# CXMTPreIPOContractIgnitesCommunity

CXMT kicks off its STAR Market IPO subscription today at 8.66 RMB/share ($1.28), raising $57.9B — the largest semiconductor IPO in A-share history. But the real buzz is on-chain. Hyperliquid's CXMT perpetual contract hit $23M OI in just 5 hours, surpassing HOOD and MSTR. The implied valuation of ~$535B represents a 500%+ premium over IPO price, with 24H volume reaching $25.7M. One whale deposited $75.3M USDC in the past week and is building a long position. The community is calling it "on-chain pricing for China's memory champion." Gate now offers CXMT/USDT perpetuals with 1-10x leverage for both long and short positions. Worth watching before the July 27 listing. 👉[Pre-Market Futures Trading Competition](https://www.gate.com/announcements/article/100684 繁體中文 #長鑫存儲鏈上盤前合約引爆社區# 長鑫科技科創板IPO今日啟動申購，發行價8.66元/股，募資579億元，為A股史上最大半導體IPO。更值得關注的是，CXMT未上市已在加密社區掀起交易熱潮。 Hyperliquid上CXMT永續合約上線5小時持倉量即突破2300萬美元，超越HOOD和MSTR，僅次於特斯拉。鏈上隱含市值約3.5兆元，較發行價溢價超500%，24小時成交額約2570萬美元。有巨鯨地址近一週向Hyperliquid存入7530萬美元並持續掛單做多，社區熱議「鏈上資金提前為國產存儲定價」。 Gate已正式上線CXMT/USDT永續合約，支援1-10倍多空雙向操作。7月27日正式上市前，盤前合約的價格發現機制值得關注。 👉 盤前交易賽：https://www.gate.com/announcements/article/100684)