On-chain money is already pricing in growth for ChangXin Memory Technologies. According to Hyperinsight, the CXMT Pre-IPO contract on Hyperliquid was hovering around $8.0 on July 15. Based on 66.881 billion shares outstanding after issuance, that implies an on-chain market capitalization of about $535 billion, or roughly RMB 3.63 trillion.
Premium to the IPO price
ChangXin Technology, the listed entity for CXMT, will open subscriptions for its STAR Market IPO on July 16. The offer price is set at RMB 8.66 per share, or about $1.28, and the company plans to list on July 27.
Using that offer price as the reference point, the on-chain mark is about 526% above the IPO price. The implied on-chain valuation is also about 6.3 times the market capitalization derived from the offering price, which works out to around $85.4 billion.
Comparison with DRAM peers
BlockBeats compared CXMT’s implied on-chain valuation with the market share and current market capitalizations of major DRAM makers.
- Samsung Electronics: 40.5% DRAM share and a market value of about $1.22 trillion, including non-memory businesses such as smartphones and foundry operations. CXMT’s implied value is about 44% of Samsung’s.
- SK hynix: 29.6% DRAM share and a market value of about $1.06 trillion on a Korean equity market basis. CXMT’s implied value is about 50% of SK hynix.
- Micron Technology (MU): 19.9% DRAM share and a market value of about $1.13 trillion. CXMT’s implied value is about 47% of Micron’s.
- Nanya Technology: 1.6% DRAM share and a market value of about $51.6 billion. CXMT’s implied value is about 10.4 times Nanya’s.
On a share-adjusted basis, the market is paying about $69.5 billion on-chain for each 1 percentage point of CXMT’s DRAM share. That is close to twice SK hynix’s roughly $35.8 billion on the same basis.
Share gains and profit outlook
According to CFM Flash Market’s report for the first quarter of 2026, CXMT posted about $7.309 billion in DRAM sales revenue in the quarter. Its market share rose to 7.7%, ranking fourth worldwide, after being around 3% in the first quarter of 2025.
The company expects first-half 2026 revenue to rise by more than six times year over year. It also expects growth in net profit attributable to shareholders excluding non-recurring items to range from 22.8x to 25.3x.
SemiAnalysis estimates that by the end of 2026, CXMT’s monthly wafer capacity could reach about 350,000, approaching Micron’s roughly 385,000. On a wafer-capacity basis, that would put the company close to third place globally.