Chinese artificial-intelligence chip designers Moore Threads and MetaX have filed for initial public offerings on Shanghai’s STAR Market, aiming to raise a combined 12 billion yuan (about $1.7 billion). Moore Threads is seeking 8 billion yuan, while MetaX is targeting 3.9 billion yuan, according to prospectuses released on 1 July. Both Beijing-backed startups develop graphics-processing units intended to compete with Nvidia products. In their filings, the companies said U.S. restrictions on exports of advanced chips—including the April ban on Nvidia’s H20 processors—pose significant risks but are also expected to boost domestic demand for home-grown alternatives. Moore Threads reported 2024 revenue of 438 million yuan and a net loss of 1.49 billion yuan, extending losses in the two prior years. MetaX booked 743 million yuan in revenue and a 1.4 billion yuan loss for the same period. The listings would provide fresh capital for research and production as China accelerates efforts to build a self-sufficient semiconductor supply chain.