# Unitree Robotics IPO

> Source: https://aiwiki.ai/wiki/unitree_ipo_2026
> Updated: 2026-08-21
> Fact-checked: 2026-08-21
> Categories: Chinese AI, Humanoid Robots, Robotics Companies, Venture Capital
> License: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/) - attribute to "AI Wiki (aiwiki.ai)"
> Cite as: AI Wiki. "Unitree Robotics IPO." aiwiki.ai, 21 Aug 2026. https://aiwiki.ai/wiki/unitree_ipo_2026
> From AI Wiki (https://aiwiki.ai), the free encyclopedia of artificial intelligence. Reuse freely with attribution.

**The Unitree Robotics IPO** was the initial public offering of Unitree Technology Co., Ltd. (宇树科技股份有限公司), better known as [Unitree Robotics](https://aiwiki.ai/wiki/unitree), on the Shanghai Stock Exchange's STAR Market. The issuer converted from a limited liability company to a joint-stock company in May 2025 and dropped "Hangzhou" from its registered name in October 2025, before filing.[23][24] Unitree filed on March 20, 2026, cleared the exchange's listing review committee on June 1, and obtained China Securities Regulatory Commission (CSRC) assent to its registration on July 2, with the Shanghai Stock Exchange website showing the registration as effective on July 6.[1][4][7] It sold 40,446,434 new A shares, exactly 10 percent of its post-offering capital, at 150.80 yuan per share. The sale raised 6.0993222 billion yuan gross and 5.9171492 billion yuan after issuance expenses excluding value-added tax.[28][29][30]

Shares began trading under ticker 688836 on August 19, 2026.[30] They opened at and reached a high of 1,100 yuan, fell to a low of 800.08 yuan and closed at 845 yuan.[32] The opening and high were 629.44 percent above the offer price, meaning the price was 7.29 times the offer price; the close was 460.34 percent above the offer price but 23.18 percent below the opening and intraday high. These percentages use the 150.80-yuan offer price as the base, except for the explicitly labelled decline from the opening price. The offering brought a company built around [humanoid robots](https://aiwiki.ai/wiki/humanoid_robot) and [embodied AI](https://aiwiki.ai/wiki/embodied_ai) to China's A-share market; the Associated Press described Unitree as mainland China's first publicly traded humanoid robotics maker.[33] The August 19 prices and market values in this paragraph are dated first-day snapshots, not claims about where the stock traded afterward.

On August 20, Unitree's second trading day, the shares closed at 687 yuan, down 18.70 percent from the August 19 close.[36][37] Multiplying that price by the official post-offering share count of 404,464,340 gives an equity value of 277.867 billion yuan.[30][36] Both figures are an August 20 market snapshot, not an enduring valuation.

Yuan amounts here are converted at roughly 6.8 yuan to the dollar, the rate implied by the dollar equivalents the cited outlets used in mid-2026.

## Timeline

| Date | Event |
|------|-------|
| June 2025 | Series C round closes at a post-money valuation of 12.7 billion yuan[13] |
| 2025-06-18 | CSRC chairman Wu Qing announces the STAR Market "1+6" reform at the Lujiazui Forum, including a pilot IPO pre-review mechanism[18] |
| 2025-09 | Reuters reports Unitree is targeting an IPO valuation of as much as 50 billion yuan (about $7 billion) and expects to file in the fourth quarter[17] |
| 2026-03-20 | Shanghai Stock Exchange accepts the STAR Market application; prospectus discloses a 4.202 billion yuan target[6][8] |
| 2026-05-25 | Updated filing discloses first-quarter 2026 results and first-half guidance[9] |
| 2026-06-01 | SSE listing review committee clears the application, 73 days after acceptance[4][5] |
| 2026-06-02 | Application status changes to "submitted for registration"[7] |
| 2026-07-02 | CSRC assents to the registration, 104 days after acceptance[1][15] |
| 2026-07-06 | Registration shown as effective on the exchange's website[7][11] |
| 2026-08-06 | Offer price announced at 150.80 yuan per share, implying an offer-price equity value of about 60.993 billion yuan[34] |
| 2026-08-10 | Online and offline subscriptions take place[28][34] |
| 2026-08-14 | Final prospectus and issuance results published[29][31] |
| 2026-08-19 | Shares begin trading on the STAR Market under ticker 688836[30][32][33] |
| 2026-08-20 | Shares close their second trading day at 687 yuan, down 18.70 percent from the first-day close[36][37] |

