Bybit Now Lets Traders Bet on Unitree and Moonshot AI Before They Go Public

TLDR

• Hyperliquid traders are pricing Unitree at around $93 per share, more than four times its Shanghai IPO price of $22.37
• The pre-IPO perp market values Unitree at roughly $38 billion versus its $9 billion IPO valuation
• Unitree’s IPO was reportedly 8,000 times oversubscribed, with trading expected between Aug. 17 and Aug. 21
• Allium analysts warn that even a strong debut around $45 per share could liquidate roughly 33% of long positions
• Bybit has launched pre-IPO perpetual contracts for Unitree and Moonshot AI, expanding its TradFi perpetuals lineup to over 200 products

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Chinese robotics firm Unitree is set to go public on Shanghai’s STAR Market, priced at 150.80 yuan ($22.37) per share. That gives the company a valuation of around $9 billion.

Just few days after its IPO, the market prices Unitree already at $37 billion, which is more than 4x of its IPO valuation.

Two ways to read this:

Either the market expects genuinely explosive growth from Unitree itself.

Or it believes humanoids and physical AI are one of the… pic.twitter.com/T6TZOiDRY3

— Simon Dedic (@sjdedic) August 14, 2026

But crypto traders on Hyperliquid have a very different view.

Pre-IPO perpetual contracts on the platform were trading between $92 and $94 on Friday, according to blockchain analytics firm Allium. That puts Unitree’s implied valuation at roughly $38 billion, more than four times the IPO price.

What Are Pre-IPO Perpetual Contracts?

Pre-IPO perpetual futures are derivatives that let traders take leveraged positions on a company’s valuation before it begins trading on a stock exchange. They do not give traders ownership of shares, and positions cannot be converted into actual stock.

Once the company goes public, prices are expected to converge toward the public market price.

Hyperliquid has become a key venue for these products. It already hosts pre-IPO markets for commodities, equities, and private companies through operators like Trade.xyz and Paragon.

Past results have been reasonably accurate. A contract tracking Chinese memory-chip maker CXMT came within 2.5% of its Shanghai opening price in July. Traders also correctly called that SpaceX would debut above its $135 IPO price in June.

The Risk for Traders

The current Unitree perp price creates a wide gap between market expectations and IPO reality.

Allium analysts laid out the risk plainly. If Unitree opens at $45, double the IPO price but still 52% below the perp price, around 33% of long positions could be liquidated.

On the flip side, a $128 opening, nearly six times the IPO price, could wipe out around 53% of short positions.

Only if shares open near the $92 to $94 perp price would both sides escape without forced liquidations.

Positioning on Trade.xyz, the larger of the two Hyperliquid markets, is almost evenly split. But smaller traders under $50,000 are 70% short by value, suggesting less confidence among retail participants.

The two Unitree markets have combined for $9.1 million in open interest and around $59 million in total turnover.

Unitree itself posted revenue of $253 million last year, up 335%, and shipped more than 5,500 humanoid robots. Its IPO was reportedly oversubscribed 8,000 times by retail investors.

Bybit has also launched pre-IPO perpetual contracts for Unitree and AI startup Moonshot AI. The Dubai-based exchange said its TradFi perpetuals lineup now covers more than 200 products since launching in April.

Tokenized stocks more broadly have reached $2.38 billion in distributed value, according to RWA.xyz, with holder counts up over 123% in the past 30 days.