Illustrated photo showing Moore Threads logo on a smartphone in Suqian, Jiangsu Province, China, October 30, 2025.
Photo | Future Publishing | Getty Images
Shares of Beijing-based graphics processing unit (GPU) maker Moore Thread, also known as “China’s Nvidia,” soared more than 400% in its Shanghai debut after listing for $1.1 billion.
The company’s shares are currently trading at 584.98 yuan, more than five times the public price of 114.28 yuan.
Moore Thread’s IPO was led by CITIC Securities, which acted as lead manager for the offering. The joint bookrunners on the transaction were BOC International Securities, China Merchants Securities and GF Securities.
The company is not yet profitable, but at the time of its listing it said it needed the IPO proceeds to accelerate several core research and development initiatives, including a new generation of homegrown AI training and inference GPU chips. A portion of the funds will also be used to replenish working capital.
Moore Thread’s IPO was successful despite being placed under US sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries.
The company represents a growing number of Chinese companies developing AI processors amid the Chinese government’s efforts to reduce dependence on U.S. chip designers. Nvidia.
Other players in the space include technology giants like Huawei and more specialized companies like Cambricon, whose Shanghai stock price has soared more than 100% since the beginning of the year.
Washington has maintained various export restrictions Nvidia For years, it has been unable to sell cutting-edge AI chips to China. Recently, the Chinese government also blocked imports of Nvidia chips in an effort to encourage domestic alternatives like Moore Thread.
Startups like Enflame Technology and Biren Technology are also entering the space, aiming to grab a share of the billions in GPU demand that Nvidia no longer provides. Chinese regulators are also approving more semiconductor IPOs to increase AI independence.
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