SpaceX · CoinDesk
Robot maker Unitree’s IPO rallies 600%, outpacing crypto traders’ premarket bets
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Crypto traders spent the days before Unitree Robotics' Shanghai listing pricing the company at more than four times its IPO valuation.
Key facts
- UNITREE-USDC was around $121 on Wednesday morning, up about 20% over 24 hours, after briefly trading above $140
- A synthetic Unitree market running on Hyperliquid had traded around $92 to $94 last week, implying a valuation near $38 billion, according to Allium
- Unitree, a Hangzhou company that makes humanoid and four-legged robots, opened at 1,100 yuan ($163.12) on Wednesday, 629% above its IPO price of 150.8 yuan
- SpaceX traded above $176 during its first session and closed at $161, almost exactly where crypto traders had expected first-day demand to land
Summary
Unitree Robotics’ Shanghai debut saw its shares open at 1,100 yuan, valuing the company at about $66 billion, or roughly seven times its IPO price of 150.8 yuan. A perpetual futures market on crypto exchange Hyperliquid had previously implied a Unitree valuation near $38 billion, meaning the actual opening price was about 75% higher than what crypto traders had anticipated. The Unitree listing contrasts with SpaceX’s June debut, where crypto perpetuals closely matched the stock’s first-day trading range, underscoring both the promise and limits of using crypto markets to price IPOs in advance. Unitree, a Hangzhou company that makes humanoid and four-legged robots, opened at 1,100 yuan ($163.12) on Wednesday, 629% above its IPO price of 150.8 yuan.