Unitree Robotics has attracted extraordinary retail investor demand in its Shanghai initial public offering, with the humanoid robot maker’s IPO becoming one of the clearest signs yet of China’s enthusiasm for embodied AI and robotics.
The company, formally known as Yushu Technology, initially saw its retail portion subscribed 5,526 times, with individual investors submitting about 9.8 million orders. Subsequent exchange data showed demand rising even further, with the retail tranche ultimately oversubscribed by more than 8,000 times.
Unitree is seeking to raise about 6.1 billion yuan ($904 million) by selling roughly 40.45 million new shares at 150.80 yuan apiece on the Shanghai Stock Exchange’s STAR Market. The IPO values the company at approximately 61 billion yuan ($9 billion), making Unitree China’s first publicly listed humanoid robot manufacturer.
Unitree IPO attracts extraordinary retail demand
The scale of retail interest is particularly striking because only a relatively small portion of the IPO was available to individual investors.
At the initial stage, the retail tranche was subscribed 5,526 times, meaning investors sought thousands of times more shares than were available. Later figures reported by Reuters put the oversubscription at 8,000-plus times.
| IPO metric | Details |
|---|---|
| IPO price | 150.80 yuan/share |
| Shares offered | ~40.45 million |
| Funds raised | ~6.1 billion yuan |
| Approx. US-dollar proceeds | ~$904 million |
| IPO valuation | ~61 billion yuan |
| Retail demand | 5,526x initially; >8,000x subsequently reported |
| Retail orders | ~9.8 million |
| Listing venue | Shanghai STAR Market |
UNITREE IPO DEMAND
Available retail shares
████
Initial demand
████████████████████████████████
5,526x
Later reported demand
████████████████████████████████████████
8,000x+
The extraordinary subscription reflects strong investor appetite for companies associated with China’s next wave of artificial intelligence and robotics.
Why investors are rushing into Unitree
Unitree is not simply a conventional robotics company.
It has positioned itself at the intersection of AI, robotics, automation and embodied intelligence.
The company develops humanoid and quadruped robots that combine mechanical systems with sensors, motion control and AI capabilities.
AI
+
Sensors
+
Motors
+
Computer vision
+
Motion control
↓
EMBODIED AI
↓
Humanoid / Quadruped Robots
China has identified embodied intelligence as a strategic technology area, and investors are increasingly betting that humanoid robots could become a major technology platform alongside AI software and semiconductors.
Unitree will become China’s first listed humanoid robot maker
The IPO has symbolic importance beyond the amount of money being raised.
Unitree is expected to become China’s first publicly listed manufacturer focused on humanoid robots.
That gives investors a publicly traded way to participate directly in China’s humanoid robotics industry.
CHINA'S ROBOTICS PUSH
AI
↓
Embodied intelligence
↓
Humanoid robots
↓
Industrial automation
↓
Consumer applications
↓
Public markets
The listing could also encourage other Chinese robotics companies to pursue IPOs as they seek capital for research, manufacturing and commercial expansion.
Unitree’s business has grown rapidly
The investor enthusiasm is supported by substantial revenue growth.
Unitree’s revenue increased from approximately 392.8 million yuan in 2024 to nearly 1.7 billion yuan in 2025, according to its prospectus.
That represents more than a fourfold increase in one year.
| Year | Unitree revenue |
|---|---|
| 2023 | ~159 million yuan |
| 2024 | ~393 million yuan |
| 2025 | ~1.70 billion yuan |
UNITREE REVENUE
2023
¥159M
████
2024
¥393M
██████████
2025
¥1.70B
████████████████████████████████████
The rapid growth demonstrates that Unitree has moved beyond being primarily a research-oriented robotics startup.
Humanoid robots are becoming a bigger part of the business
Unitree originally became known for its quadruped robotic platforms.
Its humanoid robots have since become increasingly important.
In 2025, humanoid robots generated approximately 867.8 million yuan in revenue, according to Reuters.
Unitree sold 5,632 humanoid robots between 2023 and 2025, while its total quadruped robot sales during that period reached 33,294 units.
UNITREE ROBOT SALES
2023–2025
Quadrupeds
33,294
████████████████████████████████
Humanoids
5,632
██████
The numbers show that quadruped robots remain important, but humanoids are becoming a major growth opportunity.
Unitree’s robots include G1, H1 and R1
Unitree has gained international attention through humanoid robots such as the G1, H1 and R1.
The company has demonstrated robots performing activities such as running, dancing and martial-arts-style movements.
