CXMT Corp. IPO Surges 472% as Crypto Pre-IPO Futures Prove Accurate

China's biggest IPO in over a decade, CXMT Corp., took center stage on Shanghai's Star Market on Monday. The memory-chip maker's shares surged an impressive 472% from their offer price, marking one of the most significant stock market debuts in recent history.

The listing has put crypto's emerging pre-IPO futures to the test, with Hyperliquid pricing CXMT near its eventual opening valuation for over a week prior to trading. The company opened at a market capitalization roughly 2.5% above what was implied by the blockchain contracts.