Unitree Robotics IPO

Unitree Robotics, Chūgoku no robogakkō, ga 9 billiyon dōlār no IPO hyōjunsha o kōkai shite imu. Hyperliquid no taikōsha ga, kōga no hyōjunsha wa 150.80 yuān ($22.37) per shā no kihon shōji o shōsei shite imu. Pre-IPO perpetual contracts trading through Hyperliquid were between $92 and $94 on Friday, equivalent to a valuation of about $38 billion, according to blockchain analytics firm Allium.

Market Expectations

Unitree no public-market debut is also shaping up to be the latest in a corner of crypto derivatives that has recently expanded rapidly: pre-IPO perpetual futures. These derivatives allow traders to take leveraged long or short positions without an expiration date.

The premium reflects lofty expectations for one of Chūgoku no naka no chūshin teiru robogakkō. Founded in Hangzhou in 2016, Unitree makes four-legged and humanoid robots for research, industrial and consumer applications. Revenue reached $253 million last year, up 335%, while humanoid robot shipments topped 5,500, according to Allium's report.

Trading Activity

Unitree has already attracted meaningful activity, with two Hyperliquid markets operated by Trade.xyz and Paragon accumulating $9.1 million in open interest and about $59 million in turnover. The contracts traded just 1.6% apart on average when both markets were active, and traded near $92 and $94 most recently, translating to a more than 300% upside from the IPO price.

Positioning on Trade.xyz, the bigger market of the two, is almost evenly split, with $6.5 million long and $6.6 million short. However, smaller traders are more bearish: bets below $50,000 are 70% short by value.