Metax Integrated Circuit Surges 428% After IPO, Reportedly Considering Rights Issue to Raise Over $800M
Alina Collins
Iluvatar CoreX is reportedly weighing a Hong Kong share placement of at least $800 million — just six months after its IPO, with the stock already up 428%, the company is eyeing a raise far larger than its listing.
How much money is on the table?
Bloomberg, citing people familiar with the matter, reports Iluvatar CoreX (沐曦集成电路) targets at least $800 million and is working with advisers on a potential placement.
This means → if completed, the raise would dwarf the $473 million the company raised in its January Hong Kong IPO.
The trigger: the six-month post-IPO lock-up — a freeze preventing major shareholders from selling — expired this Tuesday.
What drove a 428% rally in six months?
Iluvatar makes GPUs — graphics processing units, the core chips for AI training and inference — focused on AI applications.
Riding an AI-stock frenzy, the stock surged 428% in the first half of 2026, while the Hang Seng Index fell over the same period.
In plain terms = the market has treated "China AI chip" as the hottest label, and Iluvatar landed squarely on that wave.
Is Iluvatar alone — or is this a trend?
Biren Technology (壁仞科技) completed a roughly $900 million placement on Monday; its shares rose about 8% to HK$50.40 on Wednesday morning, above the HK$46.20 placement price.
Zhipu (智谱) is also exploring a Hong Kong placement targeting billions of dollars; its stock is up nearly 1,500% since its January listing.
This reflects a collective pattern: AI chip and large-model companies are tapping public markets aggressively while valuations stay elevated.
What does this mean for investors?
The people familiar stressed that discussions are ongoing and Iluvatar may ultimately decide against a secondary offering; the company did not respond to requests for comment.
This means → once the lock-up lifts, investors face two forces at once: existing shareholders can sell, and new shares may flood in.
In plain terms = a placement gives the company fresh ammunition, but it also dilutes existing holders — whether the stock holds up depends on how much AI-chip enthusiasm the market has left.
Content is for reference only, not financial advice.