Unitree is a Chinese robot manufacturer, with many humanoid and quadruped robots in its portfolio, including the G1, H1 and R1. The company is now preparing to enter the Shanghai Stock Exchange’s STAR Market, where its initial public offering has attracted overwhelming investor demand.
According to Reuters, Unitree’s approximately $900 million IPO was more than 8,000 times oversubscribed by retail investors. Following a redistribution of shares from the institutional portion of the offering, the lot-winning rate for retail applicants stood at approximately 0.018%.
Unitree has priced its shares at CNY 150.80 (around $22.36) each, valuing the company at more than CNY 60 billion, or approximately $9 billion. The offering reportedly values Unitree at 219 times its 2025 earnings and 36 times its annual sales.
Interestingly, Unitree is expected to be the first-ever Chinese humanoid-robot manufacturer to be listed. It competes with companies such as Tesla and Boston Dynamics, although its portfolio also includes comparatively affordable robots aimed at researchers, developers and commercial customers.
Humanoid robots drive Unitree’s revenue growth
However, its growth slowed during the first quarter of 2026. Revenue increased by 68.5% year over year, while profit excluding one-time items fell by 52.6% due to higher research, development and marketing expenses.
One core reason could be geopolitical tensions since the US accounted for 13.3% of Unitree’s revenue in 2025, while new American restrictions could affect sales of future humanoid and quadruped robots.
Unitree plans to use the IPO proceeds to develop new robots, expand its manufacturing capacity and improve its embodied-intelligence technology. Separately, AI company DeepSeek invested CNY 140.8 million (~$20.8 million) in Unitree through the IPO’s strategic placement, acquiring a 2.31% stake. By the way, this news comes following China’s goals of producing 100,000 humanoid robots in 2026.
