Unitree's IPO Soars 460%, Signaling Humanoid Industry Shift
Unitree Robotics, a Chinese legged-robot maker, went public on Shanghai's STAR Market this week, with shares closing 460% higher on the first trading day. The company raised approximately 6.1 billion yuan ($905 million) through its initial public offering, which it says is the first major legged-robotics IPO.
Founded in 2016, the Hangzhou-based company, formally known as Yushu Technology Co., has gained recognition for its low-cost quadruped and humanoid robots. Its products are widely used in research labs worldwide, and its G1 humanoid, priced at $13,500, has become a popular platform for experimentation.
The firm also expanded its portfolio to include robotic hands, arms, and lidar sensors. This week, it introduced a new humanoid called 'Superman,' developed in just three months, capable of a standing jump of over 2 meters and a top speed of 12.6 m/s.
While the IPO is a major achievement, Unitree faces significant hurdles ahead. Questions remain about which humanoid companies, both in the U.S. and abroad, might follow its path to public markets.
Unitree's sales have grown rapidly, from only five humanoids in 2023 to 5,215 in 2025, positioning it as a world leader in humanoid shipments. However, about 70% of these went to universities and research institutions, and the robots' durability in industrial settings remains unproven.
Gavin Kenneally, CEO of Ghost Robotics, told The Robot Report that while volume makes a good IPO story, less than 10% of Unitree's sales are for commercial deployments. He emphasized the need for Unitree to demonstrate safe, secure robots that