Unitree IPO: $9B official, $38B in crypto markets

Unitree’s $9B IPO is dwarfed by Hyperliquid’s $38B valuation. Analysts warn of high volatility and liquidation risks at launch.

Chinese robot maker Unitree has set its IPO price at 150.80 yuan (USD $22.37) per share, valuing the company at USD $9 billion on Shanghai’s STAR Market. Meanwhile, pre-IPO perpetual contracts on the Hyperliquid platform are trading between USD $92 and $94 per share, implying a valuation of around USD $38 billion—over 300% higher than the official IPO price. Analysts caution that this significant price gap could trigger sharp volatility and forced liquidations for leveraged traders when Unitree shares start trading. Both long and short positions may face risks as prices converge. Interest in the IPO is extremely high, with reported oversubscription reaching 8,000 times. In 2023, Unitree generated USD $253 million in revenue, a 335% increase, and shipped over 5,500 humanoid robots. The stock is set to debut between August 17 and 21.