AI IPO boom pulls investor money toward artificial intelligence and away from crypto
A growing wave of major artificial intelligence-related stock offerings is attracting billions of dollars from investors worldwide, accelerating the shift of capital away from cryptocurrency markets.
AI has become not only one of the biggest market narratives but also a major destination for investment flows that might have previously gone into other sectors, including digital assets.
The latest example is SK Hynix’s highly anticipated IPO, scheduled for July 10. The South Korean memory semiconductor leader is aiming to raise between $24.5 billion and $28 billion through the issuance of 177.9 million American depositary receipts. Bloomberg reported that investor demand for the offering has exceeded available shares by more than seven times.
The deal has drawn attention from global institutional investors, sovereign wealth funds, and specialized technology-focused funds. Companies including Baillie Gifford, Coatue Management, and Situational Awareness Partners have reportedly shown interest in purchasing up to $7 billion worth of shares. SK Hynix plans to use the proceeds to expand production capacity and invest in advanced semiconductor equipment to meet surging AI-related demand.
China is also moving forward with a major semiconductor listing. Changxin Memory Technologies (CXMT), the nation’s largest DRAM manufacturer, is preparing for its Shanghai IPO, beginning the book-building process on July 15. The company plans to raise approximately 29.5 billion yuan ($4.3 billion), with share subscriptions opening the next day, according to Reuters.
CXMT intends to use the capital to upgrade manufacturing facilities and improve its technology infrastructure following rapid business growth. The company recorded first-quarter revenue of 50.8 billion yuan, representing a 700% increase from the previous year. Reuters estimates that CXMT captured about 7.7% of the global DRAM market last year.
These semiconductor offerings come after high-profile AI-related listings from companies such as SpaceX and Cerebras, which have boosted investor enthusiasm for chipmakers and memory manufacturers. Together, they highlight a larger trend: investors are increasingly allocating capital toward companies building the infrastructure behind artificial intelligence instead of cryptocurrency markets.
Bitcoin has dropped roughly 50% from its October peak and is currently trading around $63,000, as market participants increasingly favor AI infrastructure investments over digital currencies.
The pipeline for AI-related public offerings remains strong.
OpenAI and Anthropic have both been mentioned as potential future IPO candidates, with valuations that could eventually approach the $1 trillion mark.
While investors had previously expected some of these listings to happen as early as this year, concerns about elevated AI valuations and weakening momentum in semiconductor stocks could delay those plans until 2027.
Nevertheless, another wave of large-scale AI stock offerings could continue attracting capital away from crypto markets as investors chase opportunities in artificial intelligence.
