Unitree opens IPO subscription to become China’s first humanoid robot stock

Unitree Robotics on Monday opened subscriptions for its initial public offering on the Shanghai STAR Market. 

The leading Chinese robotics company is offering its shares at 150.80 yuan (about $22) to raise roughly 6.1 billion yuan ($904 million). The completed float would give Unitree an estimated market capitalization of around 60.99 billion yuan (approx. $9 billion). 

Unitree initially planned to raise roughly 4.2 billion yuan ($618.4 million) by selling a minimum of 40.4 million shares in the IPO, which represents 10% stake in the company.

Unitree’s offline demand ran 2,760x over the offering

The updated figure reflects strong institutional demand within the firm, as evidenced by a preliminary price inquiry. 

After invalid bids and the priciest tranche of proposals were removed, offline subscriptions still totaled 71.463 billion shares, or 2,760.67 times the offering before strategic placement, according to the issuance announcement.

Global Times put the resulting market value near 61 billion yuan, roughly $9 billion, and reported that DeepSeek came in as a strategic placement investor.

The China Securities Regulatory Commission already signed off on Unitree’s listing in July, clearing the last regulatory hurdle for the company to go public on the Shanghai Stock Exchange’s STAR Market, Cryptopolitan reported.

While many humanoid startups face significant capital outflows, Unitree has been able to operate profitably, which is perhaps why the company stands out. 

Profit sets Unitree apart from its rivals

According to CGTN, the firm achieved a compound annual growth rate of 226.78%, with revenues surging from 159 million yuan in 2023 to 1.699 billion yuan by 2025. 

As a result of the expansion, the company changed its financial position from an adjusted loss of 18 million yuan to a profit of 591 million yuan, and the gross margins of its core business rose to 60.13%. International markets remained a major factor in its success, having consistently made up more than 40% of the disclosed revenue.

Regarding production, Unitree stated that it had shipped more than 5,500 humanoid robots in 2025 and thus secured about 32.4% of the global market share. The company also provided over 33,000 quadruped robots over the previous three-year period.

In the first quarter of 2026, Unitree achieved revenue of 420 million yuan, a year-on-year increase of 68.49%. Nevertheless, its adjusted net profit declined by 52.55% due to higher research spending.

Wang Xingxing, the founder, has stated that humanoid robots and embodied intelligence have not yet reached a technological turning point and that the more difficult problem at present is getting the software to generalize across different tasks rather than constructing the hardware.