- China’s leading humanoid and quadruped robot maker sets August 10 for online and offline share subscription, marking one of the fastest STAR Market IPO processes on record
- The listing comes as Unitree seeks to fund AI model development, while facing growing challenges from U.S. restrictions and the gap between robot production and real-world deployment
Unitree (宇树科技) announced on July 30 that it will proceed with its initial public offering on Shanghai’s STAR Market, with the company set to conduct preliminary price inquiries on August 5 and online and offline subscriptions on August 10.
The company plans to issue 40.45 million shares, representing 10% of its post-listing total shares, and expects to raise about 4.2 billion yuan ($622 million), implying a post-money valuation of roughly 42 billion yuan ($6.2 billion).
Following the IPO, Unitree’s total share count will reach 404.46 million shares.
The offering will include strategic placements, institutional book-building and retail subscriptions.
Unitree will also retain a dual-class voting structure, with founder and CEO Wang Xingxing controlling 68.78% of voting rights.
Exceptional speed
Unitree’s IPO process has moved at exceptional speed. The company’s application was accepted on March 20, approved by the STAR Market listing committee on June 1, and received registration approval on July 1.
The Hangzhou-based startup completed the entire process in just 104 days, among the fastest in STAR Market history.
The rapid path to market reflects investor enthusiasm around Unitree’s commercial track record. The company claims a 60%-70% share of the global quadruped robot market, while its humanoid robot shipments exceeded 5,500 units in 2025, ranking first globally.
Yet behind the rapid expansion lies a major industry challenge: commercialization.
China produced more than 40,000 humanoid robots in the first half of 2026, with annual output expected to exceed 100,000 units, according to industry data.
However, fewer than 5% of humanoid robots sold during the first half of the year were deployed on factory production lines, highlighting the gap between manufacturing scale and practical applications.
Unitree plans to allocate more than 2 billion yuan of IPO proceeds to intelligent robot model development, aiming to strengthen the embodied AI capabilities needed for broader industrial deployment.
Global implications
Unitree’s IPO comes as the U.S. moves to tighten restrictions on Chinese humanoid robots, adding geopolitical pressure to an already competitive industry.
The company’s 104-day IPO timeline highlights China’s push to accelerate commercialization of embodied AI through capital markets. But expanding overseas will become more challenging.
The U.S. has historically been one of Unitree’s largest overseas markets, with overseas revenue accounting for more than 40% of sales in recent years. Counterpoint Research estimates that Unitree holds nearly 20% of the global humanoid robot market.
New U.S. restrictions limiting the entry of new Chinese humanoid robot products could affect Unitree’s access to universities, research institutions and other key customers, potentially narrowing its international growth path.
