A Chinese maker of humanoid robots just opened a $904M IPO

Unitree priced a ~RMB 6.10 billion (USD 904 million) IPO on Shanghai's Sci-Tech Innovation Board (STAR Market) on Monday, putting the first pure-play humanoid robotics company in front of public capital with a full prospectus instead of a demo reel.

The company is offering about 40.45 million shares at 150.80 yuan apiece, roughly USD 22, in a sale that opened for subscription on August 11 and represents 10% of post-offering share capital, according to the Shanghai Stock Exchange acceptance notice and the SSE listing-review notice. China Daily reported the gross-proceeds target of about RMB 6.10 billion (USD 904 million). The Sci-Tech Innovation Board, launched in 2019 as Shanghai's venue for technology and high-growth listings, has become the preferred route for Chinese robotics, semiconductor, and biotech issuers. The Shanghai exchange accepted Unitree's IPO application on March 20, 2026, and the listing committee approved the deal on June 1, a 73-day path that the China Securities Journal called a record pace for the venue.

The prospectus shows Unitree shipped more than 5,500 humanoid robots in 2025, a number that excludes wheeled dual-arm robots and that no other publicly disclosed humanoid maker in China has matched, per China Daily's August 10 report on the Unitree prospectus. The cumulative count from 2023 through 2025 is 33,294 quadruped robots and 5,632 humanoid robots. Revenue moved from 159.13 million yuan in 2023 to 392.77 million yuan in 2024 to about 1.70 billion yuan in 2025 (roughly USD 240 million at mid-2026 exchange rates), a roughly tenfold ramp in two years. The company booked 278.21 million yuan in 2025 net profit (about USD 39 million at mid-2026 rates), and 590.75 million yuan excluding non-recurring items. These are prospectus figures, not an audited third-party result, but they put Unitree in a category most humanoid peers have not entered: manufacturing margin.

Unitree, based in Hangzhou and founded in 2016, builds humanoid and quadruped robots, robot components, and what the prospectus calls embodied intelligence models, software systems trained to control physical robots. The IPO prospectus ties roughly 4.20 billion yuan of planned proceeds (about USD 590 million at mid-2026 rates) to four projects: intelligent-robot model research, robot-body R&D, new intelligent-robot products, and an intelligent-robot manufacturing base, per China Daily. That mix is the public-market question: whether the shipped units and 2025 margin scale into a production line paid for with new capital, or whether the proceeds just fund another year of demos.

humanoid peer set is still pre-IPO. Figure AI, Apptronik, Agility Robotics, and 1X have raised private capital at multi-billion-dollar valuations, but none has filed a prospectus or shipped at the cumulative volume Unitree discloses. Unitree's filing is the first time public investors can grade humanoid robotics against shipped units, gross margin, and net profit from a single auditable document. The result is a harder test than the demo-reel narrative that has supported those private valuations. The subscription window, the share price, and the 73-day approval path are procedural. The prospectus is the verdict.

Unitree's IPO confirmation reached English-language wires through an unusual channel. The Big News Network report attributes the confirmation to a social-media post. The underlying deal terms come from the SSE filings and the prospectus.

The subscription closes when the book is full. The next checkpoint is the listing date on the Sci-Tech Innovation Board, after which Unitree's market capitalization, not its 904 million dollar raise, sets the comparable for every humanoid IPO that follows.