Moore Threads Technology, a prominent player in China's AI chip sector, is moving closer to a potential initial public offering (IPO) after transitioning to a joint-stock company on October 29, 2024. This change has significantly boosted its capital base from 24 million yuan to 330 million yuan (approximately US$46 million). The company raised over 2 billion yuan in a Series B+ funding round in November 2023, led by Houxue Capital and Pioneer Investment, valuing it at 77.42 billion yuan prior to this funding [01caea0a].
Founded in 2020 by Nvidia veteran Zhang Jianzhong, Moore Threads has attracted substantial investment, securing US$800 million from over two dozen investors, including major players like ByteDance and Tencent. However, the company, along with its competitors such as Biren Technology and Enflame, is grappling with challenges posed by US sanctions that limit access to global foundries, impacting their production capabilities [01caea0a].
In September 2023, Moore Threads launched its third-generation GPU, the Quyuan, and the AI accelerator MTT S4000, showcasing its commitment to advancing technology despite the geopolitical hurdles it faces. As the company prepares for its IPO, it aims to solidify its position in the competitive AI chip market, which is increasingly vital for various applications in technology and industry [01caea0a].