Moore Threads

摩尔线程 / 摩尔线程智能科技（北京）股份有限公司

A Beijing-based fabless GPU designer supplying AI accelerators, servers, and computing clusters built around its proprietary MUSA software ecosystem for domestic Chinese deployments.

SSE: 688795 (STAR Market, A shares)
Profile as of September 12, 2026
#57 in the AsiaAI Tech Index
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Moore Threads is important to China's domestic AI-computing supply chain, offering full-function GPUs and integrated clusters. The central tension is between credible product progress and a business that remains loss-making, highly concentrated among customers, and dependent on opaque external manufacturing.

Key figures

Revenue FY2025: Chinese yuan 1.506 billion
Revenue growth FY2025: 243.37%
Operating margin FY2025: -68.45%
Net income FY2025: Negative Chinese yuan 1.001 billion
R&D spend FY2025: Chinese yuan 1.305 billion
Capital expenditure FY2025: Not disclosed
Market capitalization 2026-09-11: Chinese yuan 168.2 billion Estimate
Gross margin FY2025: 65.57%
Cloud products revenue share FY2025: Approximately 97%
Top five customer concentration H1 2025: 98.29%
Granted patents 2025-12-31: 646

Overview

Moore Threads was founded in 2020 and listed on the Shanghai Stock Exchange STAR Market in December 2025. It is a fabless semiconductor company that designs full-function GPUs combining AI acceleration, graphics rendering, physical simulation, and scientific computing within a single architecture. This approach distinguishes it from domestic peers that focus strictly on neural-network ASICs.

The company supplies its GPUs through MTT series accelerator cards, D800 AI servers, and KUAE computing clusters. Its proprietary MUSA software platform includes drivers, compilers, and migration tools designed to reduce the friction of porting software from CUDA-oriented environments. While it has demonstrated system integration capabilities, its market share in China's GPU market remained below 1% in 2024.

The AI angle

Moore Threads generates AI revenue directly through the sale of cloud accelerator cards, servers, and KUAE clusters used for model training and inference. Cloud products accounted for approximately 97% of its FY2025 revenue, reaching Chinese yuan 1.46 billion. Its flagship MTT S5000 card provides up to 1,000 TFLOPS of dense AI compute and supports precision formats from FP8 through FP64.

The company emphasizes system-level engineering for large-model training. It states that its KUAE clusters can scale to 10,000 GPUs, though its largest delivered cluster had 2,048 cards as of mid-2025. Its MUSA software ecosystem supports adaptation and testing for major domestic AI models, including those from DeepSeek, Alibaba, Zhipu AI, MiniMax, and Moonshot AI. This compatibility is a technical relationship rather than evidence of major procurement, but it demonstrates the hardware's utility for domestic AI infrastructure.

Technology and moat

The company's primary technical asset is its full-function GPU architecture and the accompanying MUSA software stack. Replicating this requires developing chip microarchitecture, graphics drivers, compilers, deep-learning libraries, framework adapters, and cluster scheduling software. The MUSA platform includes the MUSIFY migration tool and PyTorch extensions, which lower the barrier to replacing established development environments.

Despite these capabilities, Moore Threads remains behind Nvidia in software maturity, global developer adoption, and ecosystem lock-in. Its strongest demonstrated capability is system integration around domestic AI infrastructure rather than wafer-manufacturing scale. By the end of 2025, the company held 646 granted patents, including 590 invention patents.

Five-pillar assessment

Scale and market position: A domestic Chinese GPU designer with rapid revenue growth but less than 1% of China's GPU market in 2024 and a highly concentrated customer base.
Technology and R&D: Offers full-function GPUs and the MUSA software stack, supporting large-model training and inference, though it trails Nvidia in ecosystem maturity.
Supply-chain centrality: Partners with major Chinese model developers for software adaptation, but relies entirely on undisclosed external foundries and packaging providers.
Financial momentum: Experiencing triple-digit revenue growth driven by domestic AI procurement, offset by substantial operating losses and negative cash flow.
Governance and quality: Founder-led public company with state-linked investors, utilizing disclosure exemptions that obscure key supply-chain and customer details.

Supply chain and relationships

As a fabless designer, Moore Threads depends entirely on external suppliers for wafer fabrication, advanced packaging, testing, and board production. It also relies on third-party memory, servers, networking equipment, and optical modules to build its clusters. The company does not disclose its core production suppliers, citing trade-secret exemptions, though industry research reports Semiconductor Manufacturing International Corporation as a foundry provider.

On the customer side, revenue is highly concentrated. The top five customers accounted for 98.29% of main-business revenue in the first half of 2025. Named end users include China Mobile, which deploys MTT S3000 cards in commercial cloud-PC projects, and China Postal and Telecommunications Appliances Group.

