Unitree Robotics has moved from IPO filing to priced offering, giving traders a clearer reference point for one of the more closely watched robotics listings in China.

The Shanghai Stock Exchange says the Hangzhou-based company is offering about 40.45 million shares at 150.80 yuan each, equal to about 10% of its post-offering share capital. The offering is expected to raise roughly 6.10 billion yuan in gross proceeds. CNBC reported the pricing values Unitree at about 61 billion yuan, or roughly $9 billion.

That public-market price is now being compared with much hotter derivatives pricing. CoinDesk reported that pre-IPO perpetual contracts trading through Hyperliquid-linked markets were recently near $92 and $94, implying a valuation around $38 billion if mapped directly to the IPO share base. CoinDesk also cited Allium data showing the two active contract markets traded about 1.6% apart on average while both were live.

The spread is notable because Unitree is not a token issuer. It is a robotics company whose listing is becoming a reference asset for crypto-native pre-IPO trading venues. That makes the contracts a test of whether on-chain perpetual markets can price private or newly listed equities without turning early retail demand into a distorted signal.

The conservative read is simple: Unitree's IPO price is official, while the Hyperliquid-linked pricing is a speculative market view. If the stock opens below the derivatives-implied level, even a strong debut could still leave leveraged long traders exposed.