I valued Hyperliquid the way institutions value equities: two-phase DCF, steady state PE, diluted forward earnings, one in-house model, cash flows adjusted for risk and dilution. All three methods point one way. Fair value $118, +68% vs $70 today, probability weighted. Bull case $281, +301%. At the

I valued Hyperliquid the way institutions value equities: two-phase DCF, steady state PE, diluted forward earnings, one in-house model, cash flows adjusted for risk and dilution. All three methods point one way. Fair value $118, +68% vs $70 today, probability weighted. Bull case $281, +301%. At the

so $CXMT is supposed to IPO at $1.28 it's trading at $6.92 on hyperliquid RIGHT NOW. and the last few IPOs all settled way closer to the HL price than whatever the analysts said i'd keep an eye on this