Moore Threads's IPO: Shares skyrocket 469% on 1st day
Chinese chipmaker Moore Threads just had a wild ride on the Shanghai Stock Exchange—its shares surged as much as 502% from its IPO price of 114.28 yuan per share in early trades.
The company raised a hefty 8 billion yuan ($1.13 billion) in its IPO, setting a record for the largest fundraising on the Sci-Tech Innovation Board (STAR Market) this year.
What does Moore Threads actually do?
Launched in 2020 by James Zhang Jianzhong (ex-NVIDIA China boss), Moore Threads designs AI-focused graphics chips (GPUs) and aims to be China's answer to NVIDIA.
Even after landing on the US "entity list" in 2022, they've kept growing with a team that includes former NVIDIA and AMD engineers.
Other key details
Investor demand was intense—shares were oversubscribed by 4,000 times, but only about 0.024% of applicants got an allocation. Big names like Tencent and ByteDance are backing the company.
Despite all this buzz, Moore Threads posted a net loss of $271 million during the first half of 2025, showing there's still plenty of work ahead.