Unitree Robotics Raises $904 Million in Shanghai IPO

The Hangzhou-based Unitree Robotics priced its initial public offering on Shanghai's STAR Market at 150.80 yuan per share, seeking to raise approximately 6.1 billion yuan ($904 million). The offering, which involves selling 40.4 million shares representing 10% of the company's enlarged share capital, exceeds the firm's original target of 4.2 billion yuan. The listing values the company at roughly $9 billion and establishes Unitree as the first publicly traded humanoid robot maker in mainland China.

Unitree reported shipping over 5,500 humanoid robots last year, the highest volume globally, with 2025 revenue reaching 1.7 billion yuan ($250 million). The company plans to allocate 4.2 billion yuan of the proceeds toward humanoid robot research, manufacturing expansion, and the development of embodied AI models. Founder Wang Xingxing will maintain control of the company, holding approximately 31.29% of equity following the IPO.

The listing occurs amid significant geopolitical friction. The United States Federal Communications Commission recently announced plans to ban new Chinese-made humanoid and quadruped robots over national security concerns, prompting retaliatory measures from the Government of China. Despite these tensions, Unitree maintains a partnership with Nvidia to develop a research robot. Additionally, the AI firm DeepSeek invested 141 million yuan in the IPO, subject to a three-year lock-up, to co-develop embodied-intelligence technology and AI models.