CXMT IPO Puts Blockchain Pre-IPO Futures to the Test

The Shanghai Stock Exchange's Star Market saw a massive IPO in July 2026 when memory chipmaker CXMT listed its shares, increasing by 472% from its initial price. The success of this listing has tested the effectiveness of pre-IPO futures tied to blockchain markets.

Hyperliquid, a decentralised platform that allows perpetual futures contracts, had been pricing CXMT near its eventual opening valuation for over a week before the IPO. The stock opened at a market capitalisation roughly 2.5% above what was implied by the blockchain contracts.

This event has sparked debate about whether these pre-IPO futures are becoming genuine price-discovery tools or merely another venue for speculative positioning.