Published: 5 December 2025
Estimated Reading Time: 2 minutes
Moore Threads Achieves Landmark IPO on Shanghai STAR Market
In a groundbreaking move for China’s semiconductor industry, Moore Threads, a GPU manufacturer founded by a former NVIDIA executive, successfully raised $1.13 billion in its initial public offering (IPO) on the STAR Market in December 2025. This event marked the largest IPO on the STAR Market this year and positioned Moore Threads as the first GPU company in China to go public, with a market valuation soaring to approximately $7.6 billion.
Company Background and Market Debut
Moore Threads, trading under the ticker symbol 688795 on the Shanghai Stock Exchange, priced its shares at around $16.15 each during the IPO. The company’s listing was completed in just 158 days, facilitated by the STAR Market’s recently reinstated “Fifth Set of Listing Standards,” which streamlined the process for tech firms. Strategic investors, including China Telecom Tianyi Capital, participated in the offering, underscoring strong domestic support for the company’s ambitions.
Founding Vision and Growth Trajectory
Established in 2020 by Zhang Jianzhong, a former Global Vice-President at NVIDIA, Moore Threads has rapidly assembled a team of experts from NVIDIA and top Chinese universities. The company focuses on designing fully functional GPUs tailored to meet the growing demands of China’s computing ecosystem. Demonstrating impressive momentum, Moore Threads reported revenues of $56.5 million in 2024, reflecting a compound annual growth rate (CAGR) of 200% over the past three years. In the first half of 2025 alone, revenues nearly doubled to approximately $100 million.
Future Outlook and Strategic Initiatives
Although Moore Threads has yet to turn a profit, the company projects profitability by 2027. The capital raised through the IPO will be strategically invested in the development of advanced AI training and inference chips, alongside next-generation graphics processors. Zhang emphasized the company’s commitment to an annual GPU product cycle, aiming to strengthen China’s computing supply chain and establish Moore Threads as a formidable competitor on the global GPU stage.
Advancing China’s Semiconductor Ambitions
Moore Threads’ successful public offering represents a significant milestone in China’s pursuit of technological self-reliance, particularly in the high-performance computing sector. With the global GPU market expected to exceed $40 billion by 2027, according to recent industry forecasts, Moore Threads is well-positioned to capitalize on the surging demand for AI and graphics processing solutions domestically and internationally.
