Record Data Sheet
Today, July 27, CXMT shares surged more than 470% on their first day of trading on the Shanghai Stock Exchange. It was the biggest debut by a Chinese semiconductor manufacturer on a mainland Chinese market in history, according to Reuters. The IPO came just as Micron, its major U.S. rival, announced a $250 billion investment push in the United States.
What exactly happened
CXMT, based in Hefei, is China’s largest DRAM manufacturer. DRAM is the type of memory chip used to store and move data in computers, smartphones, servers, and artificial intelligence systems. The company priced its IPO at 8.66 yuan per share and raised 57.92 billion yuan, roughly $8.6 billion, according to its own offering prospectus. That made it the largest IPO by a semiconductor manufacturer on a mainland Chinese market, ahead of the $7.5 billion raised by SMIC in 2020.
At the IPO price, CXMT was valued at 579 billion yuan, or roughly $85.5 billion. But that was only the starting point. On its first day of trading, the shares rose more than 470%, pushing the company’s paper market value to around 3.65 trillion yuan, or roughly $539 billion, according to Reuters. That figure should be treated cautiously: it reflects an extremely volatile first trading day, not an established valuation, and it could change dramatically in the weeks ahead.
How CXMT compares with Micron
Micron remains, by far, the larger and more established company. Its market capitalization is currently around $1.1 trillion, according to July 2026 market data, well above CXMT’s IPO valuation.
In DRAM market share, Micron controls around 22% of the global market, according to research firm Omdia. That puts it in third place worldwide, behind Samsung at 38.6% and SK Hynix at 28.8%. CXMT, with roughly 8% of the global market, is the world’s fourth largest DRAM manufacturer, according to Reuters.
In revenue, Micron generated approximately $13.6 billion in its first fiscal quarter of 2026 alone, a company record. CXMT reported 50.8 billion yuan, roughly $7.1 billion, in revenue during the first quarter of 2026, up more than 700% year over year, according to its IPO prospectus. The gap in business volume remains substantial, but CXMT’s growth rate is far higher than that of any of its established rivals.
Why is this IPO happening now?
The short answer is the same factor behind Micron’s U.S. expansion: demand for artificial intelligence memory. AI data centers require enormous amounts of DRAM and high bandwidth memory, or HBM. That demand has pushed prices and revenue higher across the entire industry. Institutional demand for CXMT shares exceeded the number of shares offered by more than 500 times, according to TechNode, suggesting that Chinese investors want direct exposure to the same boom without relying on foreign manufacturers.
CXMT plans to allocate 29.5 billion yuan from the proceeds to upgrade its production lines and DRAM technology, according to its prospectus. The company does not yet manufacture HBM commercially at the scale of its rivals, although it has confirmed that it is developing the technology.
What this means for the semiconductor race
With Micron investing $250 billion to expand memory production in the United States, and CXMT now raising capital on a massive scale in China to expand at home, memory has become the second major front in the technology race between the two superpowers, just behind processors made by TSMC and Intel. The difference is that China still has no close equivalent to TSMC in advanced processors. In memory, however, CXMT is beginning to emerge as a serious rival with enough capital to make a real attempt.
Frequently Asked Questions
How much did CXMT raise in its IPO? 57.92 billion yuan, roughly $8.6 billion, according to the official offering prospectus. The total could reach 66.61 billion yuan, or approximately $9.8 billion, if the greenshoe option is exercised in full.
How much did CXMT shares rise on the first day? More than 470%, according to Reuters. At one point during the session, that pushed its paper market value to around $539 billion. This was an extremely volatile single trading day, not a stable valuation.
What is CXMT’s market share compared with Micron? CXMT controls roughly 8% of the global DRAM market, compared with around 22% for Micron, according to Reuters and Omdia. That makes CXMT the world’s fourth largest DRAM manufacturer and Micron the third largest, behind Samsung and SK Hynix.
Was this the largest IPO by a Chinese chipmaker?
Yes, on a mainland Chinese stock exchange. Its $8.6 billion fundraising surpassed the $7.5 billion raised by SMIC in its 2020 Shanghai IPO, according to Reuters.
How much is Micron currently worth on the stock market?
Around $1.1 trillion, according to July 2026 market data, well above CXMT’s IPO valuation.
Does CXMT manufacture high bandwidth memory, or HBM, for AI?
Not yet at commercial scale. The company has confirmed that it is developing the technology, but the IPO proceeds are primarily being directed toward conventional DRAM production and technology, according to its prospectus.