Moore Threads Has Revenue. Now Comes the Test
China’s domestic GPU story has moved beyond the IPO. The next question is revenue quality, software adoption, and repeat demand.
When I wrote about Moore Threads in September 2025, the IPO was the signal. China was using capital markets to buy time for a domestic GPU champion.
That was the point of the listing. The STAR Market gave Moore Threads public capital, legitimacy, and a policy-aligned financing channel at a moment when US export controls were forcing Chinese customers to take domestic AI chips more seriously.
Now the question has changed.
Moore Threads is no longer being judged only by prospectus language, order pipelines, or the symbolism of becoming China’s first listed domestic GPU champion. Its latest annual report and first-quarter results move the company into a more concrete test: whether a state-backed capital-market story is beginning to turn into a real chip business.
The headline numbers are strong. Moore Threads reported 2025 revenue of RMB 1.51 billion, up 243.37% from 2024. Its first-quarter 2026 revenue reached RMB 738 million, up 155.35% year-on-year. The company also reported a small quarterly net profit attributable to shareholders, at RMB 29.36 million.
That is the new story. The old question was whether China could fund a domestic GPU challenger. The new question is whether Moore Threads can convert substitution demand into repeatable chip economics.
From IPO signal to revenue proof
The most important number in the new disclosure is revenue.
Moore Threads generated RMB 1.51 billion in 2025 revenue, compared with RMB 438 million in 2024. Gross profit reached RMB 987 million, with a reported gross margin of 65.57%.
This matters because the September IPO story still carried a large conversion risk. The prospectus and market narrative pointed to a large order pipeline, but many of those orders still needed to move from intention, testing, or phased evaluation into actual revenue. The old article identified this as one of the central execution risks.
The new report suggests that part of that pipeline is now entering the income statement.
The revenue mix also points in the right strategic direction. In 2025, cloud products contributed RMB 1.46 billion of revenue, while edge and terminal products contributed only RMB 25.51 million. Moore Threads is no longer mainly a consumer GPU or graphics-card story. It is increasingly an AI compute infrastructure story.
That is important for investors and strategists. A Chinese domestic GPU company cannot justify a sovereignty premium through gaming cards. It has to become relevant to AI training, inference, cloud infrastructure, and large-scale computing clusters.
The March 2026 RMB 660 million KUAE intelligent-computing cluster order reinforces that direction. It suggests Moore Threads is selling larger systems, not only discrete chips or cards.
There is still a limit to what the revenue proves. RMB 1.51 billion is meaningful for a young Chinese GPU company. It is still small relative to the valuation now attached to the company and small relative to the infrastructure ambition implied by the Nvidia comparison.
Revenue proof has arrived. Platform proof has not.
The rest of this analysis covers the profit quality behind the headline, what a 200x revenue multiple actually prices, and where Moore Threads stands in building a software ecosystem that matters.
