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BREAKING: ๐จ Hyperliquid traders are pricing China's CXMT at over HALF A TRILLION DOLLARS... before its IPO even begins. ๐คฏ
I did a deep dive into this IPO so you don't have to.
It's also one of the few ways for non-Chinese investors to gain exposure before the company goes public.
CXMT is expected to IPO at 8.66 yuan ($1.28) per share, implying a market capitalization of approximately $85 billion.
But on Trade xyz's pre-IPO perpetual market, built on Hyperliquid, traders pushed the synthetic share price as high as $8.64.
That implies a market cap of over $575 BILLION based on the company's post-IPO share count, nearly 7x higher than the expected IPO valuation.
Why are traders willing to value it this highly?
Because many see CXMT as China's best chance to challenge Samsung, SK Hynix, and Micron in the global DRAM market.
If it continues closing the technology gap, it could become one of the world's most important semiconductor companies.
Whether that valuation is justified is another question, but it's clear the market has enormous confidence in CXMT's long-term potential.
One important risk:
This isn't the actual stock.
It's a synthetic perpetual, meaning prices can temporarily deviate from fair value and experience sharp wicks due to speculation and lower liquidity.
Still, the fact that you can trade private companies like this 24/7 from anywhere in the world is incredible.
This is exactly why I believe tokenization is one of crypto's biggest long-term opportunities.
I've shared a link to trade CXMT in the comments.
๐บ๐ธ How many stock trades US presidents made while in office:
- Bill Clinton: 0
- George Bush: 0
- Barack Obama: 16
- Joe Biden: 13
- Donald Trump: 22,000+
BREAKING: ๐บ๐ธ Democrats are threatening to vote AGAINST the CLARITY Act.
Three U.S. Senators say they won't support the bill unless it includes stricter ethics rules preventing public officials from personally profiting from crypto.
President Trump disclosed more than $1.4 billion in crypto-related income last year.
BREAKING: ๐บ๐ธ White House officials, including President Trump, set to meet with senators tomorrow to resolve the final major issue holding up the CLARITY Act.
Three Democratic Senators are threatening to block the bill unless it includes enforceable ethics rules preventing public officials from personally profiting from crypto.
The push comes after President Trump disclosed more than $1.4 billion in crypto-related income last year, raising concerns among lawmakers.
The bill still needs 60 votes to pass, but Democrats are demanding stronger safeguards before supporting it.
COINBASE CHIEF OF POLICY ON THE CLARITY ACT:
โWe simply want the law to catch up to the policy. And to create permanence, so we get certainty going over the long haul."
"Iโm very confident weโll get there.โ
BULLISH: $15 trillion BlackRock CEO Larry Fink says crypto markets are now more stable.
The heavy leverage that previously destabilized the market has largely been washed out.
โI'm very bullish on the market over the next 12 months.โ
๐บ๐ธ ANTHROPIC IS LINING UP AN IPO AS SOON AS OCTOBER.
The Claude maker has picked Goldman Sachs, Morgan Stanley, and JPMorgan Chase as lead underwriters.
It confidentially filed its S-1 with the SEC on June 1.
Investor meetings are now being scheduled for the coming weeks, the "testing the waters" phase that comes right after a confidential filing.
The numbers behind the push are steep.
A $65 billion Series H round in late May pushed Anthropic's valuation to $965 billion, briefly making it the world's most valuable private AI company, ahead of OpenAI.
Run-rate revenue hit $47 billion by late May, up from roughly $9 billion at the end of 2025.
Claude Code alone, the company's coding assistant, reached $2.5 billion in annualized revenue.
Compute deals now stretch across Amazon, Google, Broadcom, and SpaceX, totaling up to 10 GW.
Claude is also the first frontier model live across all three major clouds. AWS, Google Cloud, and Azure.
The competitive picture has shifted fast.
OpenAI has pushed its own IPO timeline back to 2027.
DeepSeek is reportedly preparing a filing too, but on a later track.
If October holds, Anthropic gets there first.
The AI IPO race isn't a future story anymore, it's happening this quarter.