Crypto futures contracts tracking Chinese humanoid robot maker Unitree Robotics have soared ahead of the stock’s debut Wednesday, suggesting it is worth more than four times its $9 billion initial-public-offering valuation.
The perpetual futures contracts on the Hyperliquid blockchain were trading at about $100 Tuesday, a day ahead of Unitree’s debut on the Shanghai Stock Exchange’s tech-focused Star Market, implying a valuation of $40.5 billion. Similar contracts for CXMT, the memory-chip maker that was the first mainland Chinese company to get a so-called “perp” on Hyperliquid, also foreshadowed that the stock would surge when it debuted last month.