Crypto
Home›Crypto›Market Structure›Unitree IPO expectations lift Hyperliquid pre-IPO perp…
Unitree IPO expectations lift Hyperliquid pre-IPO perpetuals to $92-$94
Pre-IPO perpetuals valued Unitree at about $38 billion versus roughly $9 billion at its $22.37 Shanghai IPO price, with analysts warning about potential volatility when public trading begins.
Crypto derivatives traders are pricing Chinese robot maker Unitree Robotics far above its IPO level using pre-IPO perpetual contracts on Hyperliquid, according to CoinDesk and analysis cited from Allium.
Unitree priced its Shanghai STAR Market offering at 150.80 yuan, or $22.37 per share, valuing the company at about $9 billion. But on Friday, Unitree perpetuals traded through Hyperliquid were between $92 and $94, which Allium said corresponded to a valuation near $38 billion.
CoinDesk notes that these pre-IPO perps let traders take leveraged long or short positions that reference a company's eventual market value without actually owning the underlying shares, and analysts said the wide premium can set up a potentially volatile convergence when Unitree starts trading.
The report also points to Unitree’s growth and demand ahead of debut, including last year’s revenue reaching $253 million, up 335%, and humanoid robot shipments topping 5,500, with trading expected to begin between Aug. 17 and Aug. 21.