Unitree Robotics surges 629% to US$66 billion valuation in Shanghai share debut

Unitree Robotics shares leapt 629% on their initial public offering debut in Shanghai, opening at 1,100 yuan and valuing the company at about 445 billion yuan. The IPO price of 150.80 yuan saw a sharp rise before settling below 900 yuan in early trading. The Hangzhou-based firm raised approximately 6.1 billion yuan by selling 40.45 million shares, representing 10% of its expanded share capital.

Unitree's listing, the first for a humanoid robot maker on a mainland exchange, attracted intense investor interest, with nearly 9.8 million retail investment accounts competing for just 9.7 million shares, resulting in an allocation rate of only 0.018%. Backed by state investors like China National Petroleum and Tencent Holdings, the IPO is set to benchmark China's burgeoning embodied-AI sector, with private investors already valuing several leading start-ups over 20 billion yuan.

Revenue for Unitree rose to 1.7 billion yuan in 2025, a four-fold increase from the previous year, driven by humanoid robots accounting for 868 million yuan and quadrupeds at 698 million yuan. Overseas markets contributed over 40% of revenue, with 5,215 humanoids and 23,037 quadrupeds sold in total. Unitree's first-quarter 2026 revenue reached 423 million yuan, a 68.5% year-on-year increase.

The company reported having produced about 18,000 bipedal humanoids across multiple models by July. Recently, Unitree unveiled its latest model, "Superman," capable of jumping 2 meters and running at 12.66 meters per second.