Wow tree robots have not yet landed on the open market, but chain traders have already given higher pricing. Allium analysis shows that the company value of the relevant pre-IPO contract on Hyperliquid is close to $38 billion, while its IPO valuation is about $9 billion.

This means that the market's expectations for this Chinese robot company are significantly higher. It was founded in 2016, with its headquarters in Hangzhou, and its products cover four-foot robots and human-shaped robots. Allium reported that the company collected $253 million over the past year, an increase of 335 per cent over the same period, with more than 5,500 human robots.

Pre-IPO contracts are active.

Hyperliquid has in recent years been the winner of long-term contract transactions on the chain. Such products allow traders to do more or less without maturity and to use leverage. Based on this infrastructure, the market has expanded from encrypted assets to such items as gold and crude oil, and has recently begun to cover unlisted companies ready for listing.

Allium mentioned that similar contracts had previously had some reference value. In July, the pre-IPO contract price for the Chinese storage chip company CXMT was only 2.5 per cent different from its opening price in Shanghai. In June, traders' judgement that the first day on SpaceX was above $135 was also closer to the actual results.

Current prices are much higher than the issue price

There are currently two relevant markets on Hyperliquid, operated by Trade.xyz and Paragon, respectively. Allium data show that the combined unsettled contracts amounted to approximately $9.1 million, with a cumulative value of approximately $59 million.

The two combinations were about to be active at the same time, with an average price difference of only 1.6 per cent, and the most recent deal was around $92 and $94. At this price, the top line space compared to the IPO issue price is over 300 per cent.

However, this high premium also magnifies the liquidation risk on the first day of the market. Allium states that even if the Wow tree offers twice as much as the issue price, many of the losses may still be greater.

Opening deviation from current prices or triggering liquidation

According to Allium, if the Wow tree opens at approximately $45, which, though doubles the issue price, is still about 52 per cent below the current sustainable price, it could trigger the liquidation of about 33 per cent of the multiple positions.

On the other side, if the opening price rises to US$ 128, close to six times the issuance price, it may clear about 53 per cent of the empty space. Only when the opening price is close to the current permanent contract trade-off can the two sides be largely immune to shocks.

In terms of the distribution of warehouse space, the larger Trade.xyz market is now close to equilibrium, with more than $6.5 million and about $6.6 million. But small traders are more emptiness, and less than $50,000 is about 70 per cent in dollar terms for empty.

Allium argued that the market side would be forced out of the market as long as the formal opening price clearly deviated from the current contract price. It also shows that the chain pre-introduced IPO contracts are taking on earlier price discovery functions, but that price bias under high leverage can also quickly turn into liquidation pressure.