's debut,  Biren Technology cleared Hong Kong Stock Exchange listing hearings, while Enflame Technology entered IPO counseling phase for a STAR Market listing.

The four companies pursue distinct technical approaches: Moore Threads follows a full-function GPU route similar to Nvidia's architecture;  Biren and MuXi focus on general-purpose GPU development; and Enflame specializes in deeply customized AI training and inference chips for cloud-based large language model applications.

MuXi's Meteoric Rise

Founded in 2020, MuXi is the youngest of China's four major GPU makers but has captured investor attention with rapid revenue growth. The company's founder Chen Weiliang, who holds a master's degree from Tsinghua University and previously led AMD's global GPU SoC design, saw his wealth surge to 47 billion yuan ($6.5 billion) based on his 14.15% stake in the company.

The company's revenue exploded from 426,400 yuan in 2022 to 743 million yuan ($102 million) in 2024, representing a compound annual growth rate of 4,075%. Its cumulative operating cash flow reached 3.04 billion yuan ($421 million) over three years through 2024. Net losses widened from 777 million yuan in 2022 to 1.41 billion yuan in 2024.

The company's flagship product, the MXC500 training-inference integrated chip, achieved mass production in February 2024 and has accounted for over 97% of revenue in 2024 and the first quarter of 2025. According to the prospectus, the chip's FP16/BF16 computational performance positions it in the range of Nvidia's A100 series.

For 2025, MuXi projects revenue of 1.5 billion to 1.98 billion yuan, with net losses estimated at 527 million to 763 million yuan. The company expects to reach breakeven as early as 2026.

Product Pipeline Expansion

MuXi is developing next-generation products to expand market share, including the MXC600 and MXC700 series training-inference chips, the MXN series AI inference GPUs, and the MXG series graphics rendering GPUs. In October 2025, the company publicly launched the MXC600 in Nanjing, which it described as fully domestically produced across IP design, wafer manufacturing, and packaging processes, with performance benchmarked against international flagship products.

Proceeds from the IPO will fund development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and advanced GPU technology for frontier applications.

 Biren and Enflame Advance Listings

Biren Technology, founded in 2019 by former SenseTime president Zhang Wen, cleared Hong Kong listing hearings on December 17. The company has developed two chips—BR106 and BR110—with the former achieving mass production in January 2023 and the latter in October 2024.  Biren also produces the BR166 chip, with some models entering mass production in 2025.

Revenue grew from 499,000 yuan in 2022 to 337 million yuan ($46.4 million) in 2024, though net losses remained substantial at 1.54 billion yuan in 2024. In the first half of 2025, revenue reached 59 million yuan, up 50% year-on-year, while net losses expanded 80% to 1.6 billion yuan. The company plans to launch its BR20X series chips for cloud training and inference in 2026.

Enflame Technology, founded in 2018 and the earliest established among the four, is furthest behind in its listing process. The company restarted IPO counseling in late October 2025, switching advisors to CITIC Securities from CICC. Tencent Holdings is the largest institutional shareholder with a 20.49% stake after participating in multiple funding rounds since investing just five months after the company's founding.

Technical Differentiation

While grouped as the "GPU Four Dragons," the companies pursue distinct strategies. Moore Threads follows Nvidia's comprehensive approach, integrating AI acceleration, graphics rendering, physics simulation, and video encoding.  Biren and MuXi concentrate on general-purpose GPU products, with MuXi covering general computing and graphics rendering while BitRain targets cloud and computing power scenarios. Enflame focuses exclusively on customized products for AI training and inference workloads in cloud-based large model applications.