摩尔线程将在科创板募资 80 亿元人民币，以每股 114.28 元发行 7,000 万股，估值达 537 亿元。线上认购倍数达到 4,126 倍，显示极强筹资热度。公司成立于 2020 年，目标是突破外资 GPU 的垄断；其创始人曾任 Nvidia 中国区总经理。技术上仍落后数代：摩尔线程开发 7nm 芯片，而 Nvidia 下一代架构预计使用台积电 3nm 工艺。自 2023 年 10 月被列入美国实体清单后，公司调整供应链但承认更换供应商将增加成本。

在国家半导体扶持政策推动下，摩尔线程获得国资（如国盛资本）与红杉中国等机构投资，并在今年前九个月获得 1,300 万元政府补贴。其收入虽远不及 Nvidia，但增速迅猛：前三季度收入 2.78 亿元，同比增长 182%；净亏损由 8.9 亿元收窄至 7.84 亿元。公司预计最早 2027 年才能实现合并口径盈利。国产 GPU 需求因美国限制升级而增强，本土客户转向采用华为 Ascend、深度求索等国产方案。行业热度亦体现在寒武纪，其市值今年已接近 740 亿美元。

摩尔线程属于科创板“成长层”，该类别专注尚未盈利但具技术突破的企业。其同层企业如硅片厂商奕斯伟材料上市首日股价较发行价上涨三倍。中美芯片壁垒加剧、AI 研发人才集中以及国内替代加速，共同推动本次成为中国年度最受瞩目的 IPO 之一。

Moore Threads will raise 8 billion yuan on the STAR Market by issuing 70 million shares at 114.28 yuan each, valuing the firm at 53.7 billion yuan. The online tranche was oversubscribed 4,126 times. Founded in 2020 by Nvidia’s former China head, the company seeks to break foreign GPU dominance. Technologically, it remains several generations behind Nvidia: Moore Threads is developing 7 nm chips, while Nvidia’s next architecture is reportedly on TSMC’s 3 nm. Added to the U.S. Entity List in October 2023, the company has shifted its supply chain but warns that supplier switches increase costs.

China’s semiconductor push has backed Moore Threads through state investors such as Guosheng Capital and venture firms like Hongshan, alongside 13 million yuan in government subsidies in the first nine months. Revenue reached 278 million yuan in the same period, up 182% year-on-year, while net losses narrowed from 890 million to 784 million yuan. Profitability is projected no earlier than 2027. Domestic GPU demand is rising as U.S. curbs tighten, with firms adopting Huawei Ascend and models from DeepSeek. Market appetite is evident in Cambricon, whose valuation has nearly doubled to about $74 billion this year.

Moore Threads is listing under the STAR Market’s “growth tier,” intended for unprofitable but technologically advanced firms. Peer Eswin Material Technology tripled its IPO price on debut. Rising U.S.–China tech barriers, rapid AI expansion, and domestic substitution dynamics together make this one of China’s most anticipated IPOs of the year.