A sudden flood of blacklisted Chinese chipmakers in both the GPU and CPU arenas are preparing to IPO over the coming months. The development comes as the rise of AI and U.S. sanctions against China's semiconductor and supercomputer sectors have had a drastic effect on the development of China's semiconductor industry.
On the one hand, companies like Huawei initiated projects to develop advanced fab tools that could eventually replace equipment produced in the U.S. and Europe. On the other hand, over half a dozen GPU companies emerged to develop processors for AI and gaming. Coincidentally, they are all looking forward to going public and making plans for their IPOs.
There are multiple private GPU developers in China, including Biren Technology, DenglinAI, Innosilicon, Illuvatar CoreX (Tianshu Zhixin), MetaX Technology, Moore Threads, and Zhaoxin. Some of these companies — Innosilicon, Moore Threads, and Zhaoxin — are formally focused on gaming GPUs (though it does not mean that their GPUs cannot be used for AI or other data center applications), others — Biren, DenglinAI, Illuvatar CoreX, and MetaX — primarily develop processors for AI and supercomputer applications.
For now, all of these semiconductor companies are private, but for many, this will change soon.
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Some Chinese GPU companies pursue IPO
Perhaps the most promising China-based GPU developer, Biren, remains privately held but has been actively working toward becoming a public company for the last couple of years. It is undergoing the required regulatory guidance process in China, a prerequisite before listing. The timeline and venue (such as Shanghai's STAR Market or Hong Kong) have not been finalized publicly.
Moore Threads is also still private, but it has taken formal steps toward a domestic IPO. In late 2024, it restructured into a joint-stock company, a standard step for firms preparing to go public in mainland China. It is expected to list on one of China's major exchanges, pending regulatory approval.
China’s financial regulator has disclosed that MetaX has finalized the IPO preparation process known as regulatory tutoring, reports TechNode. Over a span of five years, MetaX completed eight investment rounds, securing several billion yuan in total capital. Its estimated market value reached 10 billion yuan (approximately $1.38 billion), according to the 2024 Hurun Unicorn Report.
Zhaoxin, a joint venture between the Shanghai government and Via Technologies, is better known for x86 CPUs with integrated graphics. The company recently applied to list on the Shanghai STAR Market, expected to be completed by mid-2025, which makes it one of the more advanced IPO candidates among China's semiconductor companies. A public offering could occur within the next 12 to 18 months if approvals proceed smoothly.
Biren Technology, Moore Threads, and MetaX are pursuing IPOs primarily to secure substantial funding for continued product development and scaling in a highly capital-intensive industry. All three companies are developing advanced AI and GPU hardware, which demands heavy investment in R&D, silicon validation, software ecosystems, and talent, especially as they aim to rival global leaders like Nvidia.
Beyond funding, public listings also serve strategic and reputational goals. IPOs enable these companies to demonstrate transparency, regulatory compliance, and long-term commitment, thereby positioning them as credible suppliers in China's push for self-reliance in semiconductors. For Moore Threads and MetaX in particular, an IPO can elevate their visibility among enterprise and cloud clients, while Biren may use the opportunity to cement its role as a national AI accelerator champion.
Some developers choose to stay private
Interestingly, other developers are not pursuing an IPO at this time.
Although Illuvatar CoreX launched its AI accelerator several years ago, there has been no confirmed IPO filing as of mid-2025. It continues to operate with private funding, and there are no recent signs that a listing is imminent. The same applies to DenglinAI: the company remains fully private, relying on venture capital and state-affiliated funding. Innosilicon also remains entirely private, and while it has built up a significant IP portfolio (including GPU and memory interface tech), it has not made any public moves toward a stock market listing.
Illuvatar CoreX likely prefers private backing to maintain operational flexibility while refining its server-class inference and training chips rather than meeting the public market's expectations for financial transparency or short-term profitability. DenglinAI, which emphasizes energy-efficient GPGPU architectures and CUDA compatibility, is still in its product scaling phase and may view private funding as more aligned with long R&D cycles and government-aligned procurement models that don’t require public shareholder scrutiny.
By contrast, Innosilicon has long operated as a self-sustaining IP and ASIC design company with stable revenues from licensing and custom silicon design (including crypto, interface IP, and GPUs). Unlike startup-mode chipmakers chasing large capital raises, Innosilicon may not need the capital or visibility that an IPO provides. Remaining private allows this company to avoid the compliance overhead of an IPO, does not disclose details about its plans and technology, and perhaps reduces the risks associated with it, particularly when it comes to the watchful Western eyes that levy sanctions and restrictions.
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