Unitree Robotics opened subscriptions for its initial public offering on Shanghai’s STAR Market, aiming to raise up to 6.10 billion yuan, or about 1 billion of dollars. The Hangzhou-based company’s offering values the humanoid robot maker near 61 billion of yuan, making it the first pure-play humanoid manufacturer to list on mainland Chinese markets.
Unitree Robotics launched its initial public offering on the Shanghai Stock Exchange’s STAR Market on Monday, setting its share price at 150.80 yuan—roughly $22.34—per share. The offering covers 40.45 million new shares, representing 10 percent of the company’s post-offering share capital according to the prospectus. Preliminary price inquiries drew overwhelming interest, with remaining proposed offline subscriptions reaching 71.46 billion shares—an oversubscription rate of 2,760.67 times the initial offline offering size.
Financial Growth and the Shift Toward Humanoid Machines
Founded in 2016 by engineer Wang Xingxing with a registered capital of a small capital, Unitree initially built its reputation on quadruped robot dogs famous for martial arts videos and athletic agility. Over the past two years, however, the company’s business model shifted decisively toward general-purpose humanoid machines.
Financial disclosures filed for the public offering reveal rapid expansion. Unitree’s total revenue more than quadrupled to 1.70 billion yuan in 2025, up from 392.77 million yuan in 2024 and 159.13 million yuan in 2023. The manufacturer shipped more than 5,500 humanoid units in 2025 alone.
That momentum met a more complex financial picture in early 2026. Analysts attribute the margin compression to a sharp rise in expenditures dedicated to research, product development, and marketing as competition in embodied intelligence intensifies.
Strategic Backers and Trade Context
The offering attracted high-profile strategic backing, including artificial intelligence firm DeepSeek, which secured 933,399 shares subject to a three-year lock-up restriction as detailed in the issuance disclosures. The investment highlights deepening ties between China’s leading foundation-model developers and hardware manufacturers building embodied AI systems.
Unitree’s market debut coincides with rising international trade friction. Washington recently added advanced quadruped and humanoid robots to regulatory restricted lists, citing potential data security risks associated with internet-connected hardware produced abroad pursuant to Federal Communications Commission actions. Overseas sales generated 731.66 million yuan for Unitree in 2025—accounting for 43.65 percent of its main-business revenue—with the United States representing 13.3 percent of total sales, a market segment now navigating heightened regulatory uncertainty.
Production Plans and Commercial Outlook
Unitree plans to channel approximately 4.20 billion yuan of the IPO proceeds into four core initiatives: intelligent robot model research, robot-body research and development, new product lines, and an expanded manufacturing base according to its official growth strategy. Brokerage firms including China Securities and Wanlian Securities designate 2026 as a critical window for mass-production validation and real-world commercial deployment, driven by improving generalization capabilities in industrial and commercial environments.
With trading expected to commence around August 20, the listing serves as a primary valuation benchmark for China’s broader robotics sector as state support bolsters emerging export pillars alongside intelligent biomimetic devices and innovative technologies.
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