The race to humanoid robots enters a new phase and moves from Bag. Unitree Robotics, a Chinese company founded in 2016 in Hangzhou, is preparing for the debut on the Star market of Shanghai with a'Ipo which has already recorded numbers recordThe company set the price at 150,80 yuan per share, approximately $22,35, and placed 40,4 million shares on the market, equivalent to 10% of the capital. The transaction will raise approximately 6,1 billion yuan, just under $900 million, bringing Unitree's overall valuation to approximately 61 billion yuan, over 9 billion dollars.
What is most surprising is the response from small savers. The Required Knowledge have surpassed 8.288 times available shares, with orders totaling 6,1 billion yuan and nearly 10 million investors involved. The probability of winning the shares has thus dropped to 0,018%. Interest has also increased the expectations on the debut. Indications from private markets suggest a possible strong rise in the stock in early trading. This enthusiasm, however, must be read in conjunction with the valuation achieved by the company: IPO price This equates to approximately 219 times 2025 earnings and 36 times revenue.
Unitree: Why the Humanoid Robot IPO Is So Tempting
The stock rally isn't just driven by enthusiasm for artificial intelligence. Unitree is already a profitable industrial company with significant revenues, a characteristic that sets it apart from many robotics startups. In 2025, the company reported revenues of 1,7 billion yuan, approximately $252 million, more than quadrupling the previous year, with a gross margin of over 60% and net profit of approximately 591 million yuan. Over 40% of sales come from overseas.
Growth continued in the first quarter of 2026, when revenue reached 422,8 million yuan, up 68,5% year-over-year. However, the figures also reveal some issues worth monitoring: excluding extraordinary items, profit decreased by 52,6%, partly due to increased research and marketing expenses.
Unitree initially made its name with its quadruped robots, the so-called robot-dog, but in recent years it has increasingly focused on humanoids. The G1, H1, and R1 models are the protagonists of demonstrations that showcase increasingly advanced capabilities, from running to dancing to martial arts.
The company competes with giants such as Boston Dynamics, controlled by Hyundai Motor Group, and Tesla, which is developing the humanoid robot Optimus. The difference, in Unitree's case, lies primarily in the size it has already achieved and its ability to generate profits.
From DeepSeek to “embodied intelligence”
Another element that makes the IPO particularly significant is the presence of DeepSeek between the and to investors strategic. The Chinese artificial intelligence company invested approximately 140,8 million yuan, obtaining 933.399 shares, equivalent to 2,31% of the strategic offering. The two companies also plan to collaborate in the development of AI models for humanoid robots.
This is where the concept of comes into play. “embodied intelligence”: no longer artificial intelligence confined to computers and smartphones, but systems capable of being integrated into machines that perceive their environment, learn, and physically act in the real world. A portion of the capital raised through the IPO will be used to support this evolution, through investments in research and development, hardware, software, and increased production capacity.
China accelerates robotics
Unitree's debut comes as China accelerates its efforts in humanoid robotics and building a national technology supply chain. Other companies are preparing to enter the financial markets: AgiBot has started the procedures for Hong Kong, where they have also confidentially filed X Square Robot e Wave, while Let Robotics is targeting Shenzhen. They are already listed in Hong Kong. UBTech e Dobot.
The game also has a strategic dimension. Beijing aims to strengthen its technological autonomy and develop a competitive domestic supply chain in artificial intelligence and robotics, from hardware to software. In this scenario, Unitree could become one of the most important cases measuring the sector's ability to transform investments into industrial growth.
Among the backers of the IPO are also important Chinese technology and financial groups, including Tencent, Alibaba, meituan, Ant Group e China Mobile, in addition to state-supported funds.
Humanoid robots: a race yet to be proven
However, investors' enthusiasm has to deal with a still young marketHumanoid robots are evolving rapidly, but many applications remain experimental: research, data collection, demonstrations, and early industrial trials. Widespread deployment has yet to be demonstrated, and cost, reliability, and the machines' ability to perform truly useful tasks remain key factors.
Unitree also faces some challenges risksA significant portion of revenues comes from abroad and the United States represent an important market: possible trade restrictions, duties or sales limits could hinder international expansion and make access to certain components more difficult.
The financial context, meanwhile, remains favourable to Chinese technology stocks: since the beginning of the year, the Star 50 index has risen by more than 27%, against 0,8% of the Csi 300. And the long-term prospects are ambitious: according to Barclays, the market global humanoid robot production could reach $ 200 billion by 2035.
Unitree's IPO thus represents an important step for a sector seeking to transform artificial intelligence into machines capable of moving and working in the real world. The stock market has already shown its belief in the potential of humanoids. Now the challenge will be to demonstrate that behind the financial boom, there is also an industrial market capable of sustaining its valuations.
