$92-$94 pre-IPO perpetuals on Hyperliquid imply Unitree Robotics is worth about $38 billion, far above its $22.37 IPO price and roughly $9 billion listing valuation ahead of Shanghai trading expected Aug. 17-21.
The gap matters because pre-IPO perps are synthetic, leveraged bets that should converge with the stock once trading begins, setting up sharp liquidation risk for whichever side is wrong.
$9.1 million in open interest and $59 million in turnover have built across two Unitree markets, with the larger venue almost evenly split at $6.5 million long versus $6.6 million short.
A $45 opening price—double the IPO level—would still sit about 52% below current perp prices and could liquidate roughly a third of longs, while a $128 debut could wipe out an estimated 53% of shorts.
The premium reflects intense enthusiasm for the Hangzhou robot maker, whose 2025 revenue jumped 335% to $253 million and whose humanoid shipments topped 5,500, as crypto pre-IPO perps spread beyond tokens into equity-style speculation.