China’s Moore Threads sees 3x revenue surge in 2025

Chinese AI chipmaker Moore Threads expects to report a 3x increase in revenue for 2025, according to a stock exchange filing.

The company, founded in 2020, forecasted revenue between 1.45 billion (US$209 million) and 1.52 billion yuan (US$219 million), up 231% to 247% from 2024.

Its net loss is projected to narrow to between 950 million (US$137 million) and 1.1 billion yuan (US$159 million), compared to 1.6 billion yuan (US$231 million) in the previous year.

The revenue growth is cited to the widespread adoption of its MTT S5000 chip, based on its fourth-generation GPU architecture, Pinghu, which began mass production in 2025.

The company said its GPU clusters support AI model training with trillion-level parameters and have computational efficiency comparable to similar foreign products.

Moore Threads, listed on Shanghai’s Star Market last month, has seen four consecutive years of revenue growth and loss reduction amid China’s efforts to develop a domestic semiconductor industry.

🔗 Source: South China Morning Post

🧠 Food for thought

Implications, context, and why it matters.

This rapid growth is fueled by ex-Nvidia talent and a protected market

Moore Threads moved fast under a founding team led by the former general manager of Nvidia China, with other Nvidia veterans on staff 1.
U.S. export controls cut off many high-end Nvidia graphics processing units (GPUs), which left room for Chinese suppliers such as Moore Threads in a sheltered home market 2.
That shelter helped gross margin jump from negative 70% in 2022 to positive 71% in 2024, which suggests stronger pricing power 3.
The U.S. Department of Commerce Bureau of Industry and Security (BIS) placed Moore Threads on the Entity List, limiting access to U.S.-origin software and technologies 4.

State funding backs a parallel GPU software stack

Moore Threads is also targeting Nvidia’s CUDA software (a widely used Nvidia platform for programming and running workloads on GPUs) by building MUSA, a full-stack alternative with tools that migrate CUDA code 1.
Beijing has funded Moore Threads to build substitutes for Nvidia’s CUDA software 5.
Shanghai’s STAR Market (a Shanghai stock exchange venue focused on strategically important technology firms) cleared the company’s IPO at record speed, reinforcing its place in China’s push for technological independence 2.
Reuters, cited by TrendForce, puts Nvidia’s China share at about 50%, down from 95% four years ago as U.S. export restrictions tightened 3.