Les Barclays (@lesbarclays): "CXMT’s IPO prospectus: projected H1 2026 revenue of $15.3–16.7 billion, up 700%+ YoY. Net profit margin above 45%. China’s DRAM self-sufficiency is no longer aspirational. I spoke on CXMT’s rise (including their planned IPO) back in this piece in February. Link to CXMT IPO pro…"

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CXMT’s IPO prospectus: projected H1 2026 revenue of $15.3–16.7 billion, up 700%+ YoY. Net profit margin above 45%. China’s DRAM self-sufficiency is no longer aspirational. I spoke on CXMT’s rise (including their planned IPO) back in this piece in February.

Link to CXMT IPO prospectus: static.sse.com.cn/stock…

CXMT began phasing out DDR4 in May 2025, prioritising resources towards DDR5 and HBM development aligned with AI and cloud infrastructure demands. CXMT is planning an IPO on on the Shanghai Stock Exchange, and raise funding of ~20 billion-to-40-billion-yuan ($2.8bn - $5.7bn) at a ~300bn yuan ($42bn) valuation.

Les Barclays

May 19

4:40 PM

Make money doing the work you believe in

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