Analysis
Unitree Robotics priced its initial public offering on Shanghai's STAR Market at 150.80 yuan per share, selling 40.4 million shares -- about 10% of its enlarged capital -- to raise roughly 6.1 billion yuan, or $904 million, at a valuation near $9 billion, CNBC reported. The Hangzhou-based company's application cleared the Shanghai Stock Exchange's listing review committee and received registration consent from the China Securities Regulatory Commission ahead of an online roadshow set for August 7; subscriptions open August 10 with payment due August 12.
The listing makes Unitree mainland China's first publicly traded humanoid robot maker. The company shipped more than 5,500 humanoid robots in 2025 -- more than any other company globally -- and has sold over 33,000 quadruped robots cumulatively, with overseas revenue consistently exceeding 40% of the total. Unitree's IPO lands as Beijing pushes to commercialize its robotics lead and as US-China competition in the category sharpens: American rivals Figure AI and Tesla's Optimus program remain privately held, meaning Unitree will be the first pure-play humanoid robotics name most public investors anywhere can actually buy.
“The listing makes Unitree mainland China's first publicly traded humanoid robot maker.”
The valuation is notable next to the company's growth trajectory -- first-half revenue growth reportedly slowed even as unit shipments scaled, a deceleration worth watching against a $9 billion mark that assumes continued rapid expansion. Profitability sets Unitree apart from many AI-adjacent listings this year: unlike several richly valued, pre-revenue AI companies going public in 2026, Unitree is a profitable hardware manufacturer, which changes how the stock should trade relative to hype-driven peers once it lists. The counterweight is real: Unitree still faces execution risk on international expansion under US-China trade friction, and a STAR Market listing gives it no direct access to US institutional capital, limiting the stock's float to mainland and Hong Kong-linked investors for now.