Moore Threads IPO: Chinese GPU Start-Up’s IPO Bids Worth $4.5 Trillion Cross Nvidia’s Market Cap

Amid huge interest, retail investors flocked to the Moore Threads IPO in huge numbers, placing bids more than 4,100 times the shares up for sale.

Moore Threads, a Beijing-based GPU maker often dubbed ‘China’s Nvidia’, has triggered a capital markets sensation with its IPO on Shanghai’s STAR Market. The company aimed to raise around 8 billion yuan (about $1.1 billion) through the offering.

Amid this IPO frenzy, retail investors flocked to the IPO in huge numbers, placing bids more than 4,100 times the shares up for sale. It translates into a staggering total subscription value of about $4.54 trillion, a figure that exceeded the market capitalisation of Nvidia, which stood at $4.3 trillion as on Friday’s close.

It means a loss-making GPU start-up managed to attract far more money than it would cost to buy the world’s most valuable GPU maker.

What is Moore Threads?

Moore Threads was founded in 2020 by Zhang Jianzhong, a former global vice-president and China head at Nvidia. The company positioned itself as a domestic alternative to Western GPU giants.

Tencent, ByteDance, GGV Capital, Sequoia China are some of the early backers of the company.

Over the past few years, the company has developed four generations of GPU architectures – carrying names like Sudi, Chunxiao, Quyuan and Pinghu – and offers GPUs for gaming and AI computing.

With US export curbs choking off access to Western high-end GPUs, domestic demand for in-home alternatives has surged. That has made Moore Threads, despite its early-stage status, a symbol of China’s push for technological self-reliance.

Company Remains Loss-Making

Despite the IPO frenzy, Moore Threads remains a classic “growth play”. The company continues to post losses, amid heavy investments in R&D and inventory build-up while scaling operations. The company reported a net loss of 271 million Yuan in the first half of 2025, and revenue of 701.8 million Yuan.

Even as it reports rising revenues, a sign of traction and demand, the firm is still far from profitability. The gap in high-end GPU technology compared to established players remains a structural challenge.

The oversubscription and mind-boggling demand show that investors are betting big on the promise of a Chinese GPU champion. In a market suddenly starved of Western chips, Moore Threads appears to some as a potential behemoth in the making.

The listing date on the Shanghai STAR market for Moore Threads is yet to be finalised.