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Hyperliquid defies the market by riding the AI giant IPO boom, with HYPE surging 69% year-to-date

Hyperliquid defies the market by riding the AI giant IPO boom, with HYPE surging 69% year-to-date

BlockBeatsBlockBeats2026/05/18 14:51
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BlockBeats reported on May 18 that Hyperliquid's platform token HYPE rose against the market trend despite a broader crypto market downturn, gaining over 5% in the past 24 hours and achieving a cumulative increase of 69% this year. Market attention is focused on its HIP-3 pre-IPO perpetual contract ecosystem, with 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 these, the Cerebras perpetual contract introduced by TradeXYZ showed only about a 3% difference from the Nasdaq opening price, while traditional secondary market quotes had deviations as high as 35%.


Currently, the SpaceX pre-IPO contract SPCX is live on Hyperliquid, with a reference valuation of approximately $1.78 trillion. Market expectations suggest SpaceX's IPO may raise $75–80 billion, while valuations for Anthropic and OpenAI are also targeting the $1 trillion range.


Analysts believe that the HIP-3 model allows retail investors to participate in pre-IPO price discovery for major tech companies through on-chain markets for the first time, but it may also face regulatory scrutiny from US authorities regarding "unregistered securities exposure."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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