Unitree Robotics Raises $900 Million in Shanghai IPO, Valued at $9 Billion

Unitree Robotics, the world's leading seller of humanoid robots, raised $900 million in its initial public offering on the Shanghai Stock Exchange's STAR Market in August 2026, achieving a market valuation of approximately $9 billion.

The company priced its shares at 150.8 yuan, or about $22.40. The online tranche of the offering was oversubscribed by more than 5,000 times, with a record-low lot-winning rate of 0.018 percent.

Unitree, based in Hangzhou, China, reported approximately 1.71 billion yuan, or $235 million, in revenue for 2025, a 335 percent year-over-year increase. Its gross margins reached nearly 60 percent, supported by a strategy of developing and manufacturing its own core components, including actuators, sensors, and controllers.

The company sold approximately 5,500 humanoid robots in 2025, holding roughly one-third of the global market share. By 2025, humanoid robots had become the primary revenue driver, accounting for 51.5 percent of core revenue.

Unitree plans to use the IPO proceeds to invest in research and development, design new robots, and build a smart manufacturing facility. The company aims to produce 75,000 humanoid robots and 115,000 quadruped robots annually within five years.

The company faces several challenges. About 20 percent of its supply chain relies on imported materials, and it remains exposed to U.S. restrictions on Chinese-made robots. Its first-quarter 2026 adjusted profit fell by more than 52 percent due to increased spending on research, development, and marketing.

Analysts note that most current demand for Unitree's robots comes from research and educational sectors, with commercial industrial use still in early stages.