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Unitree Robotics, the Hangzhou-based company behind some of China’s most recognizable quadruped and humanoid robots, is gearing up for an IPO on the Shanghai Stock Exchange’s STAR Market. The listing would make it the first humanoid robot company to go public on mainland China’s exchanges, with a targeted valuation of roughly 61 billion yuan, or about $9 billion.
The company 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.
From quadrupeds to a $9 billion valuation
Unitree, also known as Yushu Technology, has been on a tear. The company’s 2025 revenue hit approximately 1.7 billion yuan, quadrupling year-over-year. It shipped around 5,500 humanoid units during that period while maintaining gross margins of about 60%.
The IPO pricing was set during August 6-7, 2026, following what has been described as a record-fast regulatory review. Unitree’s application was accepted on March 20, 2026, and the entire review process wrapped up in just 104 days.
Founder Wang Xingxing retains approximately 23.8% equity in the company alongside roughly 69% of voting rights.
China’s robotics IPO rush
Unitree is far from the only Chinese robotics firm eyeing public markets. The broader landscape has seen a wave of companies racing toward listings as competition intensifies between Chinese and American firms in the field of embodied artificial intelligence. US companies like Tesla (with Optimus) and Figure AI have grabbed headlines with humanoid prototypes and massive funding rounds, while Unitree’s 5,500 humanoid units shipped in 2025 represent real commercial traction.
The Chinese government has been actively encouraging this sector, with national and provincial-level initiatives targeting robotics and AI as strategic industries, providing subsidies, favorable regulatory treatment, and procurement pipelines. The 104-day IPO review for Unitree fits neatly into that pattern of institutional support.
For Unitree specifically, the IPO proceeds are earmarked for AI model training, new product development, and expanding manufacturing capacity.
What this means for the robotics market
Unitree’s listing establishes a concrete valuation benchmark for humanoid robotics companies. At $9 billion, the company is being priced as a serious technology platform, and domestic competitors including AgiBot are eyeing their own listings amid this competitive landscape.
The 60% gross margin figure is particularly significant. Hardware businesses are notoriously margin-constrained, and a robotics company posting those margins while shipping thousands of physical units challenges conventional wisdom about the sector.
Wang Xingxing’s 69% voting control means minority shareholders have limited influence over company direction, meaning public investors are essentially betting on the founder’s vision with minimal recourse if they disagree with strategic choices.
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