Last Updated -
June 16, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Moore Threads Technology Co., Ltd. is a Beijing-based fabless GPU and AI-computing semiconductor company founded in 2020 by Zhang Jianzhong, a former Nvidia China executive. Fabless means the company designs chips, accelerator cards, systems, and software while relying on outside manufacturers for wafer production. Its core business is developing full-function graphics processing units, or GPUs, for AI training and inference, graphics rendering, video, scientific computing, intelligent-computing centers, and digital-office uses.
The company’s main products include MTT S5000 AI training and inference GPU cards, MTT S4000 and S3000 accelerators, KUAE intelligent-computing cluster solutions, MTT X300, S80, S70, and S50 graphics cards, and the MTT AIBOOK AI laptop and edge product. Moore Threads builds these products around its self-developed MUSA architecture and software ecosystem, which is intended to help customers move GPU workloads onto domestic Chinese hardware. Since its founding, the company has expanded from chip and card development into full-stack cluster systems, including a RMB 660 million KUAE intelligent-computing cluster contract announced in March 2026.
Moore Threads listed on Shanghai’s STAR Market in December 2025 under stock code 688795 after raising RMB 8.0 billion, becoming a prominent public-market vehicle for China’s domestic GPU supply chain. Its strategic purpose is tied to building a domestic AI-computing foundation across data centers, large-model platforms, edge devices, graphics, and industrial AI. In Q1 2026, revenue rose 155.35% year over year to RMB 737.6 million, and net profit attributable to shareholders reached RMB 29.36 million, its first quarterly profit since listing. The company still spent heavily on development, with Q1 2026 R&D expense of RMB 369 million and a recurring net loss of RMB 54.28 million, while FY2025 domestic China revenue accounted for 99.87% of total revenue.
Moore Threads is a fabless GPU and AI-computing semiconductor company. It designs chips, accelerator cards, graphics cards, AI cluster systems and software around its self-developed MUSA architecture, while relying on external manufacturing partners rather than owning advanced wafer fabrication.
The company makes money mainly by selling GPU-based AI-computing hardware and full-stack computing solutions to Chinese cloud, AI, industrial and public-sector customers. In Q1 2026, revenue reached RMB 737.6 million, up 155.35% year over year. Net profit attributable to shareholders was RMB 29.36 million, its first quarterly profit since listing, although recurring net loss was still RMB 54.28 million.
Moore Threads’ market position is strongest in China, which is its core market rather than a secondary exposure. Domestic China revenue accounted for 99.87% of FY2025 revenue. Its growth case is tied to Chinese demand for domestic AI-computing infrastructure, especially as U.S. export controls limit access to top-end Nvidia and AMD accelerators.
The company is widely viewed as one of China’s leading domestic GPU challengers, alongside Biren, MetaX and Iluvatar. Its 2025 STAR Market IPO made it China’s first listed domestic GPU stock and raised RMB 8.0 billion for next-generation AI training and inference chips, graphics chips, AI SoC development and working capital.
Moore Threads differs from many Chinese AI-chip peers by pursuing full-function GPUs rather than a narrower AI-accelerator strategy. This gives it a broader product map across AI, graphics, video and general computing, with KUAE adding a cluster-level offering that moves the company beyond discrete cards.
Against Nvidia, Moore Threads remains far smaller and less mature. Nvidia’s CUDA ecosystem, advanced accelerator performance, manufacturing access and global customer base remain major benchmarks. Moore Threads’ competitive advantage is local supply-chain relevance in China, an integrated hardware-software roadmap and alignment with domestic technology self-sufficiency demand.
The company’s main challenges are scale, software adoption and profitability. FY2025 revenue rose 243.37% to RMB 1.5055 billion with an estimated gross margin of 65.57%, but the company remained loss-making for the year. R&D spending was about RMB 1.305 billion in FY2025 and RMB 369 million in Q1 2026, showing that Moore Threads is still in a heavy investment phase while it tries to validate its products at larger commercial scale.
China is Moore Threads’ core market. Domestic revenue accounted for 99.87% of FY2025 sales, making the company primarily a China AI-computing and GPU infrastructure supplier rather than an export-led chip designer. In Q1 2026, revenue rose 155.35% year over year to RMB 737.6 million, and net profit attributable to shareholders reached RMB 29.36 million, its first quarterly profit since listing. The company is fabless, with its China footprint centered on Beijing-based chip design, MUSA software development, accelerator cards, graphics products, and KUAE intelligent-computing cluster solutions. Local strategy focuses on domestic substitution for Nvidia and AMD accelerators, large-model training and inference, public-sector and enterprise computing centers, and full-stack localization through MUSA. A March 2026 RMB 660 million KUAE cluster contract showed progress in system-level sales. Main China competitors include Biren, MetaX, Iluvatar, Huawei Ascend, and imported Nvidia alternatives where available.
Moore Threads entered 2026 with a clearer commercial turning point. Q1 2026 revenue reached RMB 737.6 million, up 155.35% year over year, and net profit attributable to shareholders was RMB 29.36 million, its first quarterly profit since listing. The improvement followed a strong FY2025, when revenue rose 243.37% to RMB 1.5055 billion. The quality of the turn still needs testing. Q1 recurring net loss attributable to shareholders was RMB 54.28 million, and FY2025 remained loss-making because R&D spending was about RMB 1.305 billion, equal to roughly 86.7% of revenue.
Geographic expansion is limited at this stage. FY2025 domestic China revenue accounted for 99.87% of total revenue, so the outlook is mainly a China domestic infrastructure story rather than a global GPU export story.
The future outlook is constructive but high risk. Moore Threads has policy support, a large domestic market, IPO-funded R&D capacity, and early evidence of cluster commercialization. Its next phase depends on whether it converts rapid revenue growth into repeatable gross profit, keeps advancing its chip roadmap under supply constraints, and builds enough software maturity for customers to commit larger production workloads.
This Company Profile was written by Dominik Diemer
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