Two Chinese AI Chip Firms Aim for $1.7 Billion In IPOs Amid U.S. Export Curbs

Two Chinese artificial intelligence chipmakers—Moore Threads and MetaX—have filed plans to raise a combined 12 billion yuan ($1.65 billion) through initial public offerings, banking on increased domestic demand fueled by U.S. trade restrictions, Liam Mo, Che Pan, and Brenda Goh reported for Reuters.

Beijing-based Moore Threads is targeting 8 billion yuan. I Photo: Moore Threads

Moore Threads, based in Beijing, is targeting 8 billion yuan, while Shanghai-based MetaX aims to raise 3.9 billion yuan, both through listings on Shanghai’s STAR Market, a technology-focused board of the Shanghai Stock Exchange.

The IPOs are part of China’s broader push to foster domestic semiconductor champions, especially in graphics processing units (GPUs), which are critical for AI development.

Just last week, Biren Technology, another Chinese AI chipmaker, raised 1.5 billion yuan in new funding and is preparing for a Hong Kong IPO, according to Reuters.

The rush to raise capital comes as the U.S. expands export bans, including a ban in April on Nvidia’s H20 AI chips, and prohibitions since 2024 that prevent Chinese AI chip designers from using leading global foundries like Taiwan Semiconductor Manufacturing Co. (TSMC).