Earlier this month another China GPU startup, Moore Threads, raised $1.13 billion in an IPO on the Shanghai STAR market. Subsequent trading pushed the shares up over 400% giving it a market cap of over $40 billion.
In capital raises in May and October, Cambricon Technologies, a Chinese AI accelerator IC specialist, raised $1.4 billion giving it a market cap of $90 billion.
MetaX was founded five years ago by ex-AMD engineers including Chairman and CEO Chen Weiliang. It is currently loss-making. The company claims to have about a 1% share of China’s AI market.
MetaX, Moore Threads and Cambricon are seen by investors as China’s answer to Nvidia. Others are in the IPO pipeline.
Earlier this week, AI chip companies Biren Technology and Baidu subsidiary Kunlunxin, announced plans to IPO on the Hong Kong exchange.
Another Chinese AI compsny, Enflame, has hired Citic Securities to prepare for a flotation.
