Overview
- The Shanghai Stock Exchange listing review committee cleared Moore Threads' IPO on September 26, advancing the deal to the registration and issuance stage on the STAR Market.
- The application moved from acceptance on June 30 to approval in under three months, a pace media linked to recent measures encouraging faster listings for hard‑tech companies.
- For the first half of 2025, the company reported 702 million yuan in revenue and a 271 million yuan net loss; 2022–2024 revenue was 46.1 million, 124 million, and 438 million yuan with net losses of 1.84 billion, 1.673 billion, and 1.492 billion yuan, and it forecasts earliest consolidated profitability in 2027.
- Moore Threads is listing under STAR Market Rule 2.1.2(b) based on R&D intensity, disclosing 3.81 billion yuan in cumulative R&D—about 626% of its three‑year revenue—and an expected post‑offering market value of at least 1.5 billion yuan.
- The Beijing chip designer focuses on full‑function GPUs and related accelerators, has released four architectures since 2021 plus the 2024 Changjiang smart SoC, and 36Kr reports a planned 8 billion yuan fundraising.