Bybit pre-IPO perpetuals now have a live reference point. Unitree Robotics listed on Shanghai’s Shanghai Stock Exchange STAR Market on 19 August 2026, opening at 1,100 yuan against its 150.80 yuan IPO price, a 629.44% first-day premium, before closing at 845 yuan, up 460.34%. The stock’s market cap hit 444.9 billion yuan (approximately $66.3 billion) at the intraday peak.
For traders holding UNITREEUSDT on Bybit, that debut immediately rendered the contract’s pre-listing pricing a distant undervaluation. The exchange had already warned that its synthetic pre-IPO prices are driven by supply and demand, not by the eventual share price, and Unitree’s first session illustrated exactly why that caveat matters.
Unitree’s IPO Numbers Were Already Extreme Before Listing
The subscription data alone told the story. According to the Shanghai Stock Exchange, offline proposed subscriptions totalled 71.46 billion shares after excluding invalid bids, representing 2,760.67 times the initial offline offering size. Retail demand exceeded available shares by more than 8,000 times, and Quartz reported that individual investors faced odds of roughly 0.018% of receiving an allocation.
The company’s fundamentals backed the enthusiasm. Per its prospectus as reviewed by the SSE, Unitree posted 1.70 billion yuan in revenue in 2025, up from 392.77 million yuan in 2024, with a 60.13% gross profit margin on its core businesses. The company shipped more than 5,500 humanoid robots in 2025, ranking first globally by that metric. The SSE also noted Unitree received its CSRC approval in 104 days, described as the fastest in STAR Market history.
The offering raised approximately 6.10 billion yuan in gross proceeds from roughly 40.45 million shares, representing 10% of post-offering share capital. Strategic placement investors took 20% of the total shares issued, per a filing cited by Global Times. DeepSeek participated as a strategic placement investor, subscribing for approximately 140.8 million yuan worth of shares, according to a company filing cited by Yahoo Finance.
Founder, Chairman and CTO Wang Xingxing holds a combined direct and indirect stake of roughly 30% post-offering, per the prospectus cited by BigGo Finance.
Bybit Pre-IPO Perpetuals and the Moonshot Question
MOONSHOTUSDT launched on 7 August with 10x maximum leverage, 24/7 trading, and a fixed funding rate of 0.005% every four hours. The contract uses an estimated one billion shares for its structural calculation. Its underlying, Moonshot AI, is the developer of the Kimi large language model.
The IPO picture has since become clearer, though not finalised. Reuters reported in September that Moonshot had confidentially filed for a Hong Kong listing, with one source citing a $3 billion fundraising target and a separate valuation of $50 billion from an ongoing funding round. Investors include Alibaba, Tencent, IDG Capital and HSG (formerly Sequoia Capital China). As a prerequisite for the filing, the company restructured away from its offshore red-chip structure and redomiciled to mainland China.
Reuters also reported that Moonshot is exploring a dual listing across both Hong Kong and Shanghai to widen fundraising reach. No prospectus or timeline has been publicly confirmed. Until one is, MOONSHOTUSDT remains a market estimate of Moonshot’s value, not a claim on its shares.
The broader HK IPO market context is worth noting. LSEG data cited by Reuters shows Hong Kong IPO proceeds reached $41.2 billion through mid-August 2026, up 142% year-on-year, driven largely by Chinese technology names. That tailwind is part of why Moonshot’s potential dual listing is being taken seriously.
Bybit now lists more than 200 TradFi perpetuals across equities, ETFs, commodities, indices and private companies. The exchange states explicitly that pre-IPO contracts may be rebased or converted into standard TradFi perpetuals after a listing, and can be delisted if the underlying IPO is cancelled. Unitree’s 845 yuan close gives UNITREEUSDT its first hard benchmark. Moonshot’s contract gets that anchor only when a prospectus hits the exchange.
