Robot maker Unitree is going public. Hyperliquid traders see 4x upside from IPO price
Chinese robotics firm Unitree is preparing for an IPO with a valuation of $9 billion, though pre-IPO perpetual contracts on Hyperliquid suggest market expectations as high as $38 billion. These synthetic derivatives allow traders to speculate on company valuations before official public trading begins.
Why it matters
This highlights the growing trend of using crypto-native infrastructure for speculative price discovery in traditional private equity markets.
Unitree priced its Shanghai STAR Market offering at 150.80 yuan ($22.37) per share, valuing the company at roughly $9 billion. Pre-IPO perpetual contracts trading through Hyperliquid, however, were between $92 and $94 on Friday, equivalent to a valuation of about $38 billion, blockchain analytics firm Allium said in a report .
The premium reflects lofty expectations for one of China's closely watched robotics companies. Founded in Hangzhou in 2016, Unitree makes four-legged and humanoid robots for research, industrial and consumer applications. Revenue reached $253 million last year, up 335%, while humanoid robot shipments topped 5,500, according to Allium's report.
The firm’s IPO was reportedly 8000 times oversubscribed by retail traders, with trading expected to begin between Aug. 17 and Aug. 21.
Unitree's public-market debut is also shaping up to be the latest in a corner of crypto derivatives that has recently expanded rapidly: pre-IPO perpetual futures.
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