Unitree Robotics' IPO contract, para:UNITREE, lost ground shortly after listing on Hyperliquid on Aug. 4, according to TradingBeats, formerly Hyperinsight.
The contract opened at $73.33 and rose to an intraday high of $75.67 before dropping to a low of $61.92. At press time, UNITREE was trading at $62.88, down 14.2% from the opening price and 16.9% below the session high.
Volume, open interest and funding rate shift
Total trading volume since launch reached about $2.74 million, while open interest stood at roughly $1.039 million.
TradingBeats said market sentiment had shifted from momentum chasing to a bearish tilt. The first three funding settlements were positive, then the rate turned negative. The hourly funding rate was about -0.0044% at the time of writing. The contract’s mark price was also about 2.2% below the oracle price of $64.30.
What the contract price implies for valuation
One UNITREE contract represents the expected value of one Unitree Robotics share. Using an exchange rate of about 6.742 yuan per dollar, the latest contract price implies a value of roughly 424 yuan per share.
According to Unitree Robotics' prospectus, the company’s total post-offering share count will be no less than 404.46 million shares. Based on that minimum share count, the latest contract price implies a market capitalization of about 171.5 billion yuan. At the open and at the session high, the implied valuation was about 200 billion yuan and 206.3 billion yuan, respectively.
The company plans to raise 4.202 billion yuan, with the public offering ratio set at no less than 10%. On that basis, the fundraising terms imply an issuance valuation of about 42 billion yuan. The current on-chain implied valuation is about 4.1 times that level.
Comparison with financial metrics and a listed peer
Using the company’s 2025 revenue of about 1.7 billion yuan and adjusted net profit of 591 million yuan, the latest implied valuation corresponds to roughly 101 times price-to-sales and 290 times adjusted price-to-earnings.
Compared with ChangXin Technology, Unitree’s current implied market capitalization is about 29.6% of ChangXin’s 579.2 billion yuan issuance valuation. ChangXin closed at 55 yuan on the day. Based on about 66.881 billion post-offering shares, its current market capitalization is about 3.68 trillion yuan, which means Unitree’s implied valuation is only about 4.7% of ChangXin’s current market value.