ChangXin Memory Technologies (CXMT), the world’s fourth-largest DRAM manufacturer, began trading on Shanghai’s STAR Market after raising approximately $8.5 billion in one of China’s largest semiconductor IPOs. The company’s DRAM market share tripled year-over-year to reach 8% in Q1 2026, while revenue surged 156% to roughly $8.6 billion in fiscal year 2025, marking its first year of positive net income. CXMT’s production capacity is forecast to reach 350,000 wafer starts per month by end of 2026, approaching Micron’s output levels. Micron’s stock dropped roughly 8% on July 15. CXMT specializes in commodity DRAM for PCs and smartphones, and has not entered the high-bandwidth memory segment powering AI accelerators.
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