$PERP
Heating UpSnapshot Window: 2026-07-15 18:20 UTC · ← Back to Crypto Overview
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Hyperliquid traders are valuing CXMT at $535 billion, 6x its actual IPO valuation "Crypto market offers pre-IPO bets on Chinese chip maker CXMT. I still have to sort of giggle to myself that we get Hyperliquid headlines on Bloomberg. But here you go, for the next 12 days nobody [Spoken audio]: Crypto market offers pre IPO bets on Chinese chip maker CXMT. I still have to sort of giggle to myself that we get hyper liquid headlines on Bloomberg. But here you go. For the next 12 days, nobody on Wall Street can buy a single share of the biggest chip IPO of the year. Crypto traders are already trading it and they're pricing it at several times what the company says it's worth. I'll tell you that valuation in a moment. So just to be clear, we saw this with SpaceX, but there's now a market where you can go along on a Chinese memory chip company that isn't public yet in shares you'll never actually own at three in the morning on Sunday with leverage. If that sentence doesn't scare you, then congratulations, you're exactly the person this was built for. So yes, this is the news right here, CXMT, which is Shang Jin Memory Technologies is China's largest DRAM maker and the world's fourth largest memory manufacturer. So they have valued this, the IPO price 714 at 8.66 yuan per share. They raised $8.5 billion at an $85.5 billion valuation. That is settled. So last I checked, haven't checked it in the past few minutes. But it was trading on hyper liquid at 535 billion valuation. That's a 526% roughly premium. So several times the IPO price, we saw this with SpaceX and others, but not nearly at this high a valuation, right? This is basically the SK Hynix that we've talked about in Korea. Their version of that in China and 12 days ahead of IPO, it's being traded at a 6x premium. So to be clear, this contract is synthetic. There's no shares. There's no ownership. It's a pure bet on where this basically opens in 12 days. So this is crypto doing price discovery that Wall Street structurally can't. It's global, it's instant, and it's permissionless. And imagine what happens when the billions of of people in China find out that they can do this.
