Chinese AI chipmaker MetaX's IPO draws record demand
MetaX, a young Chinese AI chipmaker, just pulled off a blockbuster IPO—raising about $586 million.
The retail portion was oversubscribed nearly 3,000 times.
This surge shows how much hype there is around homegrown AI chips, especially as US restrictions make foreign tech harder to get.
What does MetaX actually do?
Started by former AMD engineers, MetaX builds GPUs for everything from AI training and gaming to visualization.
In 2024, almost all its revenue came from its Xiyun C500 chips.
The company is now taking on giants like NVIDIA with its newer C588 series and has already grabbed about 1% of China's AI chip market.
Other details
MetaX shares were priced at 104.66 yuan each, putting the company's value at roughly $6 billion—lower than some rivals but still impressive for such a new player.
Its IPO even outpaced Moore Threads's previous record demand in China's chip sector.