Chinese robot maker Unitree is set to debut on the stock market after a successful initial public offering that raised 6.1 billion yuan, or about $905 million. The Hangzhou-based company will trade in Shanghai, making history as mainland China's first humanoid robot maker to list. The demand for Unitree's shares was over 8,000 times the available amount, setting a record for Shanghai's STAR Market.
Unitree gained global recognition for its humanoid robots capable of various feats such as dancing, boxing, martial arts, and backflips. The company is also the largest seller of humanoid robots by unit sales worldwide, having sold over 5,500 humanoid robots last year. Its revenue surged more than tenfold in two years, reaching nearly 1.7 billion yuan in 2025.
Unitree's revenue growth was fueled by its diverse product offerings, including quadruped robots, popularly known as robot dogs. These robot dogs accounted for 42% of the company's revenue in the previous year. Unitree's humanoid robots have stepped out of labs and tech conferences, gaining visibility through high-profile performances.
Last year, Unitree's robots captivated audiences with a choreographed dance at China's Lunar New Year gala and also appeared on America's Got Talent, showcasing their backflip and dance routines. Recently, the company introduced a new humanoid robot named "Superman," boasting impressive capabilities like jumping two meters high and running at 12.66 meters per second.
Founded in 2016 by Wang Xingxing in Hangzhou, Unitree has garnered support from major Chinese tech firms like Tencent, Alibaba, and Meituan, along with AI company DeepSeek. Wang's prominence underscores Unitree's significance in China's tech landscape, with his participation in high-level meetings with President Xi Jinping and other industry leaders.
China has prioritized the development of humanoid robotics to address demographic challenges like an aging population and workforce decline. A 2023 policy directive from China's Ministry of Industry and Information Technology highlighted humanoid robots as a key area for technological advancement and urged the creation of a globally competitive industry. Chinese manufacturers already dominate global humanoid robot shipments, accounting for 80% of global shipments in 2025.
Unitree's IPO proceeds will fund factory expansions and investments in robot hardware and embodied AI technology. The company's focus on enhancing embodied AI models is crucial for future growth, given its current strengths in hardware and motion control. Unitree's R&D collaboration with Nvidia underscores its commitment to advancing its technological capabilities amidst increasing competition and regulatory challenges.
Unitree faces regulatory hurdles in the U.S., with Washington imposing restrictions due to alleged ties to China's military. These restrictions could impede Unitree's overseas sales growth, given that over 40% of its revenue comes from international markets. Despite these challenges, Unitree's listing signals investor interest in China's burgeoning humanoid robotics sector and provides the company with capital to fuel its expansion and innovation efforts.