China's AI chipmaker Moore Threads smashes IPO records on STAR Market
Moore Threads, a rising star in China's AI chip scene, just pulled off the biggest IPO of 2025 on Shanghai's STAR Market—raising over $1 billion.
This milestone follows China's new rules making it easier for high-potential AI startups to go public, even if they aren't profitable yet.
What does Moore Threads actually do?
Started in 2020 by former NVIDIA exec Zhang Jianzhong, Moore Threads builds advanced GPUs (think: the brains behind AI training, graphics rendering, and video processing) using its own MUSA architecture.
The fresh funds will help them develop even more powerful chips for the future.
Why is this a big deal?
On launch day, shares jumped 425%, pushing Moore Threads's market value to $55 billion. Retail investors rushed in—MetaX and Beijing Onmicro were oversubscribed nearly 3,000 times each.
This rapid approval (just 88 days) is part of China's push for tech self-reliance as US restrictions limit China's access to global computing power.