UNITREE HUMANOID ROBOT FAMILY
H1
↓
G1
↓
R1
↓
Future generations
The company’s strategy is to develop relatively affordable robots that can be used for research, education, industrial applications and eventually broader commercial purposes.
The company is betting on embodied AI
Generative AI has primarily existed inside computers.
Humanoid robotics attempts to move AI into the physical world.
GENERATIVE AI
Text
Images
Audio
Code
↓
Digital world
EMBODIED AI
AI model
↓
Robot brain
↓
Sensors
↓
Physical movement
↓
Real-world interaction
This transition could create an entirely new market if robots become capable of performing useful physical tasks reliably and economically.
China’s robotics ambitions are driving investor interest
China has been pushing aggressively into advanced manufacturing and robotics.
The country has a large industrial base, extensive electronics supply chains and significant manufacturing expertise.
That gives domestic robotics companies access to components and production capabilities that can be difficult for startups in other markets to replicate.
CHINA'S ADVANTAGE
Semiconductors
+
Motors
+
Sensors
+
Batteries
+
Manufacturing
+
Supply chains
↓
Robotics ecosystem
Reuters described Unitree as an example of China’s ambition to become a leader in embodied intelligence.
Unitree’s low-cost strategy is important
One of Unitree’s distinguishing features is its focus on relatively affordable robotic platforms.
The company has attempted to make advanced robotics accessible to researchers, developers and businesses rather than targeting only extremely expensive industrial systems.
This strategy could help it build a larger installed base.
LOWER ROBOT COST
↓
More developers
↓
More experiments
↓
More applications
↓
More customers
↓
More production
↓
Lower costs
If this cycle works, Unitree could potentially benefit from economies of scale.
Unitree is already an international business
The company is not dependent entirely on China’s domestic market.
Overseas revenue accounted for approximately 43.65% of its main-business revenue in 2025, according to its prospectus.
UNITREE 2025 MAIN BUSINESS
China
████████████████████████████
~56%
Overseas
████████████████████
43.65%
Its international presence makes geopolitical developments particularly important for future growth.
The US market is a major risk
Unitree has warned investors that changing US trade and technology policies could affect its overseas expansion.
US sales accounted for 13.3% of Unitree’s revenue in 2025, down from higher levels in earlier reporting periods.
The company has also warned that future US restrictions could affect the ability of new robot models to enter the American market.
UNITREE GLOBAL BUSINESS
China
+
Europe
+
Asia
+
United States
↓
International growth
BUT
US restrictions
↓
Potential market access risk
This creates a significant uncertainty for a company whose international business represents more than 40% of revenue.
Unitree’s valuation is extremely high
The IPO price of 150.80 yuan per share gives Unitree a valuation of roughly 61 billion yuan, or about $9 billion.
Reuters reported that the IPO valuation equates to approximately 219 times projected 2025 earnings.
| Valuation measure | Figure |
|---|---|
| IPO price | 150.80 yuan |
| Market value | ~61 billion yuan |
| US-dollar valuation | ~$9 billion |
| Reported earnings multiple | ~219x projected 2025 earnings |
UNITREE VALUATION
~61B yuan
████████████████████████████████
vs.
2025 earnings
Much smaller base
≈ 219x projected earnings
This means investors are paying a very high price for expectations of future growth.
The IPO lottery could be extremely difficult to win
Despite the huge retail interest, individual investors are unlikely to receive large allocations.
Reuters reported a retail lot-winning rate of only 0.018%.
RETAIL ALLOTMENT
100,000 applicants
↓
Only a tiny fraction
↓
Successful allocation
The extremely low allotment rate demonstrates how heavily oversubscribed the offering has become.
It also helps explain why subscription numbers can reach thousands of times the available supply.
DeepSeek is among Unitree’s strategic investors
The IPO has received additional attention because DeepSeek, the Chinese AI startup, participated as a strategic investor.
The connection highlights the growing convergence between AI software and physical robotics.
DEEPSEEK
AI SOFTWARE
+
UNITREE
ROBOTICS
↓
EMBODIED INTELLIGENCE
The combination of advanced AI models and affordable robotic hardware could become one of the next major technology battlegrounds.
Unitree has backing from major Chinese technology investors
Unitree has also attracted investment from major companies and funds, including Meituan, Tencent, Alibaba and state-linked investors, according to Reuters.
This provides the company with both financial backing and connections to China’s broader technology ecosystem.
Unitree is already profitable
Unlike many early-stage robotics startups, Unitree has reported profits.
