Unitree Robotics has priced its initial public offering on the Shanghai STAR Market at 150.80 yuan per share, bringing the company’s valuation to approximately $9 billion. However, pre-IPO perpetual futures trading on the Hyperliquid platform suggests a significantly higher market valuation near $38 billion. This implied valuation reflects a roughly fourfold premium compared to the IPO price, with trading contracts ranging between $92 and $94. Such figures highlight the contrasting market expectations and the intense interest surrounding the Unitree IPO.
Unitree’s revenue reached $253 million last year, up 335%, and that figure was reported for the company’s most recent fiscal period in the documents circulated ahead of the offering. The company’s humanoid robot shipments have exceeded 5,500 units, representing the cumulative units shipped in that product category during the reporting window.
The Shanghai STAR Market initial public offering was reportedly oversubscribed by retail traders by 8,000 times, a subscription multiple reported in coverage of the allocation process. The revenue, shipment and subscription metrics were presented together in reporting around the IPO and used as part of the operational and market context provided during the pre-IPO period and related public reporting sources.
Two Hyperliquid markets — Trade.xyz and Paragon — hosted pre-IPO perpetual contracts for Unitree trading activity. The two venues together recorded combined open interest of $9.1 million, and reported turnover across those markets was about $59 million. When both markets were active during the pre-IPO trading window, contracts on the two platforms traded roughly 1.6% apart on average, reflecting a persistent inter-market spread during concurrent trading sessions. Market-level metrics from Trade.xyz and Paragon were reported alongside other pre-IPO trading statistics.
The pre-IPO perpetual contracts traded on these venues do not confer ownership in the underlying company and cannot be converted into actual shares. Allium analysts noted that a CXMT contract came within 2.5% of the Shanghai IPO opening price at the bell in July, an observation included in analyst commentary on pre-listing price movements. Hyperliquid traders were also reported to have correctly anticipated in June that SpaceX would debut higher on the stock market than its $135 IPO price, a prior instance cited in discussions of pre-IPO market signals.
Allium expressed the market expectation that “Unitree can open at twice its IPO price and still liquidate a third of long exposure.”
That statement appeared in analyst commentary covering pre-IPO trading dynamics on Hyperliquid and related markets. The quoted expectation was presented in coverage alongside the trading metrics and comparative contract performance noted above.
