AI IPO Tracker 2026: How SpaceX, Unitree, MiniMax, Zhipu AI, and CXMT Performed After Going Public
Recent offerings demonstrate intense demand for scarce AI exposure, but the results also show that first-day performance, long-term value, and operating fundamentals are different questions. Offer terms and reported debut performance are included where reliable public reporting was available.
| Company | Market | Listing | Offer terms | Current interpretation | Status |
|---|---|---|---|---|---|
| SpaceX | SPCX, Nasdaq | June 12, 2026 | $135 per share; approximately $75B raised | Debut pushed valuation above $2T; shares later fell below offer before recovering; staged lockups remain an important supply event. | Public; volatile |
| Unitree Robotics | 688836, Shanghai | August 2026 | CNY150.80; approximately $904M raised; about $9B offer valuation | Retail demand was reported at more than 8,000 times the initial allocation; valuation reflected extreme enthusiasm for humanoid robotics. | Public; high valuation risk |
| MiniMax | 0100, Hong Kong | January 9, 2026 | HK$4.82B, approximately $615M raised | Shares rose 109% on debut; first-half revenue later reached $116.6M while the company remained loss-making. | Public; monetization test |
| Zhipu AI | Hong Kong | January 2026 | HK$4.35B targeted; approximately HK$51.2B offer valuation | One of the first publicly listed Chinese foundation-model developers; revenue growth is strong from a small base. | Public; scale and margin test |
| CXMT | 688825, Shanghai | 2026 | AI-enabling memory manufacturer | Reported debut gain of 466% highlighted demand for domestic semiconductor exposure and the danger of extrapolating first-day pricing. | Public; infrastructure exposure |
INVESTOR DISCIPLINE A successful offering proves that demand existed at the offer price. It does not prove sustainable margin, defensible market share, safe deployment, or that the company can convert capital into productive capacity.