Chinese memory maker CXMT made its debut on the Shanghai A‑Class STAR market with one of the largest public offerings in China. The company’s Initial Public Offering (IPO) pushed the price of 688825.SS from CNY 8.66 ($1.28) to CNY 49.00 ($7.24) on the first trading day, a 465.82 % gain. Initial estimates pegged CXMT’s market capitalization at CNY 579 billion ($78.11 billion), but the valuation surged to $513.75 billion, making it the world’s 24th most valuable company and surpassing giants such as Tencent, Mastercard, and Intel.

Analysts, including those at SemiAnalysis, project CXMT will generate roughly $50 billion in 2026. In Q1 2026 alone the company posted $7.3 billion, a 700 % increase from the same period a year earlier, with operating margins hovering around 70%. Massive quarterly growth, new capacity coming online, and an unprecedented DRAM demand have driven the valuation nearly five times higher than originally planned.

CXMT is expected to reach a production capacity of nearly 350,000 DRAM wafers per month by year‑end 2026, close to Micron’s 375,000 wafers. Its new cleanrooms were completed in roughly 12 months, outpacing the industry’s typical 21‑24‑month lead time.