Anthropic and OpenAI just filed for confidential IPOs. This sets the stage for a Nasdaq listing within as little as 90 days.
I’m hosting the IPO Insider Project to show you how secure a stake at a steep discount to the upcoming IPO price.
A chip company most Americans have never heard of is now the most valuable stock listed in mainland China.
Company: ChangXin Memory Technologies (CXMT)
Exchange & ticker: Shanghai STAR Market: 688825
IPO price: 8.66 yuan
Day-one close: 49 yuan, up 466%
Amount raised: up to 66.6 billion yuan (~$9.8 billion)
Market cap: 3.3 trillion yuan (~$488 billion)
Debut: July 27, 2026
CXMT priced at 8.66 yuan and closed its first session at 49 yuan. That gain makes it the largest onshore-listed company in China. Only Hong Kong-traded Tencent has a larger market cap at $513 billion.
Here's the number that stopped me.
The retail portion of the deal was 212 times oversubscribed. Individual investors placed 9.4 million orders worth 7.07 trillion yuan. That's roughly ten times the order book from SpaceX's record IPO last month.
The stock price jumped 466% when trading began on July 27.
Want to invest in Anthropic and OpenAI – before they trade? Go here to get started.
CXMT is the world's fourth-largest maker of DRAM — the memory inside phones, PCs and AI servers. It held 7.7% of the global DRAM market in 2025, according to its prospectus.
The financials swung hard. First-quarter operating profit came in at 35.43 billion yuan, against a 2.83 billion yuan loss a year earlier. Rising memory prices are boosting revenues and profits.
Apple is rumored to be negotiating to buy CXMT memory for devices sold in China. The iPhone maker has been lobbying the Trump administration to keep the company off a trade blacklist, according to the Wall Street Journal.
So what does this mean for the memory stocks you can actually buy?
Micron (Nasdaq: MU) is up more than 700% over the past year. SK Hynix is up 580%. Samsung is up 285%. Micron's market cap sits near $1 trillion, SK Hynix near $881 billion.
CXMT's technology still lags all three. Chinese internet giants will buy its chips anyway, as Beijing pushes for semiconductor self-sufficiency.
The big risk is that memory sentiment is near a short-term peak. Inflated profit margins will have to normalize over the cycle. The limited day-one free float likely amplified the pop. And China's mega-IPOs have a history of arriving near market tops.
More Chinese tech stocks plan to go public. Yangtze Memory is expected to IPO this year. Baidu's chip unit Kunlunxin is in the pipeline. DeepSeek may file as soon as this year.
U.S. investors can't buy CXMT directly. Investors who want exposure to the memory market are better off looking at U.S. listed stocks including Micron and SK Hynix.
Anthropic and OpenAI are the next two mega IPOs – with listings possible within the next 90 days. Both deals are expected to be worth more than $1 trillion.
Here’s how to invest in Anthropic and OpenAI – before they start trading.
Ian Wyatt
Editor, Daily Profit