Unitree Robotics has priced its Shanghai initial public offering at a valuation of about US$9 billion, setting a major public-market benchmark for China’s rapidly expanding humanoid robotics industry. The Hangzhou-based company, known for its quadruped and humanoid robots, has priced the offering at 150.80 yuan per share, giving it an implied market value of roughly 61 billion yuan. The IPO is set to make Unitree the first mainland-listed manufacturer focused on humanoid robots.
The listing also brings together two of China’s most closely watched technology trends: artificial intelligence and embodied robotics. DeepSeek has invested 141 million yuan in Unitree and is expected to work with the robotics company on AI models and embodied-intelligence technologies. The deal will test whether public-market investors are prepared to assign multibillion-dollar valuations to robotics companies as China pushes to establish a stronger position in next-generation AI hardware.
What Happened
Unitree has set the price for its IPO on the Shanghai Stock Exchange’s STAR Market at 150.80 yuan per share. Based on the company’s enlarged share capital, the price implies a valuation of approximately 61 billion yuan, or about US$9.04 billion.
The company plans to issue approximately 40.45 million new shares, representing around 10% of its enlarged share capital. The IPO is expected to raise roughly 6.1 billion yuan, giving Unitree substantial new capital to invest in robotics research, product development and manufacturing expansion.
The final valuation is considerably higher than the roughly 42 billion yuan valuation implied when Unitree’s IPO plans were first disclosed earlier in the year, demonstrating how investor interest in Chinese robotics has strengthened during the listing process.
Unitree IPO Snapshot
| Category | Details |
|---|---|
| Company | Unitree Robotics |
| Headquarters | Hangzhou, China |
| Exchange | Shanghai Stock Exchange STAR Market |
| IPO Price | 150.80 yuan per share |
| Implied Valuation | About 61 billion yuan |
| US Dollar Valuation | About US$9.04 billion |
| New Shares | About 40.45 million |
| Share of Enlarged Capital | About 10% |
| Planned Fundraising | About 6.1 billion yuan |
| Key Strategic Investor | DeepSeek |
DeepSeek Becomes a Strategic Investor
DeepSeek’s involvement gives the IPO additional significance beyond the robotics sector.
The Chinese AI company invested 141 million yuan in Unitree and is expected to collaborate with the robotics manufacturer on AI models and embodied intelligence. Embodied AI refers to systems that combine artificial intelligence with physical machines capable of sensing and acting in the real world.
The relationship reflects a broader shift in AI development. Large language models have primarily operated within digital environments, while robotics companies are attempting to connect increasingly capable AI systems with physical bodies.
For Unitree, access to stronger AI capabilities could help improve the autonomy and usefulness of its humanoid and quadruped robots. For DeepSeek, a relationship with a leading Chinese robotics company provides a route into embodied AI, where AI models must understand physical environments and translate instructions into real-world actions.
Unitree’s Financial Performance
Unitree’s IPO is notable because the company has already achieved substantial revenue growth and profitability compared with many emerging robotics startups.
The company generated approximately 1.7 billion yuan in revenue in 2025, more than four times the previous year’s figure. Adjusted profit reached about 591 million yuan, according to figures disclosed ahead of the IPO.
Humanoid robots have also become an increasingly important part of the business. Reuters reported that humanoid robots generated 867.8 million yuan of revenue in 2025, surpassing revenue from Unitree’s four-legged robot business.
However, the company’s rapid growth has also required increased spending. In the first quarter of 2026, revenue growth slowed to 68.5%, while adjusted profit declined 52.6% because of higher research and development and marketing expenses.
Financial Snapshot
| Metric | 2025 / Latest Reported |
|---|---|
| Revenue | About 1.7 billion yuan |
| Adjusted Profit | About 591 million yuan |
| Humanoid Robot Revenue | About 867.8 million yuan |
| Q1 2026 Revenue Growth | 68.5% |
| Q1 2026 Adjusted Profit | Down 52.6% |
From Robot Dogs to Humanoid Robots
Unitree initially gained international attention for its quadruped robots, including robot dogs capable of walking, running and performing various movements.
The company has increasingly shifted its attention toward humanoid robots as the sector has become a major investment theme in China.
