Key facts
- Unitree Robotics priced its Shanghai IPO at $22.37 per share, valuing the company at $9 billion.
- Pre-IPO perpetual contracts on Hyperliquid suggest a valuation of around $38 billion, with prices between $92 and $94.
- Unitree reported $253 million in revenue last year, a 335% increase, and shipped over 5,500 humanoid robots.
- The IPO was reportedly 8000 times oversubscribed by retail investors.
- Trading is expected to commence between August 17 and August 21.
- Leveraged positions in pre-IPO contracts face liquidation risks based on the stock's opening price relative to the contract price.
Crypto traders are placing significant bets on the future valuation of Chinese robot maker Unitree Robotics through pre-IPO perpetual contracts on the Hyperliquid platform. These derivatives allow speculation on a company's price before its stock begins trading publicly. Unitree recently priced its Shanghai STAR Market IPO at 150.80 yuan ($22.37) per share, valuing the company at approximately $9 billion. However, perpetual contracts on Hyperliquid were trading between $92 and $94, suggesting a market valuation of around $38 billion, more than four times the IPO price.
This substantial premium reflects high expectations for Unitree, which was founded in 2016 and has seen rapid growth, with revenues reaching $253 million last year, a 335% increase. The company also shipped over 5,500 humanoid robots. The IPO itself was reportedly 8000 times oversubscribed by retail investors, with trading expected to commence between August 17 and August 21.
Pre-IPO perpetuals do not grant ownership but create a synthetic market for price discovery. Recent performance of similar contracts for companies like CXMT and SpaceX has shown a strong correlation with actual stock market openings. The activity on Hyperliquid for Unitree is substantial, with two markets accumulating $9.1 million in open interest and $59 million in turnover. Analysts warn that the high premium means leveraged positions are vulnerable; even a doubling of the IPO price could lead to significant liquidations for long holders.