The homegrown artificial-intelligence (AI) chip output developer, Moore Threads, not only soared by over 400% on their first day in the market in Shanghai, but it was also the demonstration of a successful IPO in excess of $1.1 billion that became a physical marker of how Beijing plans to realize autonomy in the production of artificial-intelligence (AI) chips. 

The trade prices stood at 584.98 yuan which was over five times more than the offer price of 114.28 yuan which can be explained by the fact that the investor concerns had increased demand of the local technology solutions against the backdrop of U.S. export limitations.  

Debut Surge Breakdown  

An IPO on the STAR Market raised funds worth 8 billion yuan (around 1.13 billion dollars), becoming the second-largest IPO in the fiscal year in the mainland, after Huadian New Energy raised 2.7 billion yuan.

Chief investment officer at Ying an Asset Management Co, Shao Qifeng said

“A surge of this scale can be somewhat expected from the strong demand, and this is one of those flagship IPOs that will go on in history and be remembered,”

The transaction was managed by the underwriting consortium which was headed by CITIC Securities with BOC International and other partners. 

Incorporated in 2020 under former Nvidia China executive Zhang Jianzhong, Moore Threads planned to use capital proceeds on next-generation AI training accelerators and general working capital requirements. 

The reported revenues showed a tremendous growth: 

  • 124m yuan in 2023 to 438m yuan in 2024 (an increase of 254 % in a year) and further to 
  • 785m yuan in the first nine months of 2025 (an increase of 182 % per year). 

China’s Chip Race Heats Up  

In essence, since 2023 the U.S. (export) restrictions have seemed to fully block the contribution of advanced semiconductor nodes, a condition that has nonetheless triggered the appearance of various homegrown competitors, such as Moore Threads. 

Alfamous reported a 4,300% increase in revenues reported in the first half of 2025, with Siyuan-590 cloud-processing chip reaching 2.88 billion yuan, and a profit amounting to 1.04 billion yuan (Cambricon Ltd.). 

The Ascend 910B chipset of Huawei Technologies is estimated around the same level of performance as Nvidia H20, and that enterprises like Biren and Enflame were aimed at the target market of the billions to meet the current demand gaps. 

The policy approach in Beijing had risen to a total ban on the imports of Nvidia.  

Expert Take and Outlook  

The significant increase in the value of the stock in Moore Threads, as is expected, reflects the confidence of investors in the development of technologies of China as an independent country; the possibility to become profitable in 2027 will depend on the company’s success in expanding the business opportunities in the conditions of the sanctions, in response to Bernstein analyst Stacy Rasgon. 

Chinese local authorities are envisioning an estimated 70%. autonomy in AI chip manufacture in 2027, with Beijing aspiring to complete autonomy and this could drive a further surge in equity issue and state purchases. 

Although the market values, now supporting price-to-sales multiples of over 122x on the basis of the current level of speculative interest, still carry a high level of execution risks, as domestic GPU platforms are still performing poorer compared to that of Nvidia, and that even more capital spending in the billions is required to create real competition.