Humanoid machines are being developed with the aim of performing tasks in environments designed for people, including factories, warehouses, retail environments and potentially homes. The long-term opportunity depends on whether robots can move beyond demonstrations and research applications into commercially useful, repeatable tasks.
Unitree’s existing product portfolio gives it an advantage in mechanical engineering, motor control and robot manufacturing, but the company must increasingly compete on the intelligence layer as AI becomes central to robotics.
Why the IPO Matters
Unitree’s listing is significant because it gives public investors a direct way to participate in China’s humanoid robotics industry.
The sector has attracted substantial venture capital and government support as Beijing identifies robotics and artificial intelligence as strategically important technologies. Unitree’s IPO could establish a public-market valuation benchmark for other Chinese robotics companies considering listings.
The valuation also reflects investor expectations about the future size of the humanoid robotics market rather than simply the company’s current revenue.
That creates both an opportunity and a challenge. Unitree must demonstrate that today’s rapid growth can develop into a sustainable commercial business capable of supporting its public-market valuation.
China’s Humanoid Robotics Race
Unitree is not alone in pursuing commercial humanoid robots.
Chinese companies including UBTech and other specialized robotics startups are developing competing systems, while international technology companies such as Tesla are also investing heavily in humanoid robotics.
The competitive landscape is increasingly divided into two connected areas: the physical robot and its AI “brain.”
Mechanical components, actuators, batteries and manufacturing determine what a robot can physically do, while AI models determine how effectively it can perceive its surroundings, understand instructions and perform complex tasks.
Unitree’s partnership with DeepSeek reflects the growing importance of combining these two capabilities.
IPO Proceeds and Expansion Plans
The capital raised through the IPO is expected to support Unitree’s next phase of expansion.
The company’s prospectus identifies areas including robot model development, research into robot bodies, new products and manufacturing capacity as key uses for the funds.
Additional funding could allow Unitree to increase production while continuing to invest in AI and robotics research.
Scaling manufacturing will be particularly important because the economics of humanoid robots depend heavily on production costs. A robot that is technically impressive but too expensive for commercial customers will struggle to achieve mass adoption.
Risks and Challenges
Unitree’s rapid rise does not eliminate the challenges facing the robotics industry.
One major question is whether humanoid robots can move from demonstrations and research deployments into large-scale commercial applications. Customers will ultimately require machines that are reliable, safe, affordable and capable of performing useful tasks consistently.
Competition is another challenge. Tesla and Chinese rivals are investing heavily in the sector, while advances in AI models could reduce the technological advantage of individual robotics manufacturers.
Unitree also faces geopolitical risks. The United States has introduced restrictions affecting foreign-made humanoid and quadruped robots, potentially complicating Unitree’s future access to the American market. U.S. sales represented 13.3% of Unitree’s revenue last year, according to Reuters.
What Investors Will Watch
The IPO will give investors several metrics to track as Unitree transitions into a public company.
Key areas include:
- Humanoid robot sales and shipments
- Revenue growth and profit margins
- Manufacturing capacity
- Research and development spending
- AI model and autonomy improvements
- Commercial adoption beyond research customers
- Overseas sales
- Competition from Chinese and international robotics companies
The company’s ability to maintain growth while controlling costs will be particularly important because its IPO valuation already reflects substantial expectations for future expansion.
Looking Ahead
Unitree’s roughly US$9 billion IPO valuation is an important test for China’s ambitions in humanoid robotics and embodied AI. The company’s strong revenue growth, profitability and expanding humanoid business provide a foundation for the valuation, while the involvement of DeepSeek adds another dimension by linking robotics hardware with China’s rapidly developing AI ecosystem. The critical question now is whether Unitree can turn investor enthusiasm into sustained commercial growth as humanoid robots move from demonstrations and research environments toward real-world industrial applications.
For investors and the wider robotics industry, Unitree’s public-market performance will provide an important signal about how much value markets are willing to assign to emerging physical-AI companies. The company will need to demonstrate progress in robot autonomy, manufacturing scale, customer adoption and international expansion while managing geopolitical restrictions and rising competition. If Unitree succeeds, its listing could encourage additional Chinese robotics companies to pursue public markets and accelerate investment across the country’s broader embodied-AI ecosystem.
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