Key Takeaways
- Pre-market traders on Hyperliquid are valuing Unitree shares at approximately $93, which represents over four times the Shanghai IPO listing price of $22.37
- The perpetual futures market suggests Unitree’s valuation sits near $38 billion compared to the official $9 billion IPO figure
- Reports indicate Unitree’s public offering received 8,000x oversubscription, with shares expected to trade between August 17-21
- According to Allium’s analysis, even a robust debut around $45 could trigger liquidations on approximately 33% of leveraged long positions
- Bybit’s new pre-IPO perpetual offerings for Unitree and Moonshot AI bring its total TradFi perpetuals catalog to over 200 instruments
Unitree, a Chinese robotics manufacturer, is preparing for its debut on Shanghai’s STAR Market with shares priced at 150.80 yuan ($22.37). This pricing establishes the company’s market capitalization at approximately $9 billion.
However, cryptocurrency derivatives traders on Hyperliquid are signaling a dramatically different assessment.
According to blockchain analytics platform Allium, pre-IPO perpetual contracts were changing hands at $92-$94 on Friday. This pricing implies Unitree commands a valuation closer to $38 billion, representing more than a fourfold premium over the official IPO valuation.
Understanding Pre-IPO Perpetual Contracts
Pre-IPO perpetual futures are derivative instruments that enable traders to establish leveraged positions on a company’s projected value ahead of its public market debut. These contracts don’t provide actual share ownership, nor can positions be exchanged for equity.
Following a company’s public listing, contract prices typically align with the publicly traded stock price.
Hyperliquid has emerged as a leading platform for these instruments. The exchange currently facilitates pre-IPO markets across commodities, equities, and private enterprises through operators including Trade.xyz and Paragon.
Historical performance has demonstrated reasonable accuracy. A futures contract tracking Chinese memory chip manufacturer CXMT landed within 2.5% of its Shanghai debut price in July. Traders also accurately predicted SpaceX would launch above its $135 IPO reference point in June.
Liquidation Hazards for Market Participants
The substantial difference between current perpetual pricing and IPO valuation presents considerable risk exposure.
Allium’s research team outlined the danger clearly. Should Unitree commence trading at $45—representing double the IPO price yet still 52% beneath the perpetual contract value—approximately 33% of leveraged long positions face liquidation.
Conversely, a $128 opening price, nearly six times the IPO level, would eliminate roughly 53% of short positions through forced liquidations.
Only if shares begin trading near the $92-$94 perpetual price range would both long and short traders avoid mass liquidation events.
Trade.xyz, hosting the larger Hyperliquid market, shows nearly balanced positioning between bulls and bears. However, retail participants managing portfolios under $50,000 are 70% short by dollar value, indicating skepticism among smaller traders.
Across both Unitree markets, total open interest stands at $9.1 million with cumulative trading volume reaching approximately $59 million.
The robotics company recorded $253 million in revenue last year, marking a 335% increase, and delivered over 5,500 humanoid robots to customers. Reports suggest retail investors oversubscribed the IPO by 8,000 times.
Bybit has now introduced pre-IPO perpetual contracts for both Unitree and artificial intelligence company Moonshot AI. The Dubai-headquartered exchange reports its TradFi perpetuals portfolio has expanded to encompass more than 200 instruments since the product line launched in April.
Tokenized equities have collectively achieved $2.38 billion in distributed value according to RWA.xyz data, with participant numbers climbing over 123% during the last 30 days.
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