Oct 24, 2025

China’s MetaX Wins IPO Nod as AI Chipmakers Race to Go Public 00:00 The MetaX booth at the World Artificial Intelligence Conference in Shanghai on July 6, 2023. Chinese graphics processing unit (GPU) developer MetaX Integrated Circuit Co. Ltd. has received approval for an IPO on Shanghai’s STAR Market, moving a step closer to becoming the latest domestic AI chipmaker to go public. The green light, announced Friday by the Shanghai Stock Exchange, comes as MetaX faces deep financial losses and navigates an increasingly complex U.S. sanctions environment. The company plans to raise 3.9 billion yuan ($548 million) to fund research and development of high-performance GPUs, according to its prospectus. You've accessed an article available only to subscribers Subscribe to both Caixin Global and The Wall Street Journal — for the price of one. Disclaimer This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail. RELATED Share this article DIGEST HUB Explore the story in 30 seconds MetaX Integrated Circuit Co. Ltd. received IPO approval on Shanghai’s STAR Market, aiming to raise 3.9 billion yuan ($548 million) for GPU R&D. The company faces deep losses (3.1 billion yuan since 2022) and U.S. export bans, and is shifting to a domestic supply chain for future chips. MetaX’s move highlights intense competition among Chinese AI chipmakers amid Beijing’s tech self-sufficiency push and tightening U.S. sanctions. AI generated, for reference only Who’s Who MetaX Integrated Circuit Co. Ltd. MetaX Integrated Circuit Co. Ltd. (芯动科技) is a Chinese GPU developer that has received approval for an IPO on Shanghai’s STAR Market. Founded in 2020 by former AMD executives, MetaX aims to raise 3.9 billion yuan to fund high-performance GPU R&D. The company faces significant financial losses and U.S. sanctions, which halted production of its C500 chips. MetaX is developing the C600 and C700 chips using a domestic supply chain with the C600 slated for mass production in Q1 2026. Moore Threads Intelligent Technology (Beijing) Co. Ltd. Moore Threads Intelligent Technology (Beijing) Co. Ltd. is a Chinese GPU developer. It received approval for its IPO in September, prior to MetaX's approval. Moore Threads is mentioned in the context of other domestic GPU developers seeking listings amidst China's drive for technological self-sufficiency in AI chips. Enflame Technology Co. Ltd. Enflame Technology Co. Ltd. (燧原科技) is a Chinese domestic GPU developer. The company is actively moving towards an initial public offering (IPO), following in the footsteps of rivals like MetaX and Moore Threads. This trend is part of a broader push among Chinese AI chip startups to raise capital and achieve technological self-sufficiency amid U.S. export curbs. Shanghai Biren Technology Co. Ltd. Shanghai Biren Technology Co. Ltd. is a Chinese domestic GPU developer. The company is actively pursuing an IPO, alongside other homegrown AI chip startups, amidst China's push for technological self-sufficiency. This move aims to secure capital and develop domestic alternatives to U.S. giants like Nvidia. Cambricon Technologies Corp. Ltd. Cambricon Technologies Corp. Ltd. (**寒武纪**) is mentioned as a listed peer whose shares briefly soared, making it the priciest stock on China's A-share market. This reflects investor enthusiasm for homegrown AI chips amid China's push for technological self-sufficiency. AI generated, for reference only Subscribe to unlock Digest Hub