Cantor Fitzgerald on Tuesday outlined a valuation framework in which Hyperliquid (HYPE) could support a market capitalization of more than $200 billion, based on a 50x multiple applied to a modeled $5 billion annual revenue scenario.
The firm also initiated coverage on PURR and Hyperion DeFi (RION) with an “overweight” rating, indicating its expectation that both assets may outperform comparable sector benchmarks.
What Happened
In its analysis, Cantor detailed a range of potential revenue outcomes for HYPE and uses those projections to construct valuation sensitivities.
Under the high-end scenario, the report stated that “a 50x multiple on $5 billion in annual revenue implies a market cap exceeding $200 billion,” noting that this framework is intended to illustrate how valuation scales with revenue rather than to provide a specific price target.
The firm added that its approach mirrors how early-stage, high-growth technology networks have historically been assessed.
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In assigning “overweight” ratings to both PURR and RION, Cantor cited improving market structure, user-growth trends, and emerging use cases that have begun to anchor economic activity on each network.
The report noted that both assets exhibit data patterns “consistent with networks gaining early traction,” though it cautions that sector conditions remain volatile.
Cantor also contextualized its valuation sensitivities for HYPE by comparing the project’s potential revenue footprint with peers in adjacent categories.
Why It Matters
The firm highlighted that the modeled scenarios reflect “illustrative paths based on observed demand patterns and current network metrics,” and reiterates that actual outcomes will depend on broader market conditions.
It further stated that with Cantor’s view that HYPE, PURR, and RION warrant monitoring as the category evolves, given the increasing separation between networks demonstrating real activity and those relying primarily on speculative flows.