The U.S.-blocked company plans to use the proceeds to upgrade its production lines and technology after posting explosive growth, including first-quarter revenue of 50.8 billion yuan, up 700 percent year-on-year. Reuters estimates that CXMT had about 7.7% of the global DRAM market last year.
These deals follow SpaceX (SPCX) and Cerebras (CBRS), two AI-related listings that have fueled enthusiasm for semiconductor and memory stocks. Together, they reinforce a larger theme: Investors are allocating new capital to companies building the infrastructure behind artificial intelligence rather than crypto assets.
Bitcoin fell about 50% from its all-time high in October to around $63,000 as investors increasingly favored AI infrastructure plays over digital assets.
The pipeline is far from empty.
Both OpenAI and Anthropic have been seen as companies that could eventually reach valuations approaching $1 trillion.
While market expectations pointed to IPOs as soon as this year, growing investor unease over AI valuations and slowing semiconductor stocks could delay those IPOs until 2027.
Even so, another wave of AI mega-deals would likely continue to drain liquidity from crypto.
