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AI IPO wave draws billions away from crypto, analysts warn
SK Hynix plans to raise about $24.5 billion to $28.0 billion ahead of its July 10 debut, while China’s CXMT targets a $4.3 billion IPO.
CoinDesk reports that a wave of blockbuster AI listings is pulling substantial investor capital away from crypto, reinforcing a broader rotation toward AI infrastructure equities.
The outlet points to SK Hynix’s upcoming U.S. listing, which is expected to raise about $24.5 billion to $28 billion by selling 177.9 million American depositary receipts, and is reportedly more than seven times oversubscribed.
CoinDesk also highlights China’s Changxin Memory Technologies, or CXMT, with book building for its Shanghai IPO slated to begin July 15 and subscriptions opening the next day. The company aims to raise 29.5 billion yuan, or about $4.3 billion, according to Reuters.
The proceeds are expected to support production line and technology upgrades, after CXMT posted first-quarter revenue of 50.8 billion yuan, up 700% year-on-year, CoinDesk notes. Reuters estimates CXMT held about 7.7% of the global DRAM market last year, underscoring the scale of the AI-focused fundraising.