Hyperliquid Traders Price Unitree at 4x IPO Value

The pre-IPO perpetuals on Hyperliquid put Unitree at around $38 billion, well above the Shanghai IPO. It highlights how onchain derivatives are also driving high leverage and price discovery outside crypto.

Key Takeaways

• Crypto traders are pricing Unitree Robotics on Hyperliquid at more than four times its IPO value.
• The implied valuation in pre-IPO perpetual contracts comes out to about $38 billion.
• Trading in Unitree shares is expected to start between August 17 and 21.

Crypto traders are pricing Unitree Robotics on Hyperliquid at a valuation that is more than four times higher than the IPO value at which the Chinese robotics company is heading to the exchange. While Unitree was priced in Shanghai at 150.80 yuan, or $22.37 (€19) per share, the implied valuation in pre-IPO perpetual contracts comes out to about $38 billion (€32.9 billion), according to blockchain analytics firm Allium.

High Premium on Hyperliquid

The contracts around Unitree traded Friday between $92 (€80) and $94 (€81), which works out to a premium of more than 300% compared with the exchange price. That gap shows how aggressive expectations are around one of China’s most closely watched robotics companies, which builds quadruped and humanoid robots for research, industry, and consumer uses.

Allium reported that Unitree generated $253 million (€219 million) in revenue last year, up 335%, and that shipments of humanoid robots topped 5,500. It also said the IPO was oversubscribed 8,000 times by retail traders. Trading in the stock is expected to start between August 17 and 21.

Pre-IPO Perps Attract Capital

The Unitree trading fits into a fast-growing niche within crypto derivatives: pre-IPO perpetual futures. These are speculative contracts that let traders bet on the expected valuation of private companies before they actually go public. They do not give ownership, dividends, or a way to convert into real shares.

That is exactly why prices can drift far away from a normal estimate of fair value, especially when there is still no transparent spot market for the underlying company. For traders, that means extra volatility and a bigger liquidation risk, especially because leverage plays a major role here.

Hyperliquid became known as an onchain venue for perpetual futures, and that infrastructure is now being used outside crypto too, including for commodities and now private companies. Earlier examples, such as CXMT and SpaceX, already showed that this market can sometimes end up surprisingly close to the opening price, but there is no guarantee.

Hyperliquid’s growth as a trading venue fits into a broader debate about the role of onchain derivatives. The SEC previously spoke with involved parties about the rules for onchain derivatives, precisely because these kinds of markets are reaching further and further beyond traditional crypto trading.

Why This Matters

For European crypto readers, this case shows how far derivatives markets have expanded beyond Bitcoin and Ethereum. It also makes clear that pre-IPO perps do not just reflect a price expectation, but also a market structure with high leverage, limited liquidity, and unclear regulation. That can matter for anyone following how onchain venues are enabling new forms of speculation and price discovery.