On November 20th, Moore Threads released a public announcement, detailing its plans for an initial public offering (IPO) and subsequent listing on the Science and Technology Innovation Board. The company intends to issue 70 million shares, with the stock code designated as '688795'. Both online and offline issuance are slated for November 24, 2025, with each share priced at RMB 114.28. The total expected proceeds from the offering are estimated to reach RMB 8 billion, with a net amount of RMB 7.576 billion after accounting for related expenses. Upon completion of the issuance, the company's total share capital will rise to 470.028217 million shares, projecting an estimated market capitalization of roughly RMB 53.715 billion at the time of listing. Moore Threads' IPO application received the green light from the Shanghai Stock Exchange on September 26th.

According to the disclosed financial data, in the first half of 2025, the company generated revenues amounting to RMB 702 million, surpassing the cumulative revenues of the preceding three years. However, it reported a net loss attributable to shareholders of RMB 271 million during the same period. The company anticipates achieving profitability as early as 2027. Reflecting on past performance, from 2022 to 2024, Moore Threads recorded revenues of RMB 46.088 million, RMB 124 million, and RMB 438 million, respectively, all while operating in a net loss position. Moore Threads primarily focuses on the development and sale of GPUs and related products, and its upcoming listing is widely regarded within the industry as marking the debut of 'China's first homegrown GPU stock'.