Unitree Robotics files for $610m Shanghai IPO as humanoid robot demand surges

Hangzhou-based maker reported 335% revenue growth last year, reaching 1.71bn yuan in 2025

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Unitree Robotics files for $610m Shanghai IPO as humanoid robot demand surges

In Brief

Unitree Robotics has filed for an IPO on Shanghai's Star Market, seeking to raise 4.2 billion yuan ($610 million). The Hangzhou-based maker of quadruped and humanoid robots recorded revenue of 1.71 billion yuan last year, up 335%, driven by rising commercial interest in embodied AI. The listing application has been formally accepted by the Shanghai Stock Exchange following a preliminary review.

Why it matters

Unitree's IPO will establish the first public-market pricing benchmark for pure-play humanoid robotics at scale. The 335% revenue growth rate and 4.2bn yuan raise will force valuation recalibration across the unlisted comparables, specifically Boston Dynamics, Figure AI, and Agility Robotics, where VC marks have been set without a liquid comparable. If Unitree prices at a premium to revenue multiples implied by recent private rounds, secondary market pressure on existing robot-sector VC positions increases as LPs reassess marks upward or push for liquidity.

Unitree Robotics, the ten-year-old Hangzhou-based maker of quadruped and humanoid robots, has filed to list on Shanghai's Star Market at a target raise of 4.2 billion yuan ($610 million), with the exchange formally accepting the application after a preliminary review on Friday.

The company's financials underscore the pace of demand for embodied AI hardware. Revenue reached 1.71 billion yuan in 2025, a 335% increase on the prior year, with profits also rising according to the filing.

Unitree has become one of the more visible names in the humanoid robotics space, with its machines regularly appearing in demonstrations by Chinese technology companies and at state-level showcases. The Star Market, Shanghai's Nasdaq-style board for high-technology companies, has become the preferred venue for Chinese robotics and AI listings.

The IPO will serve as an early test of how public market investors price pure-play humanoid robotics businesses, a sector that has attracted substantial venture capital but limited listed comparables globally.

Market Intelligence

Market Implications

•Unitree's IPO will establish the first public-market pricing benchmark for pure-play humanoid robotics at scale. The 335% revenue growth rate and 4.2bn yuan raise will force valuation recalibration across the unlisted comparables, specifically Boston Dynamics, Figure AI, and Agility Robotics, where VC marks have been set without a liquid comparable. If Unitree prices at a premium to revenue multiples implied by recent private rounds, secondary market pressure on existing robot-sector VC positions increases as LPs reassess marks upward or push for liquidity.
•The Star Market listing concentrates humanoid robotics investment flow into Chinese-listed names at the same moment US-listed AI hardware plays are absorbing Nvidia-driven momentum. Chinese institutional allocators benchmarking against Star Market robotics listings will pull capital toward domestic names including Estun Automation and Siasun, while global EM funds face a structural underweight in the segment unless they access the Shanghai market directly. This reinforces the existing bifurcation between US and China AI hardware investment universes.

Connected Events

•Nvidia's $1 trillion AI chip demand projection through 2027 and the inference chip buildout create the semiconductor supply context in which Unitree's embodied AI hardware sits. Humanoid robots require edge inference chips, and rapid scaling of Unitree's production volumes would add a new demand vector for low-power inference silicon beyond the data center.here
•Kalanick's Atoms pivot into robotics for mining and transportation highlights that private capital is clustering into the same embodied AI theme Unitree is now taking public. Unitree's IPO pricing will give private robotics investors their first external reference point for sector valuation, potentially accelerating or constraining further private fundraising rounds in the space.here

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Unitree Robotics files for $610m Shanghai IPO as humanoid robot demand surges

Market Intelligence

Market Implications

Connected Events

Also covering this story

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