Companies / MetaX
GPU maker
MetaX
State of play as of
A GPU company founded by three AMD veterans, listed on Shanghai’s growth tier for unprofitable firms, and repriced nearly eightfold on its first day of trading.
MetaX is the sharpest illustration of what China’s public markets decided a domestic GPU is worth. It went public in December 2025 under the STAR Market’s growth tier, the designation reserved for companies that are not yet profitable, and closed its first session up almost 693 percent. Six months later, having just raised at that multiple, it filed confidentially for a second listing in Hong Kong. That sequence is the interesting part: a company priced for a decade of growth still wanted another currency within half a year. We track what MetaX ships, what it earns, and what its two listings are actually for, with dates and sources.
Fast facts
- Founded
- 2020, Shanghai.
- Founders
- Three veterans of AMD: chairman Chen Weiliang and co-chief technology officers Peng Li and Yang Jian.SCMP, company filings
- Public listing
- Listed on Shanghai’s STAR Market on 17 December 2025 under the growth tier, the designation for companies that are not yet profitable.Shanghai Stock Exchange filings, SCMP
- Debut
- Closed the first day at 829.90 yuan against a 104.66 yuan offer price, up just under 693 percent, taking the market value above 332 billion yuan. It raised about 4.197 billion yuan (US$585.8 million per the Taipei Times) from 40.10 million shares.SCMP, Taipei Times, prospectus
- Products
- The C500, which reached mass production after a single tapeout, and the C600, launched in 2025 with HBM3e memory and 8-bit float support and reported in mass production from the first quarter of 2026. The C500 series was about 98 percent of revenue in 2024.Company materials, SCMP
- Financials
- Revenue rose more than 450 percent year on year to about 1.2 billion yuan over the first nine months of 2025, with losses narrowing 55.8 percent to about 345.5 million yuan. Not yet profitable.Company filings, via SCMP
- Second listing
- Confidentially filed for a Hong Kong listing, reported in June 2026, working with Huatai International and targeting an IPO by the end of 2026. It said in a filing it would issue H shares equal to no more than 5 percent of enlarged capital.SCMP, company filing
The state of play
MetaX confidentially filed for a Hong Kong listing, working with Huatai International and targeting an IPO by the end of 2026, six months after its Shanghai debut. In a filing the company said it planned to issue H shares equal to no more than 5 percent of its enlarged capital, with proceeds going to next-generation GPU development, its software ecosystem, supply-chain investment and possible acquisitions. Capping the offer that low says the purpose is not the raise: a Hong Kong line gives a mainland chip company hard currency for overseas suppliers and a shareholder base whose pricing does not depend on mainland retail enthusiasm. Because the filing is confidential, no prospectus, terms or audited figures are on the public record.
MetaX listed on Shanghai’s STAR Market on 17 December 2025 and closed its first session at 829.90 yuan against a 104.66 yuan offer price, up just under 693 percent, lifting its market value above 332 billion yuan and making chairman Chen Weiliang a billionaire several times over on paper. It raised about 4.197 billion yuan (US$585.8 million per the Taipei Times) from 40.10 million shares. It was the second Chinese GPU maker to go public in twelve days, after Moore Threads on 5 December, and the sharper of the two debuts. The detail that frames it: MetaX listed under the STAR Market’s growth tier, the category for companies that have not reached profitability, and its first-nine-months 2025 revenue was about 1.2 billion yuan against a loss of roughly 345.5 million.
MetaX’s product line rests on two parts. The C500 reached mass production after a single tapeout, which is unusual and is the company’s main engineering claim, and accounted for about 98 percent of revenue in 2024. The C600, launched in 2025 with HBM3e memory and 8-bit float support, is the part that matters for competing on current-generation AI workloads and was reported to enter mass production in the first quarter of 2026. The concentration is the risk the filings make plain: a company whose revenue is almost entirely one product is exposed to a single supply chain, and HBM3e is not something China makes at volume.
Common questions
What is MetaX?
MetaX (沐曦) is a Shanghai general-purpose GPU designer founded in 2020 by three veterans of AMD: chairman Chen Weiliang and co-chief technology officers Peng Li and Yang Jian. It builds general-purpose GPUs for AI training and inference, principally the C500 and the newer C600, and listed on Shanghai’s STAR Market in December 2025.
How much did MetaX stock rise on its debut?
MetaX closed its first day of trading on 17 December 2025 at 829.90 yuan against a 104.66 yuan offer price, a gain of just under 693 percent, which took its market value above 332 billion yuan. It raised about 4.197 billion yuan, US$585.8 million per the Taipei Times, from 40.10 million shares. It listed under the STAR Market’s growth tier, the designation for companies that are not yet profitable.
Is MetaX listing in Hong Kong?
It has filed confidentially. Reporting in June 2026 said MetaX filed for a Hong Kong listing with Huatai International and is targeting an IPO by the end of 2026, planning to issue H shares equal to no more than 5 percent of its enlarged capital. Because the filing is confidential, no prospectus or terms are on the public record, and the timing is a target rather than a schedule.
What is the MetaX C600?
The C600 is MetaX’s third flagship GPU, launched in 2025 with HBM3e memory and support for 8-bit floating point, and reported to have entered mass production in the first quarter of 2026. It is the part MetaX needs for current-generation AI training and inference work. Its predecessor, the C500, reached mass production after a single tapeout and made up about 98 percent of the company’s 2024 revenue.
Is MetaX profitable?
No. MetaX listed under the STAR Market growth tier, which is the designation for companies that have not reached profitability. Over the first nine months of 2025 its revenue rose more than 450 percent year on year to about 1.2 billion yuan while losses narrowed 55.8 percent to about 345.5 million yuan, per company filings reported by SCMP. Losses are shrinking; they have not stopped.
Every dated fact above traces to a named source, and where it comes from our reporting, to the dated issue that carried it. Where a claim is self-reported or disputed, we say so.