Unitree Robotics to debut after US$904 million Shanghai IPO, rides embodied AI wave
The Chinese startup’s listing comes as firms shift attention beyond foundation models to real-world applications
Unitree Robotics, a Chinese startup, is set to debut on the Shanghai stock market after raising 6.1 billion yuan in an initial public offering (IPO) on Aug 19. The company, officially known as Yushu Technology, will become the first publicly traded humanoid robot maker in mainland China, with a valuation of around 61 billion yuan. The retail portion of the offering was 5,526 times subscribed, indicating strong investor interest.
The IPO reflects a shift in focus within the AI industry from foundation models to real-world applications, particularly embodied AI. This focus has been driven by Beijing's support for strategic technologies such as semiconductors and humanoid robots. Unitree's offering has benefited from a surge in enthusiasm for physical AI companies, with retail orders exceeding 7.07 trillion yuan.
Regulators have been cautious about the valuations of IPOs, preferring to compare companies with peers in China and globally to protect individual investors from losses. The optimism surrounding Unitree's listing underscores growing expectations for the accelerated deployment of humanoid robots. JPMorgan Chase analysts predict that global humanoid robot shipments will reach 60,000 units this year and 1.75 million by 2030, with China accounting for over half of the global demand.
Unitree has already shipped over 5,500 humanoid robots in 2025, making it the global leader in this category. The company's revenue surged to 1.7 billion yuan in 2025, with net profit reaching 278 million yuan and a gross margin exceeding 60%. Founded by Wang Xingxing, Unitree gained prominence after its humanoid robots appeared at the country's annual Spring Festival Gala in February.
The IPO prices Unitree at 35.89 times sales, which is higher than the ratios of about 20 for industry peers listed in Hong Kong. Industry experts believe that the long-term value proposition of Unitree depends on its ability to translate its hardware lead into advancements in AI capabilities. Investors are increasingly focusing on software systems that serve as the "brain" of humanoid robots rather than hardware performance alone.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