The 73-day run from acceptance to committee clearance was reported as the fastest case since the STAR Market's pre-review mechanism took effect, and the 104-day run to registration approval was described the same way.[15][25] That mechanism, announced in June 2025 and modelled on confidential-submission regimes in overseas markets, lets qualifying technology companies have an application reviewed before it becomes public; the CSRC stressed at the time that review standards were unchanged and that pre-review is not a pre-approval.[18] According to People's Daily Online, Unitree was the second company to file under it.[5]

## The offering

| Item | Detail |
|------|--------|
| Exchange and board | Shanghai Stock Exchange, STAR Market (科创板); ticker 688836[30] |
| New shares | 40,446,434; no existing shares sold[29] |
| Stake sold | 10.00 percent of post-offering share capital[28][29] |
| Pre-offering share capital | 364,017,906 shares[30] |
| Post-offering share capital | 404,464,340 shares[28][30] |
| Offer price | 150.80 yuan per share[28][29] |
| Gross proceeds | 6.0993222 billion yuan[28][30] |
| Issuance expenses | 182.1731 million yuan, excluding value-added tax[29][30] |
| Net proceeds | 5.9171492 billion yuan[29][30] |
| Planned investment in four offering projects | 4.2017112 billion yuan[28][31] |
| Sponsor and lead underwriter | CITIC Securities[11][28] |
| Controlling shareholder after the offering | Wang Xingxing, 21.4395 percent of equity directly. Through the dual-class structure and voting control of the Shanghai Yuyi employee incentive platform, he controlled 65.3090 percent of voting rights[31] |

The post-offering direct stake and voting-control figure measure different things. Shanghai Yuyi is a separate shareholder and an employee equity incentive platform. The prospectus says Wang controls its votes, while employees hold or may receive economic interests through the platform. Its shares should not be treated as if they were all part of Wang's direct personal shareholding.[31]

The 4.2017112 billion yuan in planned project investment was not the amount ultimately raised. Gross proceeds exceeded it by about 1.898 billion yuan because the offer was priced at 150.80 yuan per share.[28][30][31]

The prospectus allocated 4.2017112 billion yuan of planned investment across four projects. Research-type projects account for 85.15 percent of that amount, or about 3.577 billion yuan, of which the single largest line is 2.022 billion yuan (48.13 percent) for intelligent robot model research and development; a manufacturing base takes 624 million yuan.[12][31] The exchange summarised the plan as robot model R&D, robot body development, new product creation and an intelligent robot manufacturing base.[2][5]

## Valuation: which number measures what

The valuations reported around the offering refer to different dates and methods. The 42-billion-yuan and 40-billion-yuan figures were pre-pricing estimates based on the planned project funding, not the completed offer's equity value.

| Figure | What it measures | Source |
|--------|------------------|--------|
| 12.7 billion yuan (about $1.8 billion at mid-2025 exchange rates) | Post-money valuation of the June 2025 Series C, the last private round | Prospectus[13] |
| Up to 50 billion yuan (about $7 billion) | A valuation Unitree was said to be targeting six months before it filed | Reuters, September 2025[17] |
| About 42 billion yuan (about $6.2 billion) | Pre-pricing arithmetic that divided 4.202 billion yuan of planned project funding by the minimum 10 percent stake; not the offer-price value | Prospectus arithmetic; SCMP[3][7] |
| About 40 billion yuan (about $5.9 billion) | The same pre-pricing estimate, rounded down by Caixin | Caixin Global[1] |
| 60.993 billion yuan | Post-offering equity value at the 150.80-yuan offer price | Listing announcement[30] |
| Around 100 billion yuan (about $14.7 billion) | Pre-debut speculation about where the stock might trade, not a term of the offering | Chinese market commentary[15][16] |
| 341.772 billion yuan | Equity value at the August 19 close, calculated as 404,464,340 post-offering shares multiplied by 845 yuan | SSE listing and first-day records[30][32] |
| 277.867 billion yuan | Equity value at the August 20 close, calculated as 404,464,340 post-offering shares multiplied by 687 yuan | Official share count and independent closing-price reports[30][36][37] |

