AI mega IPOs attract investor capital as crypto faces growing competition

A series of major artificial intelligence-related stock launches is drawing billions of dollars from global investors, strengthening the trend of capital moving away from crypto and toward AI infrastructure companies.

AI is no longer just a major market theme; it has also become a powerful force attracting investment that might otherwise have been directed toward other sectors, including cryptocurrencies.

The latest example is SK Hynix’s highly anticipated public offering on July 10. The South Korean memory chip manufacturer is seeking to raise between $24.5 billion and $28 billion through the sale of 177.9 million American depositary receipts. Bloomberg reported that the offering has attracted demand more than seven times greater than the available supply.

The IPO has gained interest from major institutional investors, sovereign wealth funds, and technology-focused investment firms. Investors including Baillie Gifford, Coatue Management, and Situational Awareness Partners have reportedly shown interest in purchasing up to $7 billion in shares. The company plans to use the proceeds to expand manufacturing capacity and invest in advanced semiconductor equipment to support increasing AI demand.

Meanwhile, China is preparing its own major semiconductor listing. Changxin Memory Technologies (CXMT), the country’s largest DRAM producer, is scheduled to begin book building for a 29.5 billion yuan ($4.3 billion) Shanghai IPO on July 15, with subscriptions opening the following day, according to Reuters.

CXMT plans to use the funds to improve production lines and upgrade technology after experiencing rapid expansion. The company reported first-quarter revenue of 50.8 billion yuan, representing a 700% year-over-year increase. Reuters estimates CXMT held approximately 7.7% of the global DRAM market last year.

These deals follow recent AI-related market debuts from companies such as SpaceX and Cerebras, which have boosted enthusiasm across semiconductor and memory chip stocks.

Together, these listings highlight a broader investment trend: investors are increasingly putting money into companies developing the infrastructure behind artificial intelligence rather than digital assets.

Bitcoin has declined roughly 50% from its October record high and is trading near $63,000, as investors continue shifting focus toward AI infrastructure opportunities.

The AI IPO pipeline remains packed with potential blockbuster offerings.

OpenAI and Anthropic have both been mentioned as future public market candidates, with possible valuations approaching $1 trillion.

While some market participants previously expected these companies to go public as early as this year, concerns over high AI valuations and slowing semiconductor momentum could delay those plans until 2027.

Even if the timeline changes, another wave of large AI listings could continue attracting investor liquidity away from cryptocurrency markets and into artificial intelligence-focused assets.