CXMT, Asia's biggest IPO of 2026, puts crypto shadow market to the test

CXMT's Shanghai debut validated crypto pre-IPO futures as a price-discovery tool: the stock surged 472 per cent from its offer price to open at 49.5 yuan, within roughly 2.5 per cent of the valuation implied by Hyperliquid contracts. By close, shares stood at about US$7.24, valuing the firm at US$488 billion, versus US$6.95 for the perps. The listing was China's second-largest ever. Earlier pre-IPO perps for SpaceX, Cerebras and Quantinuum also broadly converged with opening prices, though perps confer no ownership and all three now trade below their opening levels.

✨ AI summary of the linked source — not editorial content.

Explore the topic

• Asia
• Crypto
• Markets
• IPO