Unitree Prices Shanghai IPO as China's First Listed Humanoid Robot Maker

Chinese robot maker Unitree has priced its Shanghai initial public offering at 150.8 yuan per share. Subscriptions begin on Monday as the company seeks to raise 6.1 billion yuan, or about $904 million.

The deal would make Unitree the first mainland-listed humanoid robot manufacturer. Founded in 2016 by engineer Wang Xingxing, the Hangzhou-based firm first gained attention with relatively inexpensive quadruped robots, often called robot dogs.

Its G1, H1 and R1 humanoids later drew global notice through demonstrations of running, dancing and martial arts. The company competes with Tesla, Boston Dynamics and a growing number of Chinese startups developing machines intended for factories and homes.

Unitree’s revenue rose more than fourfold to nearly 1.7 billion yuan in 2025. Unlike many humanoid startups, it reported adjusted net profit of about 600 million yuan. Overseas sales accounted for more than 40 percent of revenue in the periods disclosed in its prospectus.

The firm has shown that China can produce sophisticated robots at prices below many overseas rivals. It draws on extensive domestic supply chains for motors, sensors, batteries and other components.

Unitree has also become a visible example of Beijing’s push into embodied intelligence, the combination of AI models with machines that navigate and interact with the physical world.

Commercial demand, however, remains limited. Most current buyers are universities and government-backed projects that use the robots for education, research and demonstrations. Humanoids still face challenges with reliability, dexterity and sustained performance of varied tasks without human help.

Developing humanoids requires heavy spending on engineers, training data, AI models and manufacturing capacity. Public markets offer capital to continue that work while government support and investor interest stay strong.

Other Chinese robotics firms are also moving toward listings. Leju Robotics, maker of the Kuavo humanoid, filed an application in May to list on Shenzhen’s ChiNext market. Shanghai-based AgiBot began preparations for a Hong Kong IPO in July.

Unitree’s pricing and planned raise place it at the front of the group. The outcome of the Shanghai offering will be watched closely by investors tracking China’s robotics sector.

The company’s early focus on lower-cost quadrupeds helped it build manufacturing experience and cash flow before moving into more complex humanoid designs. That sequence distinguishes it from many pure-play humanoid startups that remain pre-revenue.

Viral videos of the robots performing coordinated dances and martial arts routines have boosted brand recognition both inside China and overseas. The demonstrations highlight progress in balance, locomotion and basic interaction, even as practical workplace applications remain at an early stage.

Unitree’s prospectus and public statements emphasise the long development timeline still required before humanoids can reliably perform factory or household tasks at scale. The IPO proceeds are expected to support continued research, expanded production capacity and further AI model training.

The listing marks a milestone for China’s embodied intelligence ambitions. Whether other robotics firms follow quickly will depend on market conditions and investor appetite for the still-nascent sector.