Top lawmakers are pressing the Trump administration to launch a formal national security investigation into Chinese chipmaker ChangXin Memory Technologies (CXMT), warning that Beijing may have engineered the company's blockbuster initial public offering to strengthen a key player in China's military technology ecosystem, the New York Post reported on Tuesday.

CXMT's shares surged 466% during its Shanghai trading debut Monday, raising some $8.6 billion and instantly making the company the most valuable firm listed on a mainland Chinese exchange, with a market capitalization approaching $500 billion.

The stunning market performance has triggered bipartisan concern in Washington, with at least six members of Congress expected to send letters to the administration demanding scrutiny into whether the Chinese Communist Party played a role in supporting the offering, according to sources familiar with the matter.

One senior U.S. official told the Post there is "a real suspicion that a Chinese Communist Party intervention played a role in this so-called IPO" coming just weeks after the Pentagon identified CXMT as a Chinese military company.

"CXMT just got a massive cash infusion that will send shivers down the spines of the U.S. intelligence community," the official said.

Another senior government source described CXMT as deeply connected to "the Chinese industrial military complex," warning that the company's rapid expansion represents "a ticking time bomb for national security."

Congressional leaders from the House and Senate intelligence committees — commonly known as the "Gang of Eight" — are also seeking an urgent classified briefing to examine Beijing's involvement with the company and assess the potential threat posed by CXMT's growing influence.

The Pentagon added CXMT to its list of Chinese military companies operating in the U.S. last month, though the administration has not yet imposed full sanctions or placed the company on a restricted blacklist.

Under Pentagon criteria, companies can be designated if they provide commercial services, manufacture, produce, or export goods while being directly or indirectly controlled by Chinese government entities or contributing to China's military-civil fusion strategy.

Lawmakers are expected to push for additional action through the National Defense Authorization Act, the annual defense policy bill that funds the Pentagon and has become a key legislative tool for countering China's technological ambitions.

National security officials warn that Chinese-made chips embedded in consumer products could create vulnerabilities in American infrastructure and defense networks, potentially allowing foreign espionage or cyber operations against critical systems during a conflict.

CXMT's historic IPO comes as Beijing accelerates efforts to build a self-sufficient semiconductor industry capable of withstanding Western sanctions and export restrictions.

The company is China's leading domestic producer of DRAM memory chips, which are critical components used in smartphones, electric vehicles, artificial intelligence data centers, and advanced military equipment.

The Wall Street Journal reported earlier this month that Apple has been lobbying U.S. officials to allow purchases from CXMT amid a global shortage of memory chips driven by the artificial intelligence boom.

The company's market debut pushed its estimated valuation to more than $487 billion, marking a major milestone in China's effort to challenge Western dominance in semiconductor manufacturing.

The U.S. has spent years restricting China's access to advanced semiconductor manufacturing equipment and cutting-edge chip technology in an effort to slow Beijing's military and technological development.

China has responded by directing billions of dollars in government support toward domestic technology champions like CXMT, aiming to reduce dependence on American and allied supply chains.

Although CXMT remains behind leading memory chip manufacturers in South Korea and the United States in the production of the most advanced chips, the company has gained significant market share by producing older "legacy" semiconductors that face fewer international restrictions.