MetaX Integrated Circuits · 沐曦集成电路（上海）股份有限公司

Fabless

The ‘second stock of domestic GPU’ — STAR IPO 17 December 2025 raised ¥41.97亿 with a +693% first day and ¥330 billion initial cap, the peak moment of the G…
Published

October 11, 2026

Chinese name: 沐曦集成电路（上海）股份有限公司 (Mùxī)

TipWhy This Matters

The ‘second stock of domestic GPU’ — STAR IPO 17 December 2025 raised ¥41.97亿 with a +693% first day and ¥330 billion initial cap, the peak moment of the GPU listing frenzy; FY2025 revenue ¥16.44亿 (+121%) still loss-making (-¥7.89亿). H1 2026 (formal filing, 30 August): revenue ¥13.24亿 (+44.7%) with headline net profit turning positive at ¥6.12亿 — but only because of ¥8.87亿 of non-cash fair-value gains; excluding non-recurring items the company still lost ¥4900万, and gross margin was 57.2%. A tranche of IPO offline-allotment shares (3.49% of the company) came off lock-up on 17 September, and the market cap had eased to roughly ¥2,080亿 by late September. A plan to issue up to 5% new H shares in Hong Kong was announced 12 June 2026, pending CSRC filing. Its C600 fully-domestic-chain closure is the flagship proof that AI chips can be built without TSMC.

What does this firm design?

Data-center GPGPU chips/cards, GPU IP, MetaXLink cluster interconnect, AI software stack. Flagship 曦云C600 — the first high-performance GPU on a fully domestic process chain, with HBM3e and FP8 support, having passed China’s national security-certification (安可) evaluation — entered mass production and delivery in H1 2026 (May); the C700 (H100-class) is in core verification with tape-out targeted within 2026 and volume around H2 2027; MXMACA reports compatibility for 6,000+ CUDA applications.

Key Facts

Category Fabless
Founded 2020
Location Shanghai, Shanghai Municipality
Product Focus Full-stack GPGPU: 曦云C training/inference (C500/C600, C700 in dev), 曦思N inference, 曦索X scientific compute, 曦彩G graphics
Node Sophistication C500 N7-equivalent + HBM2e; C600 domestic advanced node + HBM; C700 targeting ~H100-level (per company statements relayed by 21经济, exact node undisclosed)
Entity List No
Last Verified Newest source dated 26 Mar 2026 (2 sources)

Design Score

4/5

Sources

Back to Design Tracker