Four domestic Chinese GPU manufacturers—Moore Threads, Biren Technology, Enflame, and MetaX—have entered or are about to enter the public markets, and they are now entering the differentiation stage. Analysts note that the key question has shifted from chip availability to the company's ability to form a complete commercial cycle.
These companies are demonstrating rapid growth while simultaneously reducing losses. Moore Threads, which was the first to go public, leads in revenue and has begun stable mass market shipments. Biren and Enflame are focused on tenders for large AI computing clusters, characterized by high but volatile demand, while MetaX shows more steady growth.
All four companies are actively investing in software, which analysts consider the real battleground for capturing market share away from NVIDIA's established CUDA ecosystem.
The four companies have split into two technical camps. Moore Threads, Biren, and MetaX adhere to the path of general-purpose GPUs, maintaining high CUDA compatibility to reduce developer switching costs. Moore Threads' proprietary MUSA architecture has attracted over 800,000 developers. Enflame is an exception, as it uses a dedicated architecture (DSA) that does not emulate CUDA and is supported by its own Tops Rider stack, including drivers, compilers, and operator libraries.
Customer engagement strategies also differ. Enflame is closely tied to Tencent, which the company described as both a defensive barrier and a constraint, given that Tencent acquired a significant portion of its revenue. Biren's customer base covers national computing centers, three state telecommunications operators, and leading AI laboratories. Moore Threads sells its products widely across the internet, telecommunications, and government sectors.
Despite their activity, these four companies remain a minority in China's AI accelerator market. According to IDC estimates, approximately four million AI accelerator cards were shipped in China in 2025, with NVIDIA accounting for about 55 percent, and Huawei providing nearly half of the domestic volume. Consulting firm CIC predicts that by 2028, the AI accelerator market in China will exceed one trillion yuan, with domestic solutions reaching about 90 percent market share. Over the next two years, these four companies are expected to reach natural levels in training, inference, and rendering fields instead of facing a sudden crisis.