MetaX

What the company does

MetaX is a Chinese chip designer that works on graphics processing units (GPUs) and the systems built around them. It was founded in Shanghai in September 2020, and its stated focus is full-stack GPU chips and solutions for heterogeneous computing.^[4] Heterogeneous computing means putting more than one kind of processor in a system and giving each the work it does best, with the GPU taking the parts of a job that can be broken into many small pieces and run at the same time. Full-stack here points to the fact that the company supplies not only the chip but also the software and tooling around it, so that a customer is not left to assemble the whole chain alone.

Three product lines

MetaX's hardware is organised into three series, each aimed at a different kind of work. The Xisi N series is built for inference — the stage at which a model that has already been trained is used to answer requests, as distinct from training, when the model is built. The Xiyun C series is for general computing, and the Xicai G series is for graphics rendering, the task GPUs were originally designed for.^[4] Between them the three families cover the main uses of GPUs today: running AI models, general number-crunching, and drawing images.

Position among Chinese GPU startups

MetaX is grouped with Moore Threads, Biren and Enflame as China's four leading GPU startups.^[3] Chinese technology coverage tends to name the four together when it describes the country's GPU startup scene.

The STAR Market listing

On 17 December 2025 MetaX listed on the STAR Market, the Shanghai Stock Exchange's board for science and technology companies, under the code 688802.^[2][3] The first trading day set a mark of its own: the shares rose 692.95%, and a single winning lot produced a profit of 362,600 yuan, which the report describes as a record for A-share initial public offerings.^[2] To read that figure it helps to know how subscriptions work in China. Investors apply for a set number of shares and a lottery decides who receives an allotment; a winning lot is one such allotment. Because applicants usually far outnumber the shares on offer, the gap between the offer price and the first-day market price can be very large.

Revenue and losses

The company's 2025 accounts show fast growth from a small base. Revenue was 1.644 billion yuan, up 121.26% from 743 million yuan in 2024.^[1] MetaX was still losing money: the net loss attributable to shareholders was 781 million yuan in 2025, 44.53% narrower than the 1.409 billion yuan loss of 2024.^[1] The non-recurring-adjusted net loss, a figure that strips out one-off items to show the underlying result, was 822 million yuan, narrowing by 21.28%.^[1]

What the figures add up to

Put together, the numbers describe a company whose sales more than doubled while its losses shrank, and that had not yet turned a profit. That combination is not unusual in chip design: revenue can arrive before the cost of building chips and the software around them has been recovered. MetaX sits among the small group of Chinese GPU startups building hardware for AI and other heavy computing workloads, and its listing made it one of the publicly traded names in that group.^[2][3]