- IPO marks a milestone in 10-year history, with humanoid robots now driving over 50% of its revenue.
- Company is now the world’s largest humanoid robot maker, delivering 5,500 units in 2025.
Unitree Robotics, a leader in humanoid and quadrupedal robotics, has filed for its long-awaited initial public offering (IPO) on the Shanghai Stock Exchange’s Nasdaq-style STAR Market, marking a significant step in the company’s capital-market ambitions.
According to its prospectus, the Hangzhou-based startup is looking to raise 4.2 billion yuan ($610 million) through the sale of at least 40.44 million new shares.
If given the green light, it will become the first humanoid company to list on the mainland bourse.
Unitree’s last round of funding took place in June 2025, when it raised some 700 million yuan at a post-money valuation of 12.7 billion yuan.
Founded in 2016 by Wang Xingxing, Unitree has quickly emerged as a leader in China’s humanoid robotics sector, with a growing portfolio of innovative products such as the humanoid models H1 and G1, as well as quadrupeds including G2 and B2. They cover a wide range of application scenarios from lab research to autonomous inspection.
The funds raised in this IPO will be directed toward accelerating the company’s work on smart robotic models, developing new humanoid robots, and building a new manufacturing base to scale production.
Unitree’s revenue has surged in recent years, reaching 1.7 billion yuan in 2025, nearly 14 times higher than 123 million yuan in 2022. Its reported income for 2023 and 2024 stood at 159 million yuan and 392 million yuan, respectively.
As the company shifts its focus toward humanoid robots, this segment now accounts for over 51% of its revenue, up from just 1.88% in 2023. Together, humanoids and robot dogs make up the bulk of its income.
Unitree’s profitability has improved alongside its revenue growth, with gross margins climbing from 44.18% in 2022 to 59.45% in 2025. Its net profit reached 945 million yuan in 2024, and the company has forecast a profit of 600 million yuan for 2025, excluding non-recurring items.
Unitree’s IPO bid follows the success of Shenzhen-based UBTech, which was the first humanoid robotics company to list on the Hong Kong Stock Exchange in late 2023. UBTech shares opened at HK$90 ($11), giving the company a market cap of HK$38 billion on the first day of trading.
As of today’s close, its shares fell 2.85% to HK$99, with a market cap totaling HK$49.84 billion.
Unitree’s IPO is expected to further boost investor interest in the burgeoning sector, as it continues to lead the global market in humanoid robot shipments, with more than 5,500 units sold in 2025, according to tech consultancy Omdia.
