Chinese robotics company Unitree Technology has launched a 6.1 billion yuan ($900 million) initial public offering that would value the company at about 61 billion yuan ($9.04 billion), setting the stage for China’s first mainland stock market listing by a humanoid robot manufacturer.
The listing represents a milestone for China’s robotics industry and provides investors with one of the country’s first opportunities to gain direct exposure to the rapidly expanding humanoid robotics market, which Beijing has identified as a strategic industry alongside artificial intelligence and advanced manufacturing.
Unitree priced its Shanghai STAR Market offering at 150.8 yuan ($22.34) per share, according to a filing on Thursday, exceeding an earlier valuation target of up to 50 billion yuan reported by Reuters in September. The company will issue 40.45 million new shares, equivalent to 10% of its enlarged share capital.
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The higher-than-expected valuation underlines strong investor appetite for companies developing embodied AI, where artificial intelligence is integrated into physical machines capable of interacting with the real world. Investors now see humanoid robots as the next major frontier after generative AI, with applications expected to expand from industrial manufacturing and warehousing to healthcare, logistics and commercial services.
The IPO is also seen as an evidence of China’s determination to build globally competitive robotics champions as technology rivalry with the United States broadens beyond semiconductors and AI chips to include autonomous systems and intelligent machines.
The offering comes against a backdrop of escalating U.S.-China technology restrictions. Washington has tightened Chinese access to advanced American technologies while introducing new restrictions covering foreign-made humanoid and quadruped robots. Beijing has responded with export controls and sanctions targeting selected U.S. companies, further accelerating efforts to localize critical technologies.
Unitree acknowledged the geopolitical risks in its prospectus, admitting that future U.S. tariffs, export controls, procurement restrictions or the withdrawal of existing regulatory approvals could weigh on overseas expansion and complicate access to imported components. The company said its current humanoid and four-legged robots have obtained approvals for the U.S. market, but noted that future product generations could face additional barriers.
Despite those uncertainties, the United States remains an important overseas market, accounting for 13.3% of Unitree’s revenue in 2025.
Humanoid Robots Overtake Robotic Dogs
The prospectus illustrates how rapidly Unitree’s business has evolved beyond the robotic dogs that first brought the company international recognition. Revenue more than quadrupled to 1.7 billion yuan in 2025, with humanoid robots generating 867.8 million yuan in sales to become the company’s largest business segment, overtaking its quadruped robots for the first time.
The transition signals that commercial demand for humanoid machines is accelerating as manufacturers increasingly seek automation solutions capable of performing more complex and flexible tasks than traditional industrial robots.
Industry analysts broadly expect humanoid robots to become a key growth area over the coming decade as advances in AI reasoning, machine vision and motion control improve their ability to operate in real-world environments.
Unitree plans to use the IPO proceeds to strengthen both its hardware and software capabilities, develop new robot models and construct additional manufacturing capacity, positioning the company to scale production as demand increases. The company’s strategic investor lineup also highlights the convergence between robotics and artificial intelligence. Chinese AI startup DeepSeek is participating in the IPO, marking growing collaboration between AI developers and robotics manufacturers seeking to build increasingly autonomous machines.
Growth Remains Strong, But Investment Is Accelerating
Although Unitree continues to deliver robust revenue growth, its latest financial results suggest the company is entering a more capital-intensive phase.
First-quarter revenue climbed 68.5% year-on-year to 422.8 million yuan. However, profit excluding one-off items fell 52.6% to 40.3 million yuan as research and development spending and marketing expenses increased significantly.
The widening gap between revenue growth and profitability is typical of companies racing to establish technological leadership in emerging industries. Developers of humanoid robots are investing heavily in AI software, motion control systems, sensors and manufacturing capabilities before the market reaches large-scale commercial adoption.
For investors, Unitree’s IPO represents both an opportunity and a test of confidence in China’s long-term robotics ambitions. The company’s strong valuation underpins expectations that humanoid robots could become one of the country’s next major high-tech export industries.