All you need to know about Moore Threads - The Nvidia rival whose IPO got 4,126x subscription

Moore Threads, which launched its $1.1 billion Initial Public Offer last week, has received bids worth more than 4,000 times the total number of shares on offer. The total subscription figure on the retail front ended at 4,127 times. By Hormaz Fatakia A billion-dollar IPO of a Chinese AI company has received bids higher than Nvidia's market capitalization. Moore Threads, which launched its $1.1 billion Initial Public Offer last week, has received bids worth more than 4,000 times the total number of shares on offer. The total subscription figure on the retail front ended at 4,127 times. Based on the subscription figures, the bids from retail shareholders came up to 35.5 trillion Hong Kong Dollars, or $4.54 trillion, higher than Nvidia's market capitalisation, which stood at $4.3 trillion as on Friday's close. The final allocation rate came up to 0.036%, according to reports. Known for producing Graphic Processing Units (GPUs), a product which Nvidia currently has near-monopoly status, Moore Threads was founded in 2020, the year of the Covid-19 pandemic, by former Nvidia China head James Zhang Jianzhong, who spent 14 years at Nvidia before branching out on his own. Moore Threads sold shares at an issue price of 114.28 Yuan, valuing the company at $7.5 billion or 53.7 billion Yuan, raising 8 billion Yuan in fresh capital in the process. The company is still loss making, as it reported a net loss of 271 million Yuan in the first half of 2025, and revenue of 701.8 million Yuan. In its four year history, Moore Threads has already launched four generations of architecture. Despite being part of the US "entity list" since 2022, making it difficult to import western technology, the company has managed to scale with the founder's Nvidia background, along with other ex-AMD engineers being on board. Tencent, ByteDance, GGV Capital, Sequoia China are some of the early backers of the company. China and the US have been locked in the race for AI and the Chinese being in business is evident from the fact that Moore Threads required only 88 days to get a fast-track clearance for its IPO. A specific listing date on the Shanghai STAR market for Moore Threads is yet to be finalized. The AI frenzy in China has been evident with stock prices making disproportionate moves. Cambricon Technologies' shares surged to an extent that the company had to put out a notice to investors stating that their fundamentals do not match the current share price surge. Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!