Unitree Robotics

Robotics · Humanoid Robots · China Tech

IPO

Unitree prices Shanghai IPO at $9B valuation, raising $900M

Retail bidders faced 1-in-5,500 odds even as analysts question whether humanoid robots can do useful work beyond backflips.

• Unitree Robotics priced its IPO on Shanghai's STAR Market at 150.8 yuan ($22.4) a share, raising $900 million and valuing the company at 61 billion yuan (about $9 billion), making it the first humanoid robotics firm to list in mainland China.
• The Hangzhou-based company develops humanoid and quadruped robots, robot components and embodied intelligence models, having sold 33,294 quadruped and 5,632 humanoid robots from 2023 to 2025.
• Revenue jumped to 1.70 billion yuan in 2025 from 392.77 million yuan in 2024, with net profit of 278.21 million yuan, pricing the IPO at roughly 219 times 2025 earnings and 36 times revenue.
• Nearly 9.8 million retail accounts chased the online tranche, pushing subscriptions to 8,288 times the reserved shares and leaving a final allocation rate of just 0.018%, about one winning lot per 5,500 applications.
• Unitree's approval moved unusually fast, clearing China's listing review just 73 days after filing, amid perceived state backing as Beijing pushes robotics as a strategic manufacturing edge over the U.S.
• The listing comes as the FCC added foreign-made humanoid and quadruped robots to its national-security Covered List in late July, prompting China's commerce ministry to threaten countermeasures.
• A pre-IPO perpetual contract on Hyperliquid was trading at roughly four times the IPO price ahead of the debut, as speculators bet on a huge first-day pop before shares even start trading.
• The frenzied demand highlights a gap between investor enthusiasm for humanoid robotics and the technology's actual readiness, as robotic hands remain too imprecise for sustained real-world tasks.