Chinese tech firm Unitree Robotics officially launched its initial public offering (IPO) subscription on the Shanghai Stock Exchange on Monday aiming to become the first A-share-listed company specializing in humanoid robots.
Priced at 150.80 yuan (approximately $22.35) per share the IPO is expected to raise 6.1 billion yuan giving the Hangzhou-based company an estimated valuation of 60.99 billion yuan.
Founded in 2016, Unitree is globally recognized for its robotic dogs and advanced humanoid models like the G1 and H1. The company dominated the global humanoid robot market in 2025 shipping over 5,500 units and capturing a 32.4% market share.
Unlike many loss-making startups in the robotics sector, Unitree has achieved massive commercial growth. Between 2023 and 2025, its revenue surged to 1.699 billion yuan with overseas sales consistently accounting for over 40% of total revenue.
However, the race for innovation comes at a high cost. While first-quarter revenue in 2026 grew by 68.49% the company's adjusted net profit dropped by 52.55% due to aggressive research and development (R&D) spending. Consequently Unitree plans to channel 85% of its IPO proceeds directly into R&D and embodied intelligence models.
Currently over 73% of the company's humanoid robot revenue stems from the research and education sectors, indicating that widespread industrial adoption is still in its infancy. As global competition heats up with rivals like Tesla, Unitree’s landmark listing highlights a broader capital rush, paving the way for other Chinese robotics startups eyeing public markets.
