Trade.xyz, a HIP-3 decentralized exchange, listed a pre-IPO perpetual contract for Unitree on Aug 5. The contract is now trading at $69, implying a market capitalization of roughly $27.9 billion after listing.
Paragon, another HIP-3 DEX, launched the same Unitree pre-IPO perpetual a day earlier. It is currently quoted at $68.8.
The UNITREE pre-listing perpetual represents the dollar price of one Unitree ordinary share. Unitree plans to issue at least 40.45 million shares in its STAR Market IPO, accounting for 10% of the post-issuance total share capital. That puts total shares after the offering at approximately 404.5 million.
At the current contract price, the implied valuation works out to $27.9 billion, or roughly RMB 190.6 billion. Unitree's prospectus targets a listing valuation of about RMB 42 billion ($5.8–6.2 billion). That implies an estimated 4.5x return for IPO subscribers at the open. Unitree is set to debut on the Shanghai Stock Exchange's STAR Market, with offline subscription scheduled for Aug 10, 2026.