Hyperliquid Lists China’s AI Chip Giant CXMT Ahead of Blockbuster $10B IPO

ChangXin Memory Technologies (CXMT), China’s largest DRAM producer, has already begun trading as a high-stakes perpetual futures contract on the Hyperliquid platform, signaling explosive pre-IPO demand. As the AI chipmaker gears up for a potential $10 billion listing on the Shanghai exchange—its biggest since 2011—both crypto traders and mainland Chinese investors are piling into the action. CXMT’s debut on a decentralized exchange extends the AI narrative to hardware suppliers, amplifying the buzz around semiconductor stocks already straining to meet surging demand.

CXMT added as a TradeXYZ contract

Hyperliquid already has a tradition of quickly adding new hot shares, including pre-IPO offers like SpaceX (SPCX). Some of the stocks also traded as a premium, hyped up by crypto-native traders. 

TradeXYZ, the biggest issuer of contracts based on real-world assets, announced the addition of CXMT on Wednesday.

The Pre-IPO Perpetual (IPOP) Market for CXMT is now live.

CXMT is a pre-IPO market reflecting the market-implied value of 1 ordinary share (A-share) of ChangXin Technology Group Co., Ltd. (SHE: 688825) in USD terms. CXMT manufactures semiconductor DRAM memory chips. After the… pic.twitter.com/U7aH7virlu

— trade.xyz (@tradexyz) July 15, 2026

Based on blockchain reports, TradeXYZ acquired the CXMT ticker at an auction, paying 500 HYPE for the privilege of becoming the main market for the Chinese company. New additional hot markets are boosting TradeXYZ open interest to new records, as the platform produces over $60M in annualized fees. 

The stocks are still not among the top traded assets, but are expected to add another big boost to TradeXYZ volumes. CXMT may be the biggest IPO among Shanghai A-list companies. 

Just like SPCX, the newly listed contract entered an over-eager price discovery spiral. The company has sold some of its shares at $1.48 in a lottery-style distribution, but the price discovery on HIP-3 put the stock in a higher price range. 

CXMT trades at a premium ahead of official trading

On HIP-3, the main platform for TradeXYZ, CXMT traded above $8, in a sudden inflow of trading. As usual, new contracts may see significant short positions, expecting a lower valuation from oracles. As of July 15, the biggest whale position on CXMT is valued at $4.12M, carrying an unrealized loss of $320K due to the rapid appreciation of the shares. The position was still not liquidated despite the short squeeze. 

CXMT may have a turbulent week ahead, as it expects the repricing once the shares start trading on July 24. In the first days of pre-IPO perpetual futures trading, CXMT saw over $23M in open interest, with $32M in volumes. The pre-IPO price rallied by 33% on HIP-3, for a generally unrealistic valuation of the company at around $500B. 

The valuation is based on the company’s approximately 66.88B shares, and peaked at $540B, when the HIP-3 price broke a record at $8.64. At this valuation, CXMT will be the 32nd largest company on a global scale. The price of HIP-3 will remain volatile, as more subscription rounds are expected in the coming days. 

After the official trading launch, the CXMT price will be defined by oracles, taking into account the RMB/USD exchange rate.

If you're reading this, you’re already ahead. Stay there with our newsletter.