💰钛媒体•Stalecollected in 20m
Muxi Shares Loss Narrows but Stock Plunges 40%
💡AI chip firm grows revenue but bleeds cash—watch infra economics
⚡ 30-Second TL;DR
What Changed
Q1 revenue projected 400-600M CNY, +24.84% to 87.26%
Why It Matters
Reflects challenges in AI chip sector profitability. Investors wary despite growth, signaling supply chain pressures. Impacts funding for Chinese AI infra.
What To Do Next
Review Muxi Q1 filings for AI chip production cost trends.
Who should care:Founders & Product Leaders
🧠 Deep Insight
Web-grounded analysis with 5 cited sources.
🔑 Enhanced Key Takeaways
- •Muxi Integrated Circuit was founded in September 2020 in Shanghai, with a core team averaging nearly 20 years of high-performance GPU experience from leading mass production of over a dozen mainstream GPUs.[1]
- •The company listed on the STAR Market on an unspecified date in late 2025 or early 2026 at 104.66 RMB/share, raising 4.186 billion RMB, with shares surging over 500% and market cap exceeding 270 billion RMB.[1]
- •Revenue grew from 426,400 RMB in 2022 to 743 million RMB in 2024 (CAGR 4,074.52%), with orders reaching 1.43 billion RMB by September 2025, nearly double 2024 revenue.[3]
📊 Competitor Analysis▸ Show
| Competitor | Listing Status | Funds Raised | Focus |
|---|---|---|---|
| Muxi | STAR Market (688802) | 4.186B RMB IPO | AI inference (Xisi® N), general computing (Xiyun® C), graphics (Xicai® G) GPUs |
| Moore Threads | STAR Market | 8B RMB | Domestic GPU |
| Biren Technology | Filed for HK listing | N/A | Domestic GPU |
🛠️ Technical Deep Dive
- •Offers full-stack GPUs: Xisi® N for AI inference, Xiyun® C for general computing, Xicai® G for graphics rendering, with proprietary core IP, instruction sets, and MXMACA® software stack.[1]
- •Integrated 'chip + software + platform' solutions targeting AI training/inference, general computing, graphics rendering for education, finance, healthcare.[3]
🔮 Future ImplicationsAI analysis grounded in cited sources
Muxi will expand AI computing clusters via partnerships
Co-established AI Computing Cluster Joint Lab with Zhijiang Lab in October 2025, signaling deeper ecosystem integration.[1]
Proceeds from IPO will accelerate R&D and global sales
IPO funds allocated to R&D, global sales expansion, and working capital amid surging AI demand.[1]
⏳ Timeline
2020-09
Founded in Shanghai by team with 20+ years GPU experience.
2021
Lenovo invests in Series A round as strategic partner.
2025-02
Launches 'DeepSeek AI All-in-One' with Lenovo, delivering 1,000 units rapidly.
2025-06
Submits IPO application to STAR Market.
2025-10
STAR Market IPO approved; co-establishes AI Computing Cluster Joint Lab with Zhijiang Lab.
2025-12
Lists on STAR Market (688802), shares surge over 500%.
📎 Sources (5)
Factual claims are grounded in the sources below. Forward-looking analysis is AI-generated interpretation.
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Original source: 钛媒体 ↗