Changxin Memory’s pre-IPO frenzy—why Hyperliquid could price it in advance

Zhuchu, Golden Finance

Summary: On July 15, 2026, Hyperliquid listed ChangXin Memory (CMXT) Pro-IPO and began trading. As of the time of writing, CMXT was at $8.0462 (equivalent to RMB 54.50 yuan). ChangXin Memory’s share offering price was RMB 8.66 per share. Currently, the Pro-IPO on Hyperliquid has a premium of roughly 6.29x.

Where does ChangXin Memory come from? Why is CMXT’s premium level even more extreme than SpaceX’s? Is a premium of over 6x reasonable?

I. ChangXin Memory—China’s first domestic DRAM stock

ChangXin Memory will open new share subscriptions on July 16.

According to information on ChangXin Memory’s official website, ChangXin Memory was founded in 2016. It is one of the few storage-chip companies in China that focuses on the R&D, design, manufacturing, and sales of DRAM (dynamic random-access memory). It is also currently one of the largest DRAM manufacturers in mainland China. The company’s headquarters is in Hefei, Anhui. Its first- and second-phase production bases are located in the Hefei Comprehensive Bonded Area, and it has formed an industrial cluster around DRAM, covering design, manufacturing, OSAT, and supporting materials and equipment.

ChangXin Memory’s products cover consumer electronics, PCs, servers, mobile terminals, automotive electronics, and industrial control, among other fields. In recent years, it has continued to advance mass production of products such as DDR4, LPDDR4X, LPDDR5, and DDR5, and to iterate toward advanced process nodes.

With growth in AI servers and high-performance computing demand, the company’s performance has been strong. In the first half of 2026, the company expects to achieve revenue of between 110 billion yuan and 120 billion yuan, up 612.53% to 677.31% year over year; its attributable net profit is expected to be between 50 billion yuan and 57 billion yuan. The size of funds raised in its IPO is second only to SMIC’s IPO in 2020. It is also the second-largest IPO in China’s STAR Market history, and the largest IPO project by scale in A-shares since 2026.

Just half a month ago, an insider revealed that ChangXin Memory has signed a long-term supply agreement with Tencent worth more than 20 billion yuan (about $2.94B), paving the way for its blockbuster listing. The agreement covers DRAM chip supply for multiple years, with a term of up to three years; other sources also say the maximum term could be five years.

II. Why is CMXT’s premium level even more extreme than SpaceX’s?

This CMXT listed on Hyperliquid is not a truly meaning “listed stock,” but a Pre-IPO product.

Pre-IPO trading is done through perpetual contracts whose price is linked to the IPO price or post-listing performance. Investors get price exposure, not real equity of the company, and they do not enjoy shareholder rights or allocation eligibility. In essence, the product price reflects the market’s expectations for the company after it lists, rather than the real offering price in the primary market. Therefore, Pre-IPO products generally carry some premium.

For details, see 《Hyperliquid: Pre-IPO price discovery in the crypto market》

A most straightforward example can be traced back to the SPXC premium right before SpaceX’s listing. SpaceX’s IPO planned offer price was $135 per share, but according to Trade.xyz transaction data, SPCX jumped to around $216 on its first day of trading, implying a 60% premium. The Wall Street Journal reported the day before SpaceX’s IPO that its trading price was about $175, still roughly 30% higher than the $135 IPO offer price. As the listing date approached, overly optimistic expectations from earlier were digested by market conditions. As market sentiment gradually returned to rationality, SPCX’s price fell to around $157 at its low, tightening the premium to about 16%. SPCX’s price consistently fluctuated around market expectations for its first-day performance, rather than simply anchoring to the IPO offer price.

For details, see 《After Cerebras comes SpaceX: Understand Trade.xyz’s Pre-IPO contract that sparks the surge》

Going further back, before Cerebras landed on Nasdaq, CBRS on Trade.xyz was basically stable at between $280 and $320. Cerebras’s IPO price was $185, while Nasdaq’s opening price was $350. In the final hour before Nasdaq’s official open, the volume-weighted average price (VWAP) for Hyperliquid’s CBRS perpetual contract was about $354.54, only 1.3% higher than the stock’s actual opening price—yet still about an 89% premium versus the IPO offering price.

Although the Pre-IPO market can reflect market sentiment earlier, its price more often reflects short-term fund games rather than the long-term value of a specific stock.

As mentioned above, CMXT was at $8.0462, while ChangXin Memory’s share offering price was RMB 8.66 per share. Currently, the Pro-IPO on Hyperliquid carries a premium of about 6.29x (i.e., 629%). This premium level is far higher than those of SpaceX and Cerebras.

First, ChangXin is not only a hot company heading for an IPO, but also a scarce DRAM asset. According to Securities Times: the global DRAM market’s overall size is about $100 billion, and for the long term it has been dominated by three companies—Samsung, SK Hynix, and Micron—with their combined market share exceeding 95%. ChangXin Technology (Note: starting from May 2020, ChangXin Technology holds 100% equity in ChangXin Memory, making it the group’s only core production and operating entity) currently maintains a global market share of about 3%—5%. It is also the only company in China that has achieved mass production of DRAM, and it is a core force that breaks overseas dominance. Against the backdrop of sustained growth in storage demand driven by AI servers, high-performance computing (HPC), and intelligent terminals, many in the market believe the DRAM industry is entering a new round of a boom cycle, which gives ChangXin Memory itself strong room for valuation imagination.

Second, the Pre-IPO product price on Hyperliquid is set by market-funded pricing. There are no daily limit-up/limit-down restrictions, and there are no constraints from a new-share issuance system. With ChangXin carrying multiple tags such as AI, semiconductors, and breaking monopolies, it naturally becomes a hot target for traders “voting with their feet.”

Finally, liquidity in the Pre-IPO market is limited; the trading scale is far smaller than the stock market after a true listing. Therefore, when a hot asset meets a trading market with limited depth, and lots of funds pour into that limited trading liquidity, it’s easier for a blowout surge to happen. That is also one of the key reasons why CMXT shows such a high premium.

Summary

Pre-IPO assets on Hyperliquid are increasingly drawing investor attention. From Cerebras and SpaceX before, to ChangXin Memory now, more and more hot IPOs are getting priced in the crypto market before they officially list.

This new price-discovery mechanism not only helps explore what global investors think about hot assets, but can also serve as a barometer of market sentiment. CMXT’s current price gap of more than 6x shows that the crypto market is willing to pay an expected premium for this domestic DRAM leader—and the influence of China’s semiconductor leaders is also extending from traditional capital markets into on-chain markets.