Last Updated -
October 26, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Moore Threads Technology Co., Ltd. is a Chinese graphics processor company founded in 2020 and headquartered in Beijing. The company designs full-function GPUs, meaning chips built to handle both AI computing and graphics workloads, rather than serving only one narrow accelerator role. Its products include GPU and AI computing cards, graphics cards, servers, cluster systems, MUSA software tools, virtualization software, and MTT KUAE full-stack AI data-center solutions.
Moore Threads has developed from a start-up GPU designer into a listed semiconductor and AI infrastructure company, with its shares trading on the Shanghai Stock Exchange STAR Market under code 688795 since December 2025. Its MUSA architecture is positioned as a CUDA-comparable software ecosystem, including compilers, debuggers, performance tools, and AI operator libraries that help developers move workloads onto its chips. The company’s strategic purpose is to provide a domestic Chinese alternative for GPU acceleration, AI training and inference, 3D rendering, video processing, scientific computing, digital twins, and cloud or desktop graphics use cases.
Moore Threads is closely tied to China’s demand for local AI computing supply, especially among data centers, internet companies, telecom operators, government and enterprise customers, and scientific computing users. In H1 2026, revenue reached RMB 1.736 billion, up 147.42% year over year and already above full-year 2025 revenue of RMB 1.506 billion. Its net loss attributable to shareholders narrowed to RMB 11.563 million in H1 2026, while operating cash flow remained negative at RMB 2.169 billion, reflecting heavy investment and working-capital needs. In Q1 2026, revenue was RMB 737.596 million, up 155.35%, and R&D spending was RMB 369.024 million, equal to about 50% of quarterly revenue.
Moore Threads is a China-based full-function GPU company that makes money by selling GPU chips and cards, AI computing cards, servers, cluster systems, and related software tools. Its model is product-led rather than advertising-led or internet-platform-based, with demand tied to AI infrastructure buildout, domestic GPU substitution, and enterprise adoption of its MUSA software ecosystem.
The company’s latest reported growth shows rapid commercialization from a still early base. Revenue reached RMB 1.736 billion in H1 2026, up 147.42% year over year and already above full-year 2025 revenue of RMB 1.506 billion. Q1 2026 revenue was RMB 737.596 million, up 155.35% year over year. Moore Threads reported H1 2026 net loss attributable to shareholders of RMB 11.563 million, sharply narrower than the prior year, while adjusted losses and cash burn remained meaningful. H1 2026 operating cash flow was negative RMB 2.169 billion.
China is Moore Threads’ core market and strategic base. The company is headquartered in Beijing, listed on the Shanghai STAR Market, and its disclosures focus on Chinese AI infrastructure, telecom, internet, government, enterprise, and domestic computing customers. Its growth thesis is closely linked to China’s need for local GPU supply amid AI compute demand, localization policies, and restrictions affecting access to advanced foreign GPUs.
Moore Threads positions itself as one of the few Chinese companies able to mass-produce and sell full-function GPUs that cover both AI compute and graphics workloads. That breadth differentiates it from many domestic AI accelerator peers that focus more narrowly on data-center inference or training. The company’s H1 2026 disclosures cite large-scale KUAE training validation, stronger data-center demand, stable supply, and deeper penetration into internet and telecom customers as signs of improving market acceptance.
The company’s main competitive advantage is vertical scope across GPU hardware, cluster systems, and software. MUSA is positioned as a CUDA-comparable development ecosystem, which matters because software compatibility and developer familiarity shape GPU purchasing decisions as much as raw chip performance. Moore Threads also benefits from domestic-substitution demand in China, where customers value local supply, policy alignment, and reduced reliance on foreign GPU vendors.
Its direct competitors include NVIDIA and AMD globally, plus Chinese AI and GPU developers such as MetaX, Iluvatar CoreX, Enflame, and Biren-type domestic accelerator companies. NVIDIA remains the clearest global benchmark because it combines leading data-center GPUs with CUDA, networking, systems, and a mature developer ecosystem. Moore Threads is far smaller, less profitable, and less proven at scale, but it occupies a strategically important position in China as a domestic alternative for AI compute and graphics acceleration.
Moore Threads strengthened its capital-market profile through its December 2025 STAR Market listing under ticker 688795, raising about RMB 8 billion. As of October 2026, the Shanghai Stock Exchange profile listed total share capital of 470.0282 million shares, including 56.0 million unrestricted tradable A shares. The company also disclosed in August 2026 a plan to issue H shares and seek a Hong Kong Main Board listing, which would broaden capital access if completed.
Recent strategic developments point to a broader demand pipeline. In September 2026, Moore Threads announced deep cooperation with JD Cloud and a planned domestic intelligent-computing cluster with up to 100,000 cards. The company also reported ecosystem and application progress with China Mobile cooperation, DeepSeek model adaptation, life-science workflow support, embodied-AI work, AIOS 1.6.0, and domestic computing-center deployment in Wuxi Huishan.
Moore Threads’ market position is promising but high risk. Revenue growth is strong, and the company has moved close to reported breakeven on an attributable net-profit basis in Q1 and H1 2026. At the same time, Q1 2026 R&D spending was RMB 369.024 million, equal to 50.03% of revenue, adjusted losses persisted, and operating cash flow remained deeply negative. The company must prove that MUSA adoption, KUAE cluster deliveries, and domestic customer expansion translate into sustainable margins against global incumbents and increasingly competitive Chinese GPU peers.
China is Moore Threads’ core market, headquarters base and strategic reason for being. The company sells domestic full-function GPUs, AI computing cards, servers, KUAE clusters and MUSA software into Chinese AI infrastructure, telecom, internet, government and enterprise localization projects. Q1 2026 revenue was RMB 737.6 million, up 155.35% year over year, and H1 2026 revenue reached RMB 1.736 billion, already above full-year 2025 revenue. The company attributes growth to full-function GPU demand, stable supply and faster KUAE commercialization. Its local strategy centers on replacing foreign GPU dependence with a CUDA-comparable MUSA ecosystem, virtualization tools and cloud-native management software. Partnerships are increasingly important, including China Mobile ecosystem work and a September 2026 JD Cloud cooperation plan for a domestic AI-computing cluster with up to 100,000 cards. Main competitors include NVIDIA, AMD, MetaX, Iluvatar CoreX, Enflame and Biren-type domestic accelerators.
Moore Threads entered 2026 with a clearer commercial inflection than in prior years. H1 2026 revenue reached RMB 1.736 billion, up 147.42% year over year and already above FY2025 revenue of RMB 1.506 billion. Q1 2026 revenue rose 155.35% to RMB 737.596 million, while net profit attributable to shareholders turned positive at RMB 29.359 million compared with a RMB 112.488 million loss a year earlier. The improvement shows stronger demand for domestic GPU capacity, especially in AI infrastructure. Profitability is still incomplete, since Q1 adjusted net loss was RMB 54.282 million and H1 adjusted net loss was RMB 151 million.
Geographic expansion is primarily domestic rather than overseas. The company’s growth thesis is tied to China’s AI infrastructure buildout, localization requirements and restricted access to some foreign advanced GPUs. Its planned H-share issuance and Hong Kong Main Board listing would improve capital access and investor visibility, but the operating base remains China-centered.
Moore Threads’ outlook is stronger than it was at IPO, with revenue scaling quickly and losses narrowing. The next phase depends on turning cluster demand into repeatable deliveries, improving adjusted profitability and proving that MUSA gains enough developer and enterprise adoption to support durable share in China’s GPU market.
Next Earnings Planned for:
October 29, 2026
This Company Profile was written by Dominik Diemer
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