Unitree Stock Opens 629% Higher After Crypto Traders Underpriced Its Debut

Unitree Robotics stock opened 629% above its IPO price in Shanghai on Wednesday, overshooting the valuation crypto derivatives traders had priced into pre-IPO perpetual futures.

The Hangzhou company raised about 6.1 billion yuan, or $905 million. Its stock opened at 1,100 yuan against an offer price of 150.8 yuan, then pared gains to 968.1 yuan.

Pre-IPO Perps Called the Unitree Stock Pop and Still Undershot It

Perpetual futures tracking Unitree changed hands near $100 on Hyperliquid on Tuesday. That level implied a valuation of $40.5 billion, according to Bloomberg.

The offering itself valued the robot maker at nearly $9 billion. Perp pricing, therefore, signaled a first-day gain of roughly 347%. The open delivered 629%.

Perpetual futures for CXMT, the Chinese memory-chip maker, also pointed to a sharp rally before its debut last month.

IPO-linked perps have attracted growing attention this year, particularly for highly anticipated listings. Contracts tracking SpaceX, for example, drew significant trading interest ahead of its June IPO.

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