China's Moore Threads shatters records with $1.1bn IPO
Moore Threads, a Chinese GPU startup, just pulled off a record-breaking IPO—raising $1.1 billion on Shanghai's STAR Market.
The IPO was wildly popular, oversubscribed more than 4,100 times with bids totaling about $4.54 trillion (yep, more than NVIDIA's entire market cap).
Founded in 2020 by former NVIDIA China boss Zhang Jianzhong and backed by tech giants like Tencent and ByteDance, Moore Threads wants to give China its own homegrown GPUs for gaming and AI.
What does the company do?
Moore Threads builds graphics chips that power everything from video games to artificial intelligence tools—areas usually dominated by Western companies like NVIDIA.
Even with all the buzz, they're still working toward profitability: the company reported a net loss of 271 million yuan in the first half of 2025.
With US export restrictions squeezing NVIDIA's share in China, Moore Threads is hoping to carve out its spot—but competing with NVIDIA's massive R&D spend and market dominance won't be easy.
Other details
Despite the hype and big-name investors, turning a profit is still a major challenge for Moore Threads as it tries to stand out in China's crowded tech scene.