Moore Threads
Moore Threads Technology Co. Ltd (摩尔线程) is a Chinese fabless semiconductor company specializing in full-featured graphics processing unit (GPU) design. Founded in October 2020 by Zhang Jianzhong, a former global vice president and general manager of Nvidia's China business, the company develops GPUs built on its proprietary MUSA (Moore Threads Unified System Architecture) programming model, positioned as a domestic Chinese alternative to Nvidia's CUDA. Its products span consumer and workstation graphics cards (MTT S60, S80) and data-center / AI training and inference accelerators (MTT S2000). The company was added to the U.S. Bureau of Industry and Security Entity List in October 2023 and listed on the Shanghai Stock Exchange STAR Market on 5 December 2025, becoming China's first publicly listed GPU company.
Public Company
Moore Threads is publicly traded
This company is no longer available on our private secondary market. Shares can be traded publicly under its listed ticker.
Overview
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2020
Employees
1,001–5,000
Total Funding
$673M
7 rounds
Secondary Signals (Note: SetterVC does not verify the accuracy of these)
1 signalBoard approved plan to issue H shares and pursue a second listing on the Hong Kong Stock Exchange main board.
A planned dual listing would add a second liquidity venue and cross-border investor access.
Funding
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Total raised $673M across 7 rounds
Last updated 09-04-2026
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| Dec 2024 | Pre-IPO | $718M | $4.1B | Not disclosed |
| Oct 2023 | Series B+ | Not disclosed | $3.4B | Houxue Capital, Zhonghe Capital |
| Dec 2022 | Series B | $216M | $3.45B | China Mobile Digital New Economy Industry Fund, Harmony Health Insurance |
Valuation Trajectory
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Entry · Pre-Series A
$570M
Feb 2021
Moore Threads today
$4.1B
Dec 2024 · latest mark
Moore Threads multiple
7.2x
valuation uplift since first round
Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.
Prominent Investors
Leadership
Zhang Jianzhong
Founder & CEO
Zhang Yubo
Co-Founder
Competitors
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Biren Technology
Shanghai-based designer of general-purpose GPUs for AI training and inference, and one of the domestic challengers listed alongside Moore Threads in coverage of China's GPU IPO wave.
MetaX Integrated Circuits
Shanghai GPU startup that filed for a STAR Market IPO in mid-2025 at the same time as Moore Threads, building full-function GPUs for AI compute and graphics.
Enflame Technology
Shanghai designer of AI training and inference accelerators, backed by Tencent, and a direct competitor in China's domestic data-centre AI chip market.
Cambricon Technologies
Beijing AI chip designer listed on the STAR Market since 2020, and the domestic AI-accelerator benchmark against which Moore Threads' listing was measured.
Nvidia
The incumbent GPU and AI accelerator vendor whose CUDA ecosystem Moore Threads' MUSA architecture is explicitly positioned as a domestic Chinese alternative to.
Moore Threads Investment FAQ
Moore Threads FAQ
Moore Threads listed on the Shanghai Stock Exchange's STAR Market on 5 December 2025 under the ticker 688795, selling 70 million new shares at CNY 114.28 for net proceeds of about CNY 7.58bn (~US$1.07bn) — the STAR Market's largest IPO of 2025 and the first listing by a Chinese GPU designer. The stock closed its first day at CNY 600.50, more than five times the offer price, valuing the company above CNY 300bn. On 9 August 2026 the board approved a plan to issue H shares and seek a second listing on the main board of the Hong Kong Stock Exchange; no timetable or offering size has been set.
Moore Threads shares can be purchased through any standard brokerage account — including Fidelity, Charles Schwab, TD Ameritrade, and online platforms like Robinhood or E*TRADE. Search for the ticker to place an order.
Moore Threads raised $673M across 7 disclosed funding rounds prior to its public listing.
Moore Threads was co-founded by Zhang Jianzhong, and Zhang Yubo in 2020.
Moore Threads is headquartered in Beijing, China.
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