Chinese memory maker CXMT has debuted on the Shanghai A-Class STAR stock market with one of the biggest public offerings in China. Today, CXMT's Initial Public Offering (IPO) saw the price of CXM jump from CNY 8.66 ($1.28). At the time of writing, the stock, under the ticker "688825.SS," is trading at CNY 49.00 ($7.24), indicating a 465.82% gain on its first trading day. Initial projections estimated CXMT's market capitalization at CNY 579 billion, or $78.11 billion, but the valuation has increased significantly, now reaching $513.75 billion. This makes it the world's 24th most valuable company by market capitalization, surpassing Tencent, Mastercard, and even the technology giant Intel.

This isn't a surprise, as CXMT will quickly generate revenue that will far exceed its IPO price, hence the valuation just got stronger. Some analysts, including those from SemiAnalysis, estimate that CXMT will generate about $50 billion for the entirety of 2026. In the first quarter of 2026 alone, CXMT reported $7.3 billion, marking approximately 700% growth compared to the same period a year ago, with operating margins around 70%. Massive quarterly growth, new capacity coming online, and an unprecedented demand for DRAM have pushed CXMT's valuation nearly five times higher than originally planned.