Unitree Seeks $904M in Mainland China’s First Humanoid Robot IPO

The STAR Market offering is priced at 150.80 yuan per share and will sell 40.4M shares, equal to 10% of Unitree’s enlarged share capital. Unitree shipped more than 5,500 humanoid robots in 2025, ranking first globally, while cumulative quadruped sales exceeded 33,000. Revenue rose to 1.7B yuan from 393M yuan, with net profit of 278M yuan and gross margin above 60%. About 4.2B yuan of the proceeds will fund embodied AI models, humanoid R&D, new products and manufacturing expansion. The key risk is software. Unitree has acknowledged it could lose its lead in the robot “brain” as competition shifts from motion control toward AI models. Source: Bloomberg