Hyperliquid defies AI Giant IPO Craze to Surge, HYPE Sees 69% Year-to-Date Gain

BlockBeats News, May 18th, the Hyperliquid platform's token HYPE bucked the trend and surged over 5% in the overall crypto market downturn. In the past 24 hours, it has gained 69% year-to-date. The market's attention is focused on its HIP-3 pre-IPO perpetual contract ecosystem, with the related trading volume surpassing $120 billion.

According to reports, Hyperliquid has launched pre-listing perpetual contracts for popular AI companies' IPOs such as SpaceX, Anthropic, and OpenAI. Among them, the Cerebras perpetual contract introduced by TradeXYZ has an error of only about 3% compared to its Nasdaq listing opening price, while the traditional secondary market price deviation is as high as 35%.

Currently, the SpaceX pre-IPO contract SPCX has been listed on Hyperliquid with a reference valuation of about $1.78 trillion. The market expects that the SpaceX IPO's fundraising scale may reach $750 billion to $800 billion, and both Anthropic and OpenAI are also aiming at valuations in the $1 trillion range.

Analysts believe that the HIP-3 model allows retail investors for the first time to participate in price discovery before the IPO of large tech companies through an on-chain market. However, it may also face scrutiny from US regulatory agencies regarding "unregistered securities exposure."