The pre-IPO perpetual futures contract for ChangXin Memory Technologies (CXMT) has sparked significant interest, with current trading prices soaring above the initial reference price set by Hyperliquid. This valuation surge suggests a market perception far exceeding the official IPO valuation.
Hyperliquid introduced the futures contract at a reference price of $5 per share, determined via its onchain order book. However, traders quickly reacted, pushing prices between approximately $6 and $8.64. This pricing implies a staggering market valuation for CXMT ranging from $400 billion to $560 billion, a stark contrast to its official IPO valuation of around $85 billion.
ChangXin Memory Technologies is preparing for its debut on the Shanghai STAR Market on July 27, 2026, with shares priced at 8.66 RMB, aiming to raise about 57.9 billion RMB, or roughly $8.55 billion. The perpetual contract offers leveraged exposure to CXMT’s price movements, although it does not provide actual ownership or voting rights.
In the first 24 hours post-launch, trading volume reached about $1.3 million, which is relatively modest compared to Hyperliquid’s regular activity across broader perpetual futures markets. The initial valuation discrepancy has raised eyebrows, considering that Micron Technology, a leading DRAM producer, fluctuates in market cap between $100 billion to $150 billion.
Furthermore, the unique structure of this contract allows foreign investors to sidestep the barriers typically associated with direct purchases on the STAR Market. This feature could be driving a premium for the synthetic contract, especially within a market eager for exposure to Chinese semiconductors.
However, this trading landscape presents tangible risks. Thin liquidity can lead to price manipulation, while traders must also contend with ongoing funding rate exposures associated with these perpetual contracts, which could gradually erode their positions. With these dynamics at play, the involvement of Hyperliquid's native HYPE token may also increase given the heightened trading activities.
This article is for informational purposes only, not financial advice.
