Unitree fast-tracks Shanghai IPO with target valuation of US$6.2 billion

CHINESE humanoid robotics startup Unitree Robotics is fast-tracking its initial public offering (IPO) on Shanghai’s tech-focused Star Market, seeking a valuation of roughly 42 billion yuan (US$6.2 billion).

The Shanghai Stock Exchange’s listing committee will review Unitree’s application on Jun 1, just 73 days after formally accepting it on Mar 20, according to an exchange filing on Monday (May 25).

The accelerated timeline underscores the Chinese capital market’s strong appetite for artificial intelligence hardware and positions Unitree to potentially become the first pure-play humanoid robot company listed on the A-share market.

The rapid progress comes amid a boom in embodied AI – robots integrated with artificial intelligence. The sector has become a magnet for venture capital in China, despite the technology still being in its early stages of commercialization.

“Unitree’s accelerated IPO is not surprising,” an investment banker told Caixin. “There is a limited supply of AI-related targets in the A-share market, and embodied AI is currently the absolute hot spot.”

Chinese embodied AI startups secured 218 investments totaling more than 57.7 billion yuan in the first five months of 2026, already surpassing the total investment amount for all of 2025, according to IT Juzi data cited by Xinhua News Agency.

Companies are racing to raise funds to fuel an “arms race” in the burgeoning sector, the investment banker said, adding that many startups still struggle with unproven business models and technical reliability issues.

Unitree, founded by CEO Wang Xingxing, initially focused on quadrupedal robot dogs before launching its first humanoid robot in 2023. The company gained widespread recognition after its robots performed on national television during the 2025 and 2026 Lunar New Year galas.

Humanoid robots have quickly become Unitree’s primary growth engine. The segment accounted for 51.5 per cent of total revenue in the first nine months of 2025, overtaking quadruped robots, which generated 42.2 per cent of sales, according to the company’s prospectus.

Financials have also improved significantly. Revenue surged to 1.17 billion yuan in the first nine months of 2025, up from 392 million yuan for the full year 2024. The company turned profitable in 2024 with a net income of 94.5 million yuan, and reported a net profit of 105 million yuan for the first three quarters of 2025. Gross margins have steadily climbed, reaching 59.4 per cent in the first nine months of 2025, with humanoid robots commanding a margin of 62.9 per cent.

Unitree aims to raise 4.2 billion yuan in the IPO by issuing at least a 10 per cent stake. If the listing committee approves the application, the China Securities Regulatory Commission will have 20 working days to make a final decision on registration.

Wang, who holds a 23.8 per cent direct stake and controls nearly 69 per cent of voting rights, is the controlling shareholder. Other major backers include Meituan, HongShan Capital Group, and MPCi. CAIXIN GLOBAL