Unitree Robotics Stock Soars 629% in Shanghai Debut, Beating Crypto Traders’ Bets

Unitree, the Hangzhou-based maker of humanoid and four-legged robots, opened trading in Shanghai at 1,100 yuan, a 629% jump from its IPO price of 150.8 yuan. The opening trade valued the company at roughly $66 billion.

Crypto Markets Had Priced It Lower

Before the listing, a synthetic Unitree contract on Hyperliquid had traded near $92 to $94, implying a valuation around $38 billion, well below where shares actually opened. That perpetual futures contract, built by outside developer xyz.trade, let traders speculate on Unitree’s price around the clock ahead of its public debut.

Trading Activity and Comparison to SpaceX

The Unitree contract’s trading volume reached $64 million, with open positions near $29 million. Shares later settled around 884 yuan, still nearly six times the IPO price. This follows SpaceX’s June listing, where crypto perpetual futures closely predicted its actual opening price, unlike Unitree, where public markets outpriced even bullish crypto bets.