Hyperliquid sets $5 reference price for CXMT pre-IPO contract, but traders are already pricing it much higher

Hyperliquid has launched a pre-IPO perpetual futures contract for ChangXin Memory Technologies, one of China’s most anticipated semiconductor listings. The initial reference price was set at $5 per share, determined through the platform’s onchain order book.

Traders apparently thought that was way too cheap. The contract has already been trading between roughly $6 and $8.64, implying a market valuation for CXMT somewhere in the range of $400 billion to $560 billion. For context, CXMT’s official IPO valuation sits at approximately $85 billion.

What CXMT actually is, and why traders care

ChangXin Memory Technologies is a Chinese DRAM manufacturer scheduled to debut on the Shanghai STAR Market on July 27, 2026, with shares priced at 8.66 RMB apiece. The IPO aims to raise around 57.9 billion RMB, or roughly $8.55 billion.

The perpetual contract, listed under the ticker xyz:CXMT on the Trade.xyz HIP-3 market, offers leveraged exposure to CXMT’s price action. It does not confer ownership, dividends, or voting rights.