HYPE returns to $50 after 240 days, AI giants' on-chain IPO boom drives value discovery for Perp DEX

BlockBeats news, on May 20, according to market data from a certain exchange, HYPE has surpassed $50, with a 24-hour increase of 5.1% and a cumulative year-to-date gain of 96.6%. Market attention is focused on its HIP-3 pre-IPO perpetual contract ecosystem, with related trading volumes exceeding $120 billion. Hyperliquid has launched pre-listing perpetual contracts for popular AI companies such as SpaceX, Anthropic, and OpenAI. Among them, the Cerebras perpetual contract launched by TradeXYZ has a price deviation of only about 3% from its opening price on Nasdaq, while the deviation in traditional secondary market quotations reaches as high as 35%.

Currently, the SpaceX pre-IPO contract SPCX is already live on Hyperliquid, with a reference valuation of approximately $1.78 trillion. The market expects SpaceX's IPO to raise between $75 billion and $80 billion, while Anthropic and OpenAI are both targeting valuations in the $1 trillion range. The HIP-3 model allows retail investors to participate in pre-IPO price discovery of large technology companies on-chain for the first time, but it may also face scrutiny from U.S. regulators regarding “unregistered securities exposure.”