Unitree IPO deluge masks humanoid robots’ limitations

China's AgiBot has surpassed its domestic rival Unitree Robotics as the world's leading vendor of humanoid robots in the first half of 2026, according to new research by San Francisco-based firm Smart Analytics Global (SAG). AgiBot captured 44% of the global market, shipping approximately 8,400 units from January to June, marking a staggering 562% year-on-year increase in shipments. Unitree fell to second place, shipping around 5,900 units and holding 31% of the global market share.

While AgiBot's diversified product portfolio includes full-size bipedal A-series models, compact X-series units, and wheeled G-series robots, Unitree's shipments remained largely focused on its flagship G1 model. This shift comes as both companies gear up for their respective public listings. Unitree is preparing for an IPO on Shanghai's Star Market, targeting to raise roughly 6.1 billion yuan (US$904 million), while AgiBot is pursuing an IPO in Hong Kong, backed by Citic Securities, China International Capital Corporation (CICC), and Morgan Stanley.

Interestingly, Unitree is currently profitable, with 1.7 billion yuan in revenue and a 591 million yuan adjusted net profit last year. AgiBot, on the other hand, has not disclosed its financial details yet, but its founder, Deng Taihua, revealed at a partner conference that the company's revenue surpassed 1 billion yuan in 2025, with a goal of reaching 10 billion yuan in 2027.

The competition between these two robotics giants has intensified against a backdrop of rapid expansion in the China-led market, with global humanoid shipments jumping 272% year-on-year to about 19,100 units in the first half. Industrial and commercial applications accounted for over 70% of shipments, reflecting the growing demand for humanoid robots in factory automation and logistics.