Customers

China MobileUses MTT S3000 in commercial cloud-PC deployments
China Postal and Telecommunications Appliances GroupPurchased an AI-computing cluster for chip simulation

Suppliers

Semiconductor Manufacturing International CorporationReported foundry provider using 14 nm FinFET and mature nodes

Partners

DeepSeekMUSA adaptation for V3/R1 training and inference
AlibabaMUSA supports Qwen3 and Wan model adaptation
Zhipu AIMUSA supports GLM-4.5, GLM-4.6 and GLM-4.7 adaptation
MiniMaxModel developer supported through the MUSA ecosystem
Moonshot AIModel developer supported through the MUSA ecosystem
TencentGuangxi Tencent Venture Capital is a shareholder

Competitors

NVIDIAInferredLeading global GPU and AI infrastructure supplier
HuaweiInferredAscend AI accelerators compete in domestic procurement
CambriconInferredDomestic supplier of AI chips, boards, and systems
MetaXInferredDomestic data-center GPU competitor
Biren TechnologyInferredDomestic data-center GPU competitor
AMDInferredInternational GPU alternative

Geopolitics and risk

Moore Threads faces significant supply-chain risks due to US export controls. As a fabless designer, it relies on manufacturing, packaging, memory, and networking inputs that are vulnerable to restrictions on advanced semiconductor technology flows into China. The company has acknowledged trade friction and external supply-chain constraints as factors shaping its product allocation and business strategy.

Its domestic focus provides a partial buffer, as Chinese procurement policies increasingly favor local AI-compute alternatives. However, the company must compete with other domestic providers like Huawei Ascend and Cambricon for these projects. Its lack of proprietary fabrication or advanced-packaging operations means production depends on external vendors whose identities and capacity commitments remain undisclosed.

Risk matrix
Risk	Severity	Why it matters
US export-control exposure	High	Constrains advanced semiconductors and related technology flows into China.
Entity-list and sanctions risk	High	Trade friction and supply limitations shape product allocation and strategy.
Foundry and packaging dependence	High	Production depends on external vendors whose identities are not publicly disclosed.
Customer concentration	High	Top five customers accounted for 98.29% of main-business revenue in H1 2025.
Software ecosystem gap	High	Nvidia's CUDA ecosystem remains materially deeper in global developer adoption.
Losses and operating-cash consumption	High	Rapid revenue growth has not yet created self-funded operations.
Inventory obsolescence	Medium	Older inventory carries impairment provisions above 90%.
China AI-procurement cycle	Medium	Cluster purchases depend on specific project approvals, creating uneven revenue.

Governance and ownership

Moore Threads is an independent public company with a founder-led governance structure. Founder Zhang Jianzhong serves as chairman, general manager, and legal representative. The company is not state-owned, though its shareholder base includes state-linked regional funds, China Mobile's digital-economy fund, and Shenzhen Capital Group, alongside private venture investors and Tencent-affiliated entities.

The company's FY2025 financial statements received a standard unqualified audit opinion from Ernst & Young Hua Ming LLP. It utilizes legally permitted disclosure exemptions for information involving state or commercial secrets, which limits visibility into its named customers, suppliers, and specific production details.

What to watch

Whether FY2026 revenue maintains growth after first-half revenue exceeded FY2025 full-year revenue.
Whether the Huagang-based Huashan AI chip reaches commercial sampling and mass production.
Whether MTT S5000 and subsequent products win repeat AI-cluster orders.
Whether Moore Threads converts MUSA model adaptation into recurring deployments.
Whether gross margin remains near the FY2025 level of 65.57% as sales broaden.
Whether the proposed Hong Kong listing proceeds and expands funding capacity.

Recent developments

August 9, 2026Reported first-half 2026 revenue of Chinese yuan 1.736 billion and considered an H-share listing in Hong Kong.
May 2026Presented a cloud-edge-device product matrix and stated plans to build three AI Factories.
April 24, 2026Signed its FY2025 annual report, reporting Chinese yuan 1.506 billion revenue and a 65.57% gross margin.
December 5, 2025Listed on the Shanghai Stock Exchange STAR Market under ticker 688795.
December 2025Held its first MUSA Developer Conference and launched the Huagang GPU architecture.
July 2025Introduced its AI Factory concept and emphasized system-level engineering for large-model training.

Coverage on AsiaAI.FYI

Japan’s AI Shift: Chip Woes, Automation Hopes, & Cloud Expansion June 21, 2026

Guides that cover Moore Threads

Asia AI Chips and Hardware

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 12, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Audited FY2025 financial, governance, and product disclosures are strong, but visibility into current supplier identities, customer revenue shares, and specific production details is limited by disclosure exemptions.

Main sources: Audited FY2025 annual report; Shanghai Stock Exchange IPO review responses; Company product and corporate materials; Market-data sources; Financial press and industry reporting.

All 53 sources

Position in the AI stack

Designs fabless full-function GPUs and AI SoCs, sold through accelerator cards, servers, and AI-computing clusters for model training and inference.

Legal name: Moore Threads Technology Co., Ltd.
Headquarters: Beijing, People's Republic of China
Founded: 2020
Founders: Zhang Jianzhong / 张建中
Leadership: Zhang Jianzhong / 张建中, Chairman and General Manager
Ownership: Publicly listed
Listings: SSE: 688795 (STAR Market, A shares)
Business: Fabless GPU and AI accelerator design
Sector: Chip Design
Servers, PCs & ODMs
Website: mthreads.com