Reuters said the company recorded an adjusted net profit of approximately 600 million yuan in 2025.
Its prospectus reported net profit of about 278.2 million yuan in 2025, while adjusted profit attributable to the parent after excluding non-recurring items was approximately 590.8 million yuan.
This distinction is important because different profit measures can produce significantly different figures.
2025 PROFIT
Reported net profit
~¥278M
Adjusted profit
~¥591M
The existence of positive earnings makes Unitree different from many highly valued technology startups that are still loss-making.
But profit growth is not guaranteed
Unitree’s rapid revenue growth has come alongside heavy spending on research and development and marketing.
Reuters reported that in the first quarter of 2026, revenue growth slowed to 68.5%, while adjusted profit fell 52.6% because of higher R&D and marketing expenses.
UNITREE 2026 CHALLENGE
Revenue
+68.5%
↓
Still strong growth
BUT
Higher R&D + marketing
↓
Adjusted profit
-52.6%
This demonstrates why a high valuation based on future growth carries significant execution risk.
Humanoid robots are still an emerging market
The biggest challenge facing Unitree is that the humanoid robot market remains relatively immature.
Robots can perform impressive demonstrations, but widespread commercial deployment is still limited.
TODAY
Robot demonstrations
↓
Research
↓
Pilot projects
↓
Limited commercial deployment
FUTURE TARGET
Mass production
↓
Lower prices
↓
More applications
↓
Large-scale adoption
Unitree needs to prove that impressive demonstrations can translate into repeatable commercial revenue.
The biggest question: what will people use humanoid robots for?
Humanoid robots have attracted enormous attention, but the business case remains under development.
Potential applications include:
- Factory work
- Warehousing
- Logistics
- Inspection
- Research
- Education
- Healthcare assistance
- Household tasks
- Retail
- Hospitality
HUMANOID ROBOT
↓
Physical intelligence
↓
Can potentially perform
human-oriented tasks
↓
Large addressable market
The challenge is making those tasks reliable enough and inexpensive enough to justify purchasing a robot.
Manufacturing scale could become Unitree’s advantage
The IPO proceeds are intended to support areas including robot development, product launches and new manufacturing facilities.
IPO CAPITAL
↓
R&D
+
Manufacturing
+
Product development
+
Capacity expansion
↓
More robots
↓
Lower unit costs
↓
Potentially wider adoption
Scaling production could be crucial to Unitree’s long-term economics.
China is rapidly expanding its robotics ecosystem
Unitree is not operating alone.
Chinese companies including AgiBot and Leju Robotics are also pursuing listings and investing heavily in humanoid robots.
This could produce intense competition for:
- Engineers
- AI talent
- Components
- Manufacturing capacity
- Customers
- Investment capital
CHINA HUMANOID ROBOT RACE
Unitree
+
AgiBot
+
Leju
+
Other startups
↓
Competition
↓
Lower costs
+
Faster innovation
The competition could accelerate technological development but also pressure margins.
Unitree versus global humanoid robot companies
| Company | Country | Main focus |
|---|---|---|
| Unitree | China | Humanoid + quadruped robots |
| Tesla | US | Optimus humanoid |
| Boston Dynamics | US | Advanced robotics |
| AgiBot | China | Humanoid robots |
| Leju Robotics | China | Humanoid robotics |
Unitree’s advantage is its combination of relatively affordable products, manufacturing capabilities and established international visibility.
But global competitors have significant resources and technical expertise.
The IPO is also a bet on physical AI
The enthusiasm surrounding Unitree is part of a broader shift in investor thinking.
The first phase of the AI boom was dominated by:
Large language models
Then:
AI agents
Now increasingly:
Physical AI
AI EVOLUTION
Software AI
↓
Generative AI
↓
AI agents
↓
Embodied AI
↓
Physical robots
If physical AI becomes the next major technology platform, companies like Unitree could become strategically important.
Why this IPO matters to China’s technology sector
Unitree’s listing could encourage more private robotics companies to access public markets.
That could unlock additional capital for an industry requiring heavy upfront investment.
UNITREE IPO
↓
Investor enthusiasm
↓
Higher confidence in robotics
↓
More robotics IPOs
↓
More capital
↓
More R&D + manufacturing
The resulting investment cycle could accelerate China’s push to become a global robotics leader.
But investors should separate hype from adoption
The enormous IPO subscription rate shows investor enthusiasm.
It does not prove that humanoid robots will become a mass-market product.
Those are two very different questions.
