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Moore Threads摩尔线程

688795.SSReviewed 2026-08-30

Designs and markets GPUs and related solutions for graphics and compute workloads, including a virtual desktop infrastructure (VDI) offering; monetizes through chip and board/card hardware plus associated software and solution integration.

Scale

~$209.5Mrevenue FY2025 · CNY 1.5B
~$25.8Bmarket cap · 2026-10-04

2 tracked chips with sourced pricing/specs

Gap vs frontier

≈21×compute per dollar

Best chip MTT S4000 at 6 TFLOPS/$1k (~$16.4K) vs the 2022–2023 global best AMD Instinct MI300X at 131 — chip-level, same generation, market-priced where available.

Moore Threads: ≈21× behind the global frontier on FP16-per-dollar (MTT S4000 vs AMD Instinct MI300X, 2022–2023 generation), ~$209.5M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
AI accelerators · Substitute
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up ≈12× since FY2023

Growth prospects

Revenue trajectory FY2023–2025

China competition

Competes with Huawei Ascend, Biren, Cambricon, Enflame in AI accelerators — peers listed at sector level.

Substitute

Global comparables

Global reference set: Nvidia, AMD, Google TPU.

Technical gap

≈21× behind the global best on compute-per-dollar (MTT S4000 vs AMD Instinct MI300X).

Obstacles

Sector bottleneck applies

CUDA-like software ecosystem, HBM supply, advanced packaging, leading-node access, and large-scale deployment proof.

Tracked chips: MTT S4000 · MTT S80

Why it matters

Moore Threads is China's most visible full-function GPU startup, pursuing both graphics rendering and AI compute as a domestic accelerator bet under tightened US export controls. The test that matters is whether its next-generation GPUs ship in commercial volume to named customers and whether its reported fast-tracked STAR Market IPO converts into durable funding and foundry access. Confirmation would come from design wins at Chinese cloud or OEM customers, shipment data, and verifiable advanced-node fab access, not just product launches.

Where it sits in the stack

Compute

AI accelerators / GPUs

Substitute

CUDA-like software ecosystem, HBM supply, advanced packaging, leading-node access, and large-scale deployment proof.

AI trainingAI inferenceEV / autoConsumer / IoT

Key semiconductor products

  • GPU productsGraphics/compute GPU portfolio marketed via the official product catalog.
  • GPUs
  • VDI solution

Chip pricing

Financials

688795.SS · Shanghai STAR Market 688795 (IPO Dec 2025) · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.12BRMB -1.7B
2023
RMB 0.44BRMB -1.62B
2024
RMB 1.51BRMB -1B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Customers / end markets

  • Virtual desktop infrastructure / cloud desktop

Competitive position

  • China position: Near frontier.
  • Domestic GPU startup pursuing graphics and AI compute.
  • Primary bottleneck is advanced-node foundry access under export controls and conversion of reported IPO into volume shipments.

Milestones and signals

  • 2026-10-04—Market cap: RMB 185B
  • FY2025—Revenue: RMB 1.5B
  • FY2025—Net Profit: RMB -1.0B

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

Which customers, fabs, or end markets show real adoption rather than policy interest?

Named exposure so far: Virtual desktop infrastructure / cloud desktop.

What is the measurable gap versus global reference companies?

Domestic GPU startup pursuing graphics and AI compute.

Open questions

  • Which products are qualified beyond pilots in fabless?