Chinese memory maker reportedly preparing for $42 billion IPO — CXMT plans to go public in early 2026

Chinese memory maker CXMT is gearing up for a $42 billion IPO in early 2026, with plans to raise around US$2.8 to US$5.6 billion. The company is strategically positioned to replace Micron in China and is crucial for the country's semiconductor progress. Despite being a newer player in the industry, CXMT has made significant investments in capital expenditure, including an HBM back-end packaging fab set to begin operations in late 2026. While CXMT may be a few years behind its competitors like Micron and SK hynix, its upcoming mass production of HBM3 in 2026 marks a significant milestone for the Chinese semiconductor sector.