HYPE Reaches $50 After 240 Days, AI Giant's On-Chain IPO Craze Boosts Perp DEX Price Discovery

BlockBeats News, May 20th, according to HTX market data, HYPE broke through $50, with a 5.1% increase in the last 24 hours and a year-to-date gain of 96.6%.

The market's attention is focused on its HIP-3 Pre-IPO perpetual contract ecosystem. Hyperliquid has launched pre-IPO perpetual contracts targeting popular AI companies such as SpaceX, Anthropic, and OpenAI. Among them, the Cerebras perpetual contract launched by Trade.xyz 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 launched on Hyperliquid, with a reference valuation of about $1.78 trillion. The market expects that the SpaceX IPO financing scale may reach $750 billion to $800 billion, and the valuations of Anthropic and OpenAI are also aiming at the $1 trillion level. The HIP-3 model allows retail investors for the first time to participate in the price discovery of large tech companies' IPOs through the chain-based market, but it may also face scrutiny from US regulatory agencies for "unregistered securities exposure."