The pre-debut 100-billion-yuan figure deserves caution. It was not a company or underwriter figure and was not derived from the priced offer. The 21st Century Business Herald ran the question as a headline in March 2026 ("can Unitree's market value break 100 billion yuan?"), and Sina Finance reported in July that the market was "anticipating" that level without attributing it to named brokerages.[15][16] The first-day close ultimately produced a higher figure, but that does not validate the earlier speculation as a forecast. The 341.772-billion-yuan and 277.867-billion-yuan values are calculations tied to the August 19 and August 20 closing prices, respectively. They change whenever the share price changes.

## Financials

Unitree is unusual among humanoid robot makers in being profitable at all. The figures below come from the prospectus and its updates. The 2022 to 2024 columns are audited; 2025 figures were reviewed rather than fully audited at the time of the March filing and were revised slightly in later versions.

| Year | Revenue | Net profit attributable to shareholders |
|------|---------|------------------------------------------|
| 2022 | 123 million yuan | -22.10 million yuan[10] |
| 2023 | 159 million yuan | -11.15 million yuan[10] |
| 2024 | 392 million yuan | 94.50 million yuan[10] |
| 2025 | 1.699 billion yuan | 278 million yuan[1][4] |

The March 2026 filing put 2025 revenue at 1.708 billion yuan, up 335.36 percent, and net profit excluding non-recurring items at about 600 million yuan, up 674.29 percent.[8][10] Later filings and Xinhua reported 1.699 billion yuan of revenue and 591 million yuan of adjusted profit.[4][11] The adjusted figure is larger than the headline net profit because non-recurring items were a net charge in 2025. Main-business gross margin rose from 44.18 percent in 2022 to 44.22 percent in 2023, 56.41 percent in 2024 and 60.13 percent in 2025.[11][12] Operating cash flow swung from negative 30.20 million yuan in 2022 to positive 672 million yuan in 2025, with cash on hand of 1.794 billion yuan at the end of September 2025.[13]

### Business mix

For the first nine months of 2025, humanoid robots passed quadrupeds in revenue for the first time: 595 million yuan (51.53 percent of robot revenue) against 488 million yuan for [quadrupeds](https://aiwiki.ai/wiki/quadruped_robot).[12] Humanoid gross margin was 62.91 percent and quadruped 55.49 percent, with the industrial B series at 67.14 percent and the consumer Go series at 50.51 percent.[12] The mid-size [G1](https://aiwiki.ai/wiki/unitree_g1) accounted for 88.90 percent of humanoid sales by September 2025, with the full-size [H1](https://aiwiki.ai/wiki/unitree_h1) fading; the [H2](https://aiwiki.ai/wiki/unitree_h2) and the lower-cost [R1](https://aiwiki.ai/wiki/unitree_r1) arrived later.[12]

Humanoid shipments went from 5 units in 2023 to 410 in 2024 and more than 5,500 in 2025, alongside cumulative quadruped shipments above 30,000 across the reporting period.[12] Unit costs fell over the same stretch, quadrupeds from 22,300 yuan in 2022 to 12,100 yuan by September 2025 and humanoids from 73,200 yuan in 2023 to 62,200 yuan.[12]

Customer concentration is low by the standards of Chinese hardware IPOs. The top five customers were 10.61 percent of revenue in the first nine months of 2025, down from 14.55 percent in 2022, with JD.com the largest at 3.54 percent.[13] The concentration that matters is on the demand side instead: 73.60 percent of humanoid revenue came from scientific research and education buyers, 17.39 percent from commercial and consumer customers and 9.01 percent from industrial applications.[12]

### 2026 to date

Growth slowed sharply in the quarter after the filing. Unitree disclosed on May 25, 2026 that first-quarter revenue was 423 million yuan, up 68.49 percent against 332.64 percent for full-year 2025, while adjusted net profit fell 52.55 percent to 40.25 million yuan from 84.84 million a year earlier, which the company attributed to a large increase in R&D and selling expenses.[9] It guided first-half 2026 revenue of 1.052 billion to 1.128 billion yuan (up 35.62 to 45.41 percent) and adjusted net profit of 236 million to 283 million yuan, still down 6.43 to 21.97 percent year on year.[9]

## Why the listing matters

China put embodied intelligence into its national Government Work Report in 2025 as one of the future industries to be cultivated, and the STAR Market reform package of June 2025 was explicitly aimed at speeding hard-technology companies to market.[18] Unitree became the test case for both: an [embodied AI](https://aiwiki.ai/wiki/embodied_ai) company that reached registration approval 104 days after its application was accepted and began trading 48 days later. Its offer price and first-day trading supplied the first public A-share valuation reference for a mainland Chinese company built around humanoid robotics. Xinhua had framed the June clearance as China's markets welcoming their "first embodied intelligence stock," and AP described Unitree after the debut as mainland China's first publicly traded humanoid robotics maker.[4][33]

The peer set is thin. [UBTech](https://aiwiki.ai/wiki/ubtech) is listed in Hong Kong but lost money on larger revenue, reporting roughly 2 billion yuan of 2025 revenue against a net loss of about 700 million yuan while carrying a market capitalisation of HK$54.8 billion (about $6.9 billion).[3] [AgiBot](https://aiwiki.ai/wiki/agibot) and the rest of the Chinese field remain private or listed only indirectly. That comparison is what makes the SCMP's framing apt: the offer is positioned to set a valuation benchmark for the sector rather than to be measured against one.[3]

## Comparison with other 2026 listings

Western humanoid developers have stayed private. [Figure AI](https://aiwiki.ai/wiki/figure_ai), [Apptronik](https://aiwiki.ai/wiki/apptronik) and [1X Technologies](https://aiwiki.ai/wiki/1x_technologies) had all raised large private rounds without filing to list. The exception is [Agility Robotics](https://aiwiki.ai/wiki/agility_robotics), which agreed in mid-2026 to go public through a merger with the special purpose acquisition company Churchill Capital Corp XI at about $2.5 billion, a deal expected to raise more than $620 million and to close later in 2026; TechCrunch described it as making Agility the first pure-play humanoid robotics company to trade publicly.[20] Unitree began trading on August 19. Agility's proposed merger remained pending at that date; the companies had announced a confidential draft Form S-4 submission on July 14, and the transaction was still described as subject to SEC review, shareholder approval and other closing conditions.[30][35]

The two most closely watched prospective AI listings of 2026 in the United States were also unfinished. [Anthropic](https://aiwiki.ai/wiki/anthropic_ipo_2026) confidentially submitted a draft Form S-1 to the SEC on June 1, 2026, stating that "the number of shares to be offered and the price have not yet been set" and that the submission gave it "the option to go public after the SEC completes its review."[22] The [OpenAI IPO](https://aiwiki.ai/wiki/openai_ipo_2026) was at a similar preparatory stage. Unitree's completed offering was far smaller than either would be, but it reached public trading while both US offerings remained at preparatory stages.[22][30]

## Risks and criticism

These are points raised by the prospectus itself, by regulators or by named outlets and researchers. None is asserted here as the wiki's own assessment.

- **The technology thesis may not arrive.** The prospectus warns that if Unitree and the global embodied-intelligence industry fail to achieve significant progress on embodied large models, the timeline for large-scale deployment of general-purpose robots is uncertain, and it flags limited dexterous-hand precision and insufficient model generalisation in factory settings.[12]
- **Buyers are mostly laboratories.** With 73.60 percent of humanoid revenue coming from research and education customers, the commercial and industrial return on investment is largely unproven, a point the 21st Century Business Herald pressed alongside the observation that Unitree's own large models were still in testing.[12][16]
- **Margins are already compressing.** The 52.55 percent fall in first-quarter 2026 adjusted profit, driven by rising R&D and selling costs, arrived before the offering was priced.[9]
- **R&D spending is small for the claims made.** Sina Finance counted 22 references to "full-stack" in-house development in the prospectus and set that against 150 million yuan of R&D spending across 2022 to 2024, roughly one-ninth of UBTech's 1.397 billion yuan, an R&D expense ratio of 7.73 percent in the first nine months of 2025 against UBTech's 35.1 percent in the first half of 2025, and a patent portfolio of 262 grants, of which only 20 are domestic invention patents (11.83 percent of the 169 granted in China), against UBTech's 2,790 grants with more than 55 percent invention patents.[14]
- **Control is concentrated.** Before the offering, Wang Xingxing directly held 23.8216 percent of the equity and controlled 34.7630 percent when the Shanghai Yuyi employee incentive platform was included. The offering diluted his direct stake to 21.4395 percent and his controlled voting rights from 68.7816 percent to 65.3090 percent.[10][26][31] Voting control of Shanghai Yuyi is separate from personal ownership of all interests in that employee platform. The gap between equity and votes comes from a dual-class arrangement the STAR Market permits: in May 2025 the company designated 44,074,296 of Wang's shares as Class A special voting shares carrying ten votes each, compared with one vote for a Class B share.[10][26][31]
- **Product security has been challenged publicly.** In April 2025 researchers Andreas Makris and Kevin Finisterre disclosed an undocumented remote-access tunnel service, built on the CloudSail product of Zhexi Technology, pre-installed on the Go1 quadruped; CloudSail API data showed 1,919 devices had connected to the service at some point. The researchers raised the possibility of similar arrangements in newer models.[19] SecurityWeek recorded no response from Unitree.[19]
- **STAR Market rules require their own warning.** Filings for the board carry the standard notice that STAR Market companies feature heavy R&D spending, high operating risk, unstable results and delisting risk, and that investors face substantial market risk. It appears on the cover page of Unitree's own prospectus.[27]

A separate strand of commentary comes from interested parties. KraneShares, which runs STAR Market and humanoid robotics ETFs that could hold the stock, published an explainer describing Unitree as offering a "rare combination in robotics manufacturing today: hyper-growth, profitability, and meaningful cash generation" while also noting it "will not be immune to volatility."[21] That is an issuer with a position, not neutral analysis.

## See also

- [Unitree Robotics](https://aiwiki.ai/wiki/unitree)
- [Humanoid robot market](https://aiwiki.ai/wiki/humanoid_robot_market)
- [Tesla Optimus](https://aiwiki.ai/wiki/tesla_optimus)
- [Boston Dynamics](https://aiwiki.ai/wiki/boston_dynamics)
- [Unitree As2-W](https://aiwiki.ai/wiki/unitree_as2_w)

## References

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2. "Chinese robot maker Unitree wins approval for $619 million Shanghai IPO." Reuters via MarketScreener, 2026-07-03. https://www.marketscreener.com/news/chinese-robot-maker-unitree-wins-approval-for-619-million-shanghai-ipo-ce7f5fd3d189f722
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20. "This humanoid robotics company is going public, but its CEO isn't promising a robot in your home anytime soon." TechCrunch, 2026-07-05. https://techcrunch.com/2026/07/05/this-humanoid-robotics-company-is-going-public-but-its-ceo-isnt-promising-a-robot-in-your-home-anytime-soon/
21. "A Complete Guide To Unitree Robotics' 2026 IPO, Why It Matters For STAR Market ETF KSTR & Humanoid Robotics ETF KOID." KraneShares, 2026. https://kraneshares.com/a-complete-guide-to-unitree-robotics-2026-ipo-why-it-matters-for-star-market-etf-kstr-humanoid-robotics-etf-koid/
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