Overview
- Unitree priced its Shanghai STAR Market IPO at 150.80 yuan per share, valuing the company at roughly $9 billion, and its shares are expected to begin trading between Aug. 17 and Aug. 21.
- Independent pre‑IPO perpetual contracts on Hyperliquid and related venues are trading around $92–$94 per share, implying an approximate $38 billion valuation and creating a more than fourfold gap with the IPO price.
- Blockchain analytics firm Allium says the two Hyperliquid‑based Unitree markets have about $9.1 million in open interest and roughly $59 million in turnover, with positioning split on the larger market.
- Allium’s liquidation models show that a public opening modestly above the IPO price could still trigger forced liquidations of a large share of leveraged long positions and that a higher open could wipe out many short positions.
- Bybit has added pre‑IPO perpetuals for Unitree and Moonshot AI as it expands TradFi perpetual offerings beyond 200 products, a move that increases retail and crypto traders’ exposure and tests whether these synthetic markets reliably converge with public stock prices.