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.

Mainland Frenzy: The unstoppable force of localized liquidity.
Mainland Frenzy: The unstoppable force of localized liquidity.

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.

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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.

Most equity-linked perpetuals give traders exposure to US companies. CXMT and Unitree mark a notable expansion of that market, offering exposure to companies listed on the mainland China market.

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Offshore Blindspots: Crypto futures struggle to price onshore retail fervor.
Offshore Blindspots: Crypto futures struggle to price onshore retail fervor.

DeepSeek Money Meets a 50,000 Robot Forecast

Unitree’s IPO drew strong demand from both retail and institutional investors. Last week, the Chinese robotics maker said its offering was more than 8,000 times oversubscribed among retail investors.

The company’s existing backers include Chinese technology giant Tencent. DeepSeek, the Chinese artificial intelligence (AI) company, has also invested about 140.8 million yuan ($19.6 million) in Unitree.

The firm also unveiled its latest humanoid robot, Superman, on Monday ahead of the IPO. The company says the robot can perform a standing jump of more than 2 meters and reach a top running speed of 12.66 meters per second.

The strong investor interest comes as expectations for China’s humanoid robotics industry continue to rise. In June, Morgan Stanley nearly doubled its 2026 forecast for Chinese humanoid shipments to 50,000 units, up from 28,000. The bank expects the market to grow from $2 billion this year to $15 billion by 2030.

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