China Memory Giant CXMT’s $10 Billion IPO Is a Flop

What makes an initial public offering great? One might say SpaceX’s recent IPO was a success. Global investors were fervently chasing its shares during book-building, but the actual debut was orderly. Trading was smooth and the stock finished 20% higher on the first day, giving speculators a nice little bonus to go home with. Elon Musk, meanwhile, was handed with $86 billion to fund his grand ambition, which ranges from Mars exploration to orbiting AI data centers in space.