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Unitree Robotics IPO opens sharply above crypto implied valuation
A Hyperliquid perpetual on Unitree implied about a $38 billion valuation, but the stock opened about 75% higher at 1,100 yuan, or roughly $66 billion.
CoinDesk reports that Unitree Robotics’ Shanghai IPO opened at 1,100 yuan, valuing the robot maker at about $66 billion, or around seven times its IPO price of 150.8 yuan.
Ahead of the cash market open, a synthetic Unitree market running on the crypto exchange Hyperliquid had been pricing the company at roughly $92 to $94 last week, which translated to an implied valuation near $38 billion, leaving the stock’s opening price about 75% above what crypto traders had anticipated.
CoinDesk says the contrast highlights both the appeal and limits of using crypto perpetuals to estimate IPO pricing in advance. Unlike equity ownership, the Hyperliquid contract is a perpetual future, a cash-settled bet on Unitree’s share price that trades around the clock.
Once the stock began trading, the Unitree perp contract rose as well, reaching around $121 Wednesday morning, up about 20% over 24 hours, after briefly trading above $140. CoinDesk adds that trading volume was about $64 million, with open positions worth about $29 million, and the shares later pulled back from 1,100 yuan to around 884 yuan.