Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings

Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange. - hector retamal/Agence France-Presse/Getty Images

Two Chinese AI chip companies aim to raise a combined $1.66 billion through initial public offerings, as China steps up efforts to achieve chip independence amid an escalating U.S-China tech competition.

Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange.

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Founded in 2020 by former Nvidia executive Zhang Jianzhong, Moore Threads specializes in designing graphics processing units for AI training. The company plans to use the IPO proceeds to fund new AI chip research and development and to bolster working capital.

MetaX, also founded in 2020 by former AMD employees including Chairman Chen Weiliang, focuses on full-stack GPU chips and related solutions. It intends to use the funds to support high-performance GPU research and development.

Both companies aim to list on Shanghai’s STAR Market, the tech-focused board of the Shanghai Stock Exchange.

Moore Threads was added to the U.S. entity list in October 2023, which restricts limits its access to American technology and equipment.

Despite rapid revenue growth, both companies continue to post steep losses as they expand and invest heavily in research and development.

Moore Threads’ revenue more than tripled to 438.85 million yuan in 2024, while its net loss narrowed but remained at 1.49 billion yuan.

MetaX’s revenue surged more than tenfold to 743.1 million in 2024, up from 53 million a year earlier. However, it posted a net loss of 232.5 million yuan, attributing it to the low market penetration of domestically produced chips, limited sales scale of its self-developed GPUs and high research and development costs.

Write to Sherry Qin at [email protected]

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