Last Updated -
July 25, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Moore Threads Intelligent Technology (Beijing) Co., Ltd. is a Chinese GPU and AI-computing company founded in 2020 and headquartered in Beijing. The company designs and sells full-function graphics processing units, which are chips built to handle both visual rendering and parallel computing workloads such as AI training and inference. Its products include intelligent-computing clusters, servers, AI modules, AI computing cards, professional and consumer graphics cards, office GPUs, the MUSA software development kit, and AI training and inference software suites.
Moore Threads has developed from a private domestic chip start-up into a listed A-share company on the Shanghai Stock Exchange STAR Market, where it began trading in December 2025 after raising about RMB 8.0 billion in gross IPO proceeds. Its commercial focus is now concentrated in cloud and data-center AI infrastructure rather than consumer graphics, with FY2025 revenue of RMB 1.506 billion, up 243.37% year over year. Cloud products accounted for RMB 1.461 billion of that total, while China generated RMB 1.504 billion of revenue, making the company overwhelmingly a domestic Chinese AI-chip and GPU infrastructure business.
The company’s strategic purpose is to build a domestic full-function GPU platform covering hardware, software, AI computing, graphics rendering, and developer ecosystems. At 2025 year-end, Moore Threads reported 1,854 cumulative patent applications and 646 granted patents, and it said its KUAE ten-thousand-card-class cluster had been deployed with 10 Exa-FLOPS floating-point capability. In Q1 2026, revenue rose 155.35% year over year to RMB 737.6 million and net profit attributable to shareholders was RMB 29.4 million, although profit excluding non-recurring items remained a RMB 54.3 million loss and operating cash flow was negative RMB 1.49 billion as the company spent heavily to expand production.
Moore Threads is a China-based GPU and AI-computing company whose business model is centered on the R&D, design, and sale of full-function GPUs and related hardware and software. The company reports one operating segment focused on GPU and related product R&D, design, and sales. Its commercial focus is data-center and AI infrastructure, while graphics, edge, terminal, and developer software products support a broader domestic GPU ecosystem.
The company’s revenue comes mainly from transferring intelligent-computing clusters, servers, AI computing cards, AI modules, graphics products, and related products to customers. Moore Threads acts as principal when it controls the goods before transfer, while some arrangements are treated as agency sales with revenue recognized on a net fee basis. In FY2025, direct sales generated RMB 1.097 billion and distribution generated RMB 408.6 million, showing a sales model led by direct enterprise and infrastructure customers.
Q1 2026 showed rapid scaling from a low base. Revenue rose 155.35% year over year to RMB 737.6 million. Net profit attributable to shareholders was RMB 29.4 million, compared with a RMB 112.5 million loss in Q1 2025. Core profitability remains less established because net profit excluding non-recurring items was still a RMB 54.3 million loss. Operating cash flow was negative RMB 1.49 billion, mainly due to higher procurement spending to expand production scale, while R&D investment was RMB 369.0 million, equal to 50.03% of revenue.
Moore Threads’ main competitive advantage is its position as one of China’s few domestic full-function GPU companies supporting both graphics rendering and AI computing. That matters in China’s AI infrastructure market, where domestic semiconductor capability and local software ecosystems are strategic priorities. The company also has a substantial patent base, with 1,854 cumulative patent applications and 646 granted patents at the end of 2025, including 590 granted invention patents.
Another advantage is its focus on large-scale AI infrastructure. Moore Threads says its KUAE ten-thousand-card-class cluster has been deployed and put online, with 10 Exa-FLOPS floating-point capability and reported training metrics of 60% MFU for dense large-model training and 40% MFU for MoE model training. Its roadmap includes the fifth-generation Huagang architecture, the planned Huashan AI training and inference chip, and the planned Lushan graphics-rendering chip.
The company’s market position is best understood as an emerging domestic Chinese challenger rather than a global GPU leader. Moore Threads is frequently compared with Nvidia because both address GPUs, AI accelerators, software stacks, and data-center computing. The comparison is useful strategically, but the scale gap is large. Nvidia is the global reference point for AI GPUs and has a far deeper software ecosystem, installed base, customer network, and manufacturing supply chain. Moore Threads is much smaller, newer, and still proving commercial durability, profitability, and production scale.
Direct competitors include Nvidia in global AI GPUs and graphics, along with Chinese AI-chip and GPU peers competing for domestic data-center, inference, training, and graphics workloads. Moore Threads’ differentiation is its full-function GPU positioning, which spans AI compute and graphics instead of focusing only on a narrow accelerator category.
China is the company’s meaningful market. FY2025 domestic revenue was RMB 1.504 billion, while overseas revenue was only RMB 1.9 million. Investor analysis should treat Moore Threads primarily as a China domestic AI-chip and GPU infrastructure company. Its growth depends on Chinese AI-infrastructure spending, domestic replacement demand, software ecosystem progress, and the company’s ability to convert IPO-funded R&D and production expansion into repeatable, profitable sales.
China is Moore Threads’ core market, not a secondary exposure. FY2025 domestic revenue was RMB 1.504 billion, compared with only RMB 1.9 million overseas, making the company an almost pure China AI-chip and GPU infrastructure play. In Q1 2026, revenue rose 155.35% year over year to RMB 737.6 million, driven by larger-scale deployment of cloud and data-center products. Its China strategy centers on domestic GPU substitution, AI-computing clusters, full-function graphics and AI cards, and a local software ecosystem built around the MUSA SDK. The company reports cooperation with more than 200 universities, more than 450,000 Moore Academy developers and learners, and adaptation work for Chinese AI models from DeepSeek, Zhipu, MiniMax, Moonshot AI and Alibaba. Main competitors include Nvidia and Chinese AI-chip peers. Strategic support comes from China’s AI-infrastructure spending and semiconductor self-sufficiency push, although Q1 operating cash flow remained negative at RMB 1.49 billion.
Moore Threads entered 2026 with a sharper growth profile after its December 2025 STAR Market listing and a rapid scale-up in cloud and AI infrastructure products. Q1 2026 revenue reached RMB 737.6 million, up 155.35% year on year, following FY2025 revenue growth of 243.37% to RMB 1.506 billion. The company also reported Q1 2026 net profit attributable to shareholders of RMB 29.4 million, compared with a RMB 112.5 million loss a year earlier. The turning point is still incomplete, since profit excluding non-recurring items remained negative at RMB 54.3 million and operating cash flow was negative RMB 1.49 billion.
The future outlook is tied to whether Moore Threads converts fast revenue growth into repeatable, cash-generating scale. Its strongest opportunities are domestic AI infrastructure, sovereign computing demand and an expanding hardware-software ecosystem. The main test is execution: improving product performance, broadening use cases beyond cloud clusters, reducing losses excluding non-recurring items and managing working-capital demands as production expands.
This Company Profile was written by Dominik Diemer
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