Crypto traders are betting that Unitree Robotics will be worth more than four times its IPO valuation when the Chinese robot maker debuts on the public markets.
Unitree priced its Shanghai STAR Market offering at 150.80 yuan ($22.37) per share, valuing the company at roughly $9 billion. Pre-IPO perpetual contracts trading through Hyperliquid, however, were between $92 and $94 on Friday, equivalent to a valuation of about $38 billion, blockchain analytics firm Allium said in a report.
The premium reflects lofty expectations for one of China’s closely watched robotics companies. 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.
The firm’s IPO was reportedly 8000 times oversubscribed by retail traders, with trading expected to begin between Aug. 17 and Aug. 21.
Pre-IPO perps
Unitree’s 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.
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