Hyperliquid launches UNITREE Pro-IPO trading at $75.02

Hyperliquid's UNITREE Pro-IPO contract opened at $73.33 and later traded at $62.88 after reaching an intraday high of $75.67 and a low of $61.92, leaving it down 14.2% from the open and 16.9% below the session peak. Trading volume since launch reached about $2.74 million, while open interest stood at roughly $1.039 million. Market positioning appeared to shift from momentum buying to a more bearish stance, with the first three funding settlements positive before turning negative and the hourly funding rate around -0.0044%. The contract's mark price was also about 2.2% below the oracle price of $64.30. One UNITREE contract represents the expected value of one Unitree share. Using an exchange rate of about 6.742 yuan per dollar, the latest contract price implied roughly 424 yuan per share. Based on Unitree's prospectus showing post-offering total share capital of no less than 404.46 million shares, the latest contract price implied a valuation of about 171.5 billion yuan, compared with about 200 billion yuan at the open and 206.3 billion yuan at the intraday high. Unitree plans to raise 4.202 billion yuan with a public float of no less than 10%, implying an issuance valuation of about 42 billion yuan, meaning the onchain implied valuation was about 4.1 times that level. Using the company's 2025 revenue of about 1.7 billion yuan and recurring net profit of 591 million yuan, the contract implied about 101 times price-to-sales and 290 times price-to-earnings. The implied valuation was about 29.6% of Changxin Technology's 579.2 billion yuan issuance valuation and about 4.7% of its current market capitalization, after Changxin Technology closed at 55 yuan with about 66.881 billion post-offering shares for a market value of roughly 3.68 trillion yuan.