As the "pioneer stock of domestically produced GPUs," Moore Threads showcased an impressive performance following its debut on the Science and Technology Innovation Board. Its initial share price soared by a staggering 468.8%, ultimately closing at 600.5 yuan per share and achieving a market capitalization of 282.252 billion yuan. With an issue price set at 114.28 yuan per share, the offering attracted approximately 4.83 million valid online subscription accounts, yet the success rate for winning shares was a mere 0.036%. Many fortunate applicants reaped substantial rewards, with each winning lot translating to a profit of 270,000 yuan. Consequently, founder Zhang Jianzhong witnessed his net worth surge by over 20 billion yuan, while early investors also enjoyed significant returns.

However, the market has voiced concerns, highlighting that the company's price-to-sales ratio stands at an alarming 298 times, nearly triple that of Cambricon. This suggests that the current share price has vastly overextended expectations for future growth, posing risks of valuation bubbles and subsequent corrections. Between 2022 and 2024, the company has consistently reported losses, with projected revenue for 2025 estimated to range between 1.5 billion and 1.98 billion yuan. Profitability is not anticipated until at least 2027. Furthermore, several domestic GPU companies are gearing up for public listings, intensifying the capital competition surrounding domestically produced high-end chips.