Robot maker Unitree is going public. Hyperliquid traders see 4x upside from IPO price
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Chinese robotics company Unitree is going public with an IPO priced at 150.80 yuan ($22.37) per share on the Shanghai STAR Market, valuing the firm at approximately $9 billion. However, pre-IPO perpetual futures (pre-IPO perps) trading on the crypto derivatives platform Hyperliquid value Unitree around $93 per share, more than four times its IPO price. This discrepancy shows traders betting on a significantly higher valuation than the official IPO.
Why it matters
The elevated price on Hyperliquid’s pre-IPO market suggests notable investor enthusiasm and a potentially volatile price convergence once Unitree starts trading publicly. Leveraged positions on the derivatives could lead to significant liquidations depending on where the actual IPO price settles, impacting traders' exposures and possibly market dynamics at debut.
Key context
Pre-IPO perpetual futures are synthetic derivatives traded on platforms like Hyperliquid that allow speculation on a company's valuation before its shares begin trading, without conferring ownership or conversion rights. This growing crypto derivatives niche recently expanded into private companies like Unitree. Past cases, such as Chinese chip maker CXMT and SpaceX’s pre-IPO futures, have shown that such markets can track IPO prices closely and provide early price signals.
Key numbers and entities
Unitree’s IPO price is 150.80 yuan ($22.37) per share, valuing it at roughly $9 billion. Hyperliquid pre-IPO perpetual futures trade near $92-$94 per share, implying a roughly $38 billion valuation. Unitree’s 2022 revenue reached $253 million, with a 335% increase year-over-year. Open interest on Hyperliquid’s Unitree contracts totals $9.1 million, with about $59 million in turnover. The IPO was reportedly 8,000 times oversubscribed by retail investors.
What remains unclear
The source does not flag specific open questions but implies uncertainty about where Unitree’s public trading price will open, which will determine the extent of liquidations in leveraged derivative positions and how the pre-IPO and public prices will converge.