Traders Bet Big on Robot Maker Unitree Ahead of Its Public Market Debut

Crypto traders are pricing Chinese robotics company Unitree well above its official IPO valuation, setting up a potentially volatile debut on public markets. Unitree priced its Shanghai STAR Market offering at 150.80 yuan, or 22.37 dollars per share, valuing the company at around 9 billion dollars. Meanwhile, pre-IPO perpetual contracts trading on Hyperliquid were priced between 92 and 94 dollars on Friday, implying a valuation closer to 38 billion dollars, according to blockchain analytics firm Allium.

Founded in Hangzhou in 2016, Unitree builds four-legged and humanoid robots used in research, industrial, and consumer settings. The company’s revenue reached 253 million dollars last year, marking 335 percent growth, while humanoid robot shipments surpassed 5,500 units. Its IPO was reportedly oversubscribed by retail investors by roughly 8,000 times, with public trading expected to begin between August 17 and 21.

A Growing Market for Pre-IPO Bets

Unitree’s debut adds to a fast-growing niche within crypto derivatives known as pre-IPO perpetual futures. Hyperliquid, originally known for onchain perpetual futures trading, has expanded this model beyond crypto into commodities and now into private companies preparing to list publicly. These contracts don’t grant actual ownership or convert into real shares, but instead let traders speculate on a company’s valuation ahead of its official listing, with prices typically converging toward the real stock once trading begins.

This pricing mechanism has shown some accuracy recently. A similar contract tracking chipmaker CXMT came within 2.5 percent of its actual Shanghai opening price in July, while Hyperliquid traders correctly predicted in June that SpaceX would debut above its 135 dollar IPO price.

High Stakes for Leveraged Traders

Unitree contracts have already drawn significant activity, with two Hyperliquid-based markets accumulating 9.1 million dollars in open interest and about 59 million dollars in trading volume. The fourfold premium over the IPO price means even a strong debut could still result in heavy losses for leveraged traders betting on further gains.

According to Allium, an opening price of around 45 dollars, double the IPO price, would still fall about 52 percent short of current perp pricing and could liquidate roughly a third of long positions. On the other end, a 128 dollar opening, nearly six times the IPO price, could wipe out more than half of short positions. Positioning remains closely split on the larger market, though smaller traders are notably more bearish.