INVESTOR SENTIMENT
≠
COMMERCIAL ADOPTION
The real test will be whether Unitree can turn its technology into sustained sales, recurring customers and attractive margins.
Unitree IPO numbers at a glance
┌──────────────────────────────────────┐
│ UNITREE IPO │
├──────────────────────────────────────┤
│ IPO price ¥150.80 │
│ Shares offered ~40.45M │
│ Funds raised ~¥6.1B │
│ Valuation ~¥61B │
│ US valuation ~$9B │
│ Initial retail demand 5,526x │
│ Later reported demand 8,000x+ │
│ Retail orders ~9.8M │
│ Retail win rate ~0.018% │
│ 2025 revenue ~¥1.7B │
│ Overseas revenue ~43.65% │
│ 2025 humanoid revenue ~¥867.8M │
└──────────────────────────────────────┘
The Unitree IPO flywheel
If Unitree can successfully convert IPO capital into greater production and lower prices, it could create a powerful growth cycle.
IPO CAPITAL
↓
MORE R&D
↓
BETTER ROBOTS
↓
MORE PRODUCTION
↓
LOWER COST
↓
MORE CUSTOMERS
↓
MORE REVENUE
↓
MORE R&D
The challenge is maintaining this cycle while competition increases.
Key risks facing Unitree
High valuation
At roughly 61 billion yuan, the company is priced for substantial future growth.
Limited humanoid adoption
Commercial applications remain at an early stage.
Geopolitical restrictions
US restrictions could affect international sales.
Rising costs
R&D and marketing spending are already putting pressure on adjusted profit.
Competition
Chinese and international robotics companies are aggressively developing humanoids.
Technology risk
Rapid advances could make current robot designs obsolete faster than expected.
Execution
Unitree must transition from impressive demonstrations to large-scale commercial deployment.
What to watch after the IPO
First-day trading performance
The market debut will show whether investor enthusiasm continues after listing.
Retail allocation
The extremely low allotment rate means most retail applicants will receive little or nothing.
Robot shipments
Sustained increases in humanoid shipments will be more important than demonstrations.
Commercial customers
Large industrial and enterprise contracts could validate the business model.
Overseas revenue
Investors will watch whether Unitree can maintain international growth despite geopolitical restrictions.
Profit margins
Revenue growth will need to translate into sustainable profits.
Manufacturing expansion
The IPO proceeds should eventually show up in increased production capacity.
Conclusion
Unitree Robotics’ Shanghai IPO has become a powerful demonstration of China’s enthusiasm for the next stage of artificial intelligence: physical or embodied AI.
The company initially attracted 5,526 times subscription from retail investors, with around 9.8 million individual orders, before subsequent exchange data pushed reported retail oversubscription above 8,000 times.
At 150.80 yuan per share, Unitree is raising approximately 6.1 billion yuan, giving the company a valuation of around 61 billion yuan, or roughly $9 billion. The company is expected to become China’s first publicly listed humanoid robot manufacturer.
The extraordinary demand reflects a broader investment thesis: AI may be moving beyond screens and software into the physical world.
Unitree is positioned directly in that transition. Its robots combine AI, computer vision, sensors, motors and motion-control systems to perform increasingly sophisticated physical tasks. The company has already established itself in both quadruped and humanoid robotics, with revenue rising from about 393 million yuan in 2024 to 1.7 billion yuan in 2025.
The company’s international business is also significant, with overseas revenue accounting for approximately 43.65% of main-business revenue in 2025. That creates substantial growth potential but also exposes Unitree to geopolitical risks, particularly in the United States, where policymakers have introduced restrictions affecting foreign-made advanced robots.
The biggest concern is valuation.
At roughly 61 billion yuan, investors are paying a very high price for a company operating in an industry where mass commercial adoption has not yet been proven. Reuters reported a valuation equivalent to about 219 times projected 2025 earnings, highlighting just how much future growth is already reflected in the IPO price.
That makes Unitree’s post-listing performance particularly important.
A strong debut would reinforce the view that China’s capital markets are willing to assign enormous valuations to physical AI companies. A weak debut could demonstrate that investor enthusiasm around humanoid robots has moved ahead of actual commercial demand.
Ultimately, Unitree’s success will not be determined by how many times its IPO is oversubscribed.
It will be determined by whether the company can sell large numbers of robots, reduce manufacturing costs, win commercial customers, maintain international access and turn rapid revenue growth into sustainable profits.
For China’s technology industry, however, the message from the IPO is already clear:
Investors are betting that the next major AI platform may not live inside a smartphone or data centre. It may walk out of one.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
