Robot maker Unitree is going public. Hyperliquid traders see 4x upside from IPO price
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- Unitree Robotics priced its Shanghai STAR Market IPO at 150.80 yuan ($22.37) per share, valuing the firm at roughly $9 billion, with trading expected between Aug. 17 and Aug. 21 and the offering reportedly 8,000 times oversubscribed by retail traders.
- Hyperliquid pre-IPO perpetual contracts for Unitree traded at $92–$94 on Friday — a roughly $38 billion implied valuation, more than 4x the IPO price, according to blockchain analytics firm Allium.
- Allium analysts warned the gap creates two-sided liquidation risk: an opening at $45 (double the IPO) would liquidate roughly 33% of long perp exposure, while a $128 debut (nearly 6x the IPO) would liquidate an estimated 53% of short positions.
- Two Hyperliquid markets for Unitree — operated by Trade.xyz and Paragon — have accumulated $9.1 million in open interest and about $59 million in turnover, with the two contracts trading just 1.6% apart on average.
- Unitree, founded in Hangzhou in 2016, posted $253 million in 2024 revenue (up 335%) and shipped more than 5,500 humanoid robots, making it one of China's most closely watched robotics firms.
- Recent pre-IPO perp track records include CXMT, whose contract came within 2.5% of its Shanghai opening price in July, and SpaceX (SPCX), which Hyperliquid traders correctly anticipated would debut above its $135 IPO price in June.
- On Trade.xyz, overall positioning is nearly evenly split ($6.5M long, $6.6M short), but smaller retail-sized bets under $50,000 run 70% short by value.
Why it matters: Unitree's IPO was 8,000 times oversubscribed by retail, yet Allium analysts calculate that an opening at $45 (double the IPO) would liquidate roughly 33% of long perp positions, while a $128 debut would liquidate 53% of shorts. The wide gap punishes leveraged crypto traders in either direction unless shares open near the current perp price.
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