Crypto traders have been placing a much bigger bet on Unitree Robotics than the stock market’s opening price suggested. Just a day before the Chinese humanoid robot maker debuted on the Shanghai Stock Exchange’s Star Market, perpetual futures contracts tied to Unitree were trading at levels implying a valuation more than four times its official IPO price, according to Bloomberg. The mismatch between the crypto derivatives market and the traditional listing price turned Unitree’s debut into one of the more closely watched examples yet of how blockchain-based “pre-IPO perps” are starting to shape expectations before a stock ever opens for trading.
Key takeaways
Unitree Robotics priced its Shanghai STAR Market IPO with a per-share price of 150.80 yuan ($22.37), the company’s total valuation reached approximately $9 billion.
Perpetual futures contracts on the Hyperliquid blockchain were trading at about $100 the day before the debut, implying a valuation near $40.5 billion, per Bloomberg.
CoinDesk cited blockchain analytics firm Allium reporting contracts near $92–$94, pointing to an implied valuation of roughly $38 billion — still more than four times the IPO price.
Unitree’s IPO raised about $900 million and drew strategic investment from AI startup DeepSeek, according to CNBC.
A similar pre-IPO futures premium preceded the stock surge of CXMT, the first mainland Chinese company to get a “perp” contract on Hyperliquid.
Unitree Robotics’ IPO and market debut
Unitree’s Shanghai listing marked the first time a humanoid robotics company went public on the mainland, and demand from retail investors was intense from the start. The Hangzhou-based startup priced its offering at 150.80 yuan, or about $22.37 a share, putting its total valuation at roughly $9 billion — equivalent to about 61 billion yuan, according to CNBC. The IPO raised close to $900 million and attracted strategic backing from DeepSeek, the Chinese AI startup.
IPO valuation and share price
That $9 billion price tag became the reference point against which crypto markets would soon measure their own, far higher, expectations. CNBC reported that the online retail tranche of the offering was oversubscribed more than 5,000 times, leaving a lot-winning rate of just 0.018% — a sign of how rare and coveted a pure-play humanoid robotics stock has become for Chinese retail investors.
Listing on Shanghai Stock Exchange’s Star Market
Unitree’s shares began trading on the Shanghai Stock Exchange’s tech-focused Star Market, the venue China reserves for its most innovation-driven listings. Trading was expected to start between August 17 and August 21, and investors widely anticipated a strong first-day pop given the frenzy that had already built around the offering before shares ever changed hands on a traditional exchange.
Crypto futures driving valuation surge
The clearest sign of that frenzy showed up not on a stock ticker but on a blockchain. Days before Unitree’s debut, perpetual futures contracts tracking the company had already priced in a valuation dramatically higher than the IPO figure, turning the Unitree crypto futures surge into a story in its own right.
Unitree futures contracts trading on Hyperliquid blockchain
These contracts traded on Hyperliquid, a blockchain platform that has become a prominent venue for perpetual futures — derivatives that let traders take leveraged long or short positions with no expiration date. According to Bloomberg, the Unitree perpetual futures were changing hands at about $100 the day before the debut. CoinDesk, citing Allium’s analysis, put the range slightly lower, between $92 and $94, on the two Hyperliquid markets operated by Trade.xyz and Paragon. Together, those two venues had accumulated $9.1 million in open interest and roughly $59 million in turnover, Allium said.
Futures price implies valuation of $40.5 billion
At around $100 a contract, Bloomberg calculated an implied valuation of $40.5 billion for Unitree — more than four times its official $9 billion IPO price. CoinDesk’s figures, drawn from Allium’s report, pointed to a slightly lower but still striking $38 billion valuation. Either way, the gap between the crypto derivatives price and the IPO price told the same story: traders expected Unitree’s stock to soar well beyond where the underwriters had set it.
Comparison with CXMT perpetual futures and market expectations
This isn’t the first time Hyperliquid traders have called a Chinese listing correctly. Similar perpetual contracts for CXMT, the memory-chip maker and the first mainland Chinese company to get a “perp” on Hyperliquid, foreshadowed that stock’s own surge when it debuted last month. CoinDesk noted that a pre-IPO contract tracking CXMT came within 2.5% of the company’s actual Shanghai opening price at the bell in July — a level of accuracy that has given these synthetic markets growing credibility as a price-discovery tool ahead of traditional listings.
Market implications and risks of futures-driven valuations
Pre-IPO perpetual futures don’t grant ownership of the underlying company, and positions can’t be converted into real shares. What they offer instead is a way for traders to speculate on where a stock will eventually settle once it starts trading — with the futures price expected to converge toward the real market price once that reference becomes available.
Volatility from price premium and leveraged positions
That convergence is exactly where things can get painful. Allium’s analysts warned that Unitree “can open at twice its IPO price and still liquidate a third of long exposure.” An opening around $45 a share — double the IPO price — would still sit about 52% below the perp price and could wipe out roughly 33% of long positions, the firm estimated. At the other end, a $128 opening price, nearly six times the IPO level, could liquidate an estimated 53% of short positions. If shares open right around where the perpetual contracts were trading, neither side gets liquidated.
Investor participation and speculative factors
Positioning data suggests the market is genuinely split on which scenario plays out. On Trade.xyz, the larger of the two Hyperliquid venues, long and short interest were almost evenly matched at $6.5 million and $6.6 million, respectively. Smaller traders, however, leaned far more bearish, with bets under $50,000 running about 70% short by value, according to CoinDesk’s reporting on Allium’s data. That divide underscores why the Unitree crypto futures surge has become such a closely watched test case: it shows both how much confidence traders have in Chinese robotics stocks and how exposed leveraged positions can be once a real listing price finally lands.
The bigger picture extends beyond Unitree itself. As more private companies get pre-IPO perpetual markets on platforms like Hyperliquid, these contracts are increasingly functioning as an early read on investor sentiment — sometimes more accurate than the IPO pricing process itself. Whether that pattern holds for Unitree, or whether the fourfold premium proves too rich once shares actually start trading on the Star Market, will likely shape how seriously traders treat the next wave of pre-IPO crypto futures tied to Chinese tech listings.
FAQ
What caused the surge in Unitree Robotics’ valuation ahead of its IPO?
Crypto futures contracts trading on the Hyperliquid blockchain surged ahead of Unitree’s stock debut, implying a valuation more than four times its IPO price, according to Bloomberg and CoinDesk reporting.
How much was Unitree Robotics’ IPO valuation?
Unitree priced its IPO at approximately $9 billion based on a share price of 150.80 yuan ($22.37), raising close to $900 million in the offering.
On which market did Unitree Robotics make its stock debut?
Unitree Robotics debuted on the Shanghai Stock Exchange’s tech-focused Star Market, becoming the first humanoid robotics company to list on the Chinese mainland.
What risks do crypto futures pose for investors at Unitree’s IPO?
The large premium built into the futures price could lead to a volatile convergence once actual stock trading begins, with leveraged long or short positions facing liquidation depending on where shares ultimately open, according to analysts at Allium.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.