HYPE returns to $50 after 240 days; AI giants' on-chain IPO boom fuels value discovery on Perp DEX.

According to Mars Finance, on May 20th, HYPE broke through $50, with a 24-hour increase of 5.1% and a year-to-date increase of 96.6%. Market attention is focused on its HIP-3 pre-IPO perpetual contract ecosystem, with related trading volume exceeding $120 billion. Hyperliquid has launched pre-IPO perpetual contracts for popular AI companies such as SpaceX, Anthropic, and OpenAI. TradeXYZ's Cerebras perpetual contract price has only about a 3% difference from its Nasdaq opening price, while traditional secondary market quotes have a deviation as high as 35%. Currently, SpaceX's pre-IPO contract SPCX is listed on Hyperliquid, with a reference valuation of approximately $1.78 trillion. The market expects SpaceX's IPO to raise $75 billion to $80 billion, while Anthropic and OpenAI are both aiming for valuations of $1 trillion. The HIP-3 model allows retail investors to participate in price discovery before the IPO of large technology companies for the first time through on-chain markets, but it may also face scrutiny from US regulators regarding "unregistered securities exposure".