Unitree Robotics IPO at $9B Valuation: First Humanoid Robot Stock Headed to Shanghai STAR Market
A Hangzhou-based company is about to become the first humanoid robot stock on China's A-share market, at a $9 billion valuation.
Three Key Takeaways
STAR Market IPO is priced. Unitree Robotics completed preliminary pricing inquiries on August 5, setting the offer price at 150.80 yuan per share for a valuation of roughly $9 billion (about 61 billion yuan). The IPO aims to raise approximately 6.1 billion yuan ($904 million), with online and offline subscriptions opening simultaneously on August 10 and payment due by August 12. From filing the IPO application on March 20 to receiving regulatory approval took just 104 days — a record-breaking pace for STAR Market listings.
This company actually makes money. In 2025, Unitree shipped over 5,500 humanoid robots, the highest volume of any company globally. Annual revenue hit 1.699 billion yuan with a core-business gross margin of 60.13%. For the first half of 2026, the company forecasts revenue between 1.052 billion and 1.128 billion yuan, up 35–45% year over year, with net profit expected at 258 million to 306 million yuan. For contrast, consider Figure AI in the US — valued at $39 billion with zero revenue.
Timing rides the humanoid robotics wave. The global humanoid robotics sector is surging: Figure AI just landed its $39 billion valuation, Tesla keeps iterating on Optimus, and Nvidia made "Physical AI" its headline theme at CES 2026. Unitree is listing at the peak of this valuation window, planting the flag as "China's first humanoid robot stock" while the market appetite is at its hottest.
WangDou's Take
The most absurd contrast in the humanoid robotics space is staring right at you: Figure AI is valued at $39 billion with zero revenue; Unitree is valued at $9 billion and pulled in 1.7 billion yuan last year. One pitches slide decks in Silicon Valley, the other ships hardware out of Hangzhou — and the one actually selling robots is valued at less than a quarter of the one that is not. Sure, you could argue Figure is selling "the future" and Unitree is selling "the present" — but history keeps proving that the companies that survive to see the future are usually the ones collecting checks right now. A 60% gross margin and 5,500 units shipped — those are not projections on a pitch deck, those are real machines that left the warehouse. And the fact that regulators approved the IPO in 104 days tells you exactly how badly they want this flag planted.