Two Chinese graphics chip startups, Moore Threads and MetaX, are aiming to raise a combined $1.65 billion via listings on Shanghai’s tech-focused STAR Market, according to a Reuters report.
The move comes as US export controls on advanced semiconductors spur efforts to strengthen China’s domestic capabilities in AI chipmaking.
Moore Threads, based in Beijing, is seeking $1.1 billion, while Shanghai-based MetaX plans to raise $540 million, according to filings.
Both firms have flagged US sanctions as a risk but also as a catalyst for growth, as restrictions on imports push Chinese customers towards home-grown alternatives.
Founded in 2020 by veterans of Nvidia and AMD, respectively, the two companies have posted significant losses in recent years due to heavy R&D spending.
Still, analysts say access to capital markets is vital if China’s GPU makers are to scale production and compete with global rivals such as Nvidia, which has been barred from selling key chips to China.