Unitree, a Hangzhou-based robot maker, priced its Shanghai STAR Market initial public offering at 150.8 yuan, or about US$22.34 a share, valuing the company at roughly US$9.04 billion.

But pre-IPO perpetual contracts on Hyperliquid traded at about US$92 to US$94, implying a valuation of about US$38 billion before trading is expected to begin between August 17 and August 21.

The company is selling 40.45 million new shares, or 10% of its enlarged share capital, and expects to raise 6.1 billion yuan (US$905 million) in gross proceeds.

Unitree makes humanoid and quadruped robots, components, and embodied intelligence models.

Its revenue reached 1.7 billion yuan (US$252 million) in 2025, when it reported 278.2 million yuan (US$41.3 million) in net profit.

The Hyperliquid contracts are synthetic derivatives with no expiration date.

They use funding payments instead of share delivery and carry no ownership or voting rights in Unitree.

Allium said the two main Hyperliquid markets had about US$9.1 million in open interest and about US$59 million in turnover.

The analytics firm said an opening at about US$45, roughly double the IPO price, could liquidate about 33% of long exposure.

🔗 Source: CoinDesk

Recent Unitree developments