Unitree Robotics Launches $904 Million IPO on Shanghai Market

Unitree Robotics opened subscriptions for its initial public offering on the Shanghai Stock Exchange's STAR Market on August 10, 2026. The Hangzhou-based company priced its shares at 150.80 yuan each to raise 6.1 billion yuan ($904 million), valuing the firm at approximately $9.04 billion. The offering consists of 40.4 million shares, representing 10% of the company's enlarged share capital.

Preliminary investor interest was high, with offline subscriptions totaling over 71 billion shares. The company plans to use the proceeds to expand manufacturing, develop new products, and refine embodied AI models. Strategic investor DeepSeek contributed 141 million yuan to the IPO as part of a partnership to co-develop AI and embodied-intelligence technology.

Unitree reported shipping 5,511 humanoid robots last year, ranking first globally, with 2025 revenues reaching 1.7 billion yuan. However, the company faces financial volatility, reporting a net profit drop of over 50% in the first quarter of 2026 due to rising R&D and marketing costs. Founder Wang Xingxing, who will hold 31.29% of equity post-IPO, has an estimated fortune of $2.4 billion.

The listing occurs amid geopolitical friction. The United States government banned imports of new Chinese humanoid and quadruped robots in July 2026 over national security concerns, prompting retaliatory measures from Beijing. Despite these tensions, Unitree maintains a research partnership with Nvidia Corporation. The IPO serves as a benchmark for the sector as other firms, including AgiBot and Lejoin Intelligence, prepare for their own public listings.