Unitree Robotics is preparing to list on the Shanghai Stock Exchange's STAR Market at a targeted valuation of about $9 billion, the first mainland Chinese IPO for a humanoid robotics firm. The Hangzhou-based maker of quadruped and humanoid robots plans to raise $904 million, backed by revenue that quadrupled in 2025 and gross margins near 60%.
Unitree Robotics is gearing up for an IPO on the Shanghai Stock Exchange's STAR Market that would make it the first humanoid robot company to go public on mainland China's exchanges, targeting a valuation of roughly 61 billion yuan, or about $9 billion. The company, also known as Yushu Technology, plans to raise approximately 6.1 billion yuan ($904 million) by issuing 40.45 million new shares priced at 150.8 yuan ($22.3) each.
Revenue quadruples while margins hold near 60%
Unitree's 2025 revenue hit approximately 1.7 billion yuan, quadrupling year-over-year, while the company shipped around 5,500 humanoid units and maintained gross margins of about 60%. Hardware businesses are usually margin-constrained, so a robotics maker posting those margins while shipping thousands of physical units runs against conventional wisdom about the sector.
A 104-day regulatory review
The IPO pricing was set during August 6-7, 2026, following a review described as record-fast: Unitree's application was accepted on March 20, 2026, and the entire process wrapped in just 104 days. Founder Wang Xingxing retains approximately 23.8% equity alongside roughly 69% of voting rights, leaving minority shareholders with limited say over the company's direction.
Chinese robotics rivals eye their own listings
Unitree is far from the only Chinese robotics firm eyeing public markets, as competition intensifies between Chinese and American firms in embodied artificial intelligence. US companies like Tesla, with its Optimus project, and Figure AI have drawn attention with humanoid prototypes and large funding rounds, while domestic rival AgiBot is also weighing a stock market listing. Beijing has backed the sector with national and provincial initiatives offering subsidies, favorable regulatory treatment, and procurement pipelines, a pattern that fits the speed of Unitree's review.
The company plans to direct the IPO proceeds toward AI model training, new product development, and expanded manufacturing capacity. Its listing sets a concrete valuation benchmark for humanoid robotics companies.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
