$8 vs 8.66 yuan: Why Changxin Memory’s Pre-IPO frenzy can be priced in advance by Hyperliquid

Taizhu, Golden Finance

Summary: On July 15, 2026, Hyperliquid listed Changxin Storage (CMXT) Pro-IPO and started trading. As of the time of writing, CMXT is quoted at $8.0462 (equivalent to RMB 54.50 yuan). The share issuance price of Changxin Storage is RMB 8.66 per share. Currently, the Pro-IPO on Hyperliquid has a premium of around 6.29x.

Where does Changxin Storage come from? Why is CMXT’s premium level even more outrageous than SpaceX’s? Is a premium of more than 6x reasonable?

I. Changxin Storage — China’s first domestic DRAM stock

Changxin Storage will open new share subscriptions on July 16.

According to information on Changxin Storage’s official website, Changxin Storage was established in 2016. It is one of the few domestic storage-chip companies dedicated to the R&D, design, manufacturing, and sales of DRAM (dynamic random-access memory). It is also one of the largest DRAM manufacturers in mainland China today. The company’s headquarters is located in Hefei, Anhui. Its Phase I and Phase II production bases are both in the Hefei Comprehensive Bonded Zone, and around DRAM it has formed an industrial cluster covering design, manufacturing, packaging/testing, and supporting materials and equipment.

Changxin Storage’s products cover multiple fields, including consumer electronics, PCs, servers, mobile terminals, automotive electronics, and industrial control. In recent years, it has continuously advanced DDR4, LPDDR4X, LPDDR5, DDR5, and other products into mass production, and it keeps iterating to more advanced process nodes.

With the growth in demand for AI servers and high-performance computing, the company’s performance has been outstanding. 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. Attributable net profit is expected to be between 500 billion yuan and 570 billion yuan. The IPO fundraising amount ranks just behind the company that went public in 2020, SMIC. It is the second-largest IPO in the STAR Market history, and also the largest A-share IPO project by scale since 2026.

Just half a month ago, insiders revealed that Changxin Storage has already signed a long-term supply agreement with Tencent worth more than RMB 200 billion (about $29.4 billion) to pave the way for its blockbuster listing. The agreement covers multi-year DRAM chip supply, with a term of up to three years; other sources also say the maximum could be up to five years.

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

The CMXT listed on Hyperliquid this time is not a truly listed stock in the conventional sense, but a Pre-IPO product.

Pre-IPO trading involves perpetual contracts that are linked to the IPO price or post-listing performance. Investors receive price exposure rather than the company’s real equity, and they do not enjoy shareholder rights or eligibility for allocation. In essence, the price of a Pre-IPO product reflects the market’s expectations for the company’s performance after listing, not the actual offering price in the primary market. Therefore, Pre-IPO product prices generally include a certain level of premium.

For details, see “Hyperliquid: Price Discovery for Pre-IPO in the Crypto Market”

The most straightforward example dates back to the SPCX premium around the eve of SpaceX’s listing. SpaceX’s IPO planned offering price was $135 per share, but according to Trade.xyz transaction data, SPCX surged to around $216 on its first trading day, implying a 60% premium. The Wall Street Journal reported the day before SpaceX’s IPO that its trading price was about $175—still about 30% higher than the $135 IPO offering price. As the listing date approached, overly optimistic expectations from earlier periods were digested by market action. As market sentiment gradually returned to rationality, SPCX’s price fell to around $157 at its lowest, narrowing the premium to about 16%. SPCX’s price fluctuated around the market’s expectations for first-day performance, rather than simply anchoring to the IPO offering price.

For details, see “After Cerebras Comes SpaceX: Understand Trade.xyz’s Pre-IPO Contract That Ignites the Market”

Going further back, before Cerebras listed on Nasdaq, CBRS on Trade.xyz was basically stable between $280 and $320. Cerebras’s IPO price was $185, and Nasdaq’s opening price was $350. In the final hour before Nasdaq officially opened, the volume-weighted average price of Hyperliquid’s CBRS perpetual contract was about $354.54—only 1.3% higher than the stock’s actual opening price, but about an 89% premium versus the IPO offering price.

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

As mentioned earlier, CMXT is quoted at $8.0462, while Changxin Storage’s stock issuance price is RMB 8.66 per share. Currently, the Pro-IPO on Hyperliquid has a premium of around 6.29x (i.e., 629%), which is far higher than the premiums seen for SpaceX and Cerebras.

First, Changxin is not only a hot company about to go public, but also a scarce DRAM asset. As Securities Times described: the overall size of the global DRAM market is about $100 billion, and for a long time it has been dominated by three companies—Samsung, SK hynix, and Micron—with their combined market share exceeding 95%. Changxin Technology (Note: since May 2020, Changxin Technology has been 100% wholly owned and controls Changxin Storage; it is the group’s only core production and operating entity) currently maintains a global market share of 3% to 5%. It is also the only company in mainland China that has achieved DRAM mass production, making it a core force in breaking overseas monopolies. Against the backdrop of storage demand being continuously driven by AI servers, high-performance computing (HPC), and smart terminals, the market generally believes the DRAM industry is entering a new round of a boom cycle. This gives Changxin Storage itself a relatively high valuation “imagination” space.

Second, the prices of Pre-IPO products on Hyperliquid are determined by market funds. There are no daily price limits, and there are no constraints from any new share issuance system. Changxin has multiple labels at once—AI, semiconductors, and breaking monopolies—so it naturally becomes a popular target for traders “voting with their feet.”

Finally, the Pre-IPO market has limited liquidity, and its trading scale is far less than that of the stock market after true listing. Therefore, when a large amount of capital pours into a market with limited trading depth, a blowout rally is more likely to occur. That is why when a popular asset meets a trading market with limited liquidity, prices often amplify market sentiment more easily than in traditional stock markets—this is one of the key reasons CMXT has such a high premium.

Summary

Pre-IPO assets on Hyperliquid are drawing increasing attention from investors. From Cerebras and SpaceX earlier to Changxin Storage now, more and more hot IPOs have already completed pricing in the crypto market before they officially list.

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