Changxin Technology is set to list two weeks from now, and I did a simple valuation comparison so that no matter whether it’s before the hype trading, or on the day of listing, you can have a clear mind.

Because the issuance announcement only comes out tonight, here I assume the greenshoe option will be fully exercised.

For revenue, I directly used Semi’s expectations for Changxin: $50 billion in revenue in 2026, and I used Changxin’s Q1 net profit margin of 65%.

Right now on Hyperliquid, the pre-market is 7.7U, which is roughly between 1x and 1.5x Micron’s valuation.

It’s worth noting that on the day Changxin lists, the float is less than 5% (strategic allocation, off-exchange placement lockups).

So at that time, it definitely won’t be priced purely based on fundamentals, but rather based on float/chips and sentiment.

Don’t trade it like a Mid Curve.