AI Mega-IPOs Set to Pull More Capital Away From Crypto Markets

Two massive AI-linked listings are drawing billions in investor money this month, adding to a trend that has kept capital away from crypto assets.

SK Hynix Listing Draws Heavy Demand

South Korean memory chip maker SK Hynix is set to list on July 10, raising between $24.5 billion and $28 billion by selling 177.9 million American depositary receipts. The offering has been more than seven times oversubscribed, with global long only funds, sovereign wealth funds and tech focused investors lining up. Firms including Baillie Gifford, Coatue Management and Situational Awareness Partners have shown interest in buying up to $7 billion in shares combined. The funds raised will go toward new manufacturing capacity and chipmaking equipment.

China’s CXMT Follows With Shanghai IPO

Changxin Memory Technologies, China’s largest DRAM maker, will start book building on July 15 for a 29.5 billion yuan (about $4.3 billion) Shanghai listing. The U.S.-blocked firm reported first-quarter revenue of 50.8 billion yuan, up 700% year on year, and holds roughly 7.7% of the global DRAM market.

Bitcoin has dropped about 50% from its October peak to near $63,000 as investors favor AI infrastructure over digital assets. With OpenAI and Anthropic also seen as future trillion-dollar IPO candidates, more capital could keep flowing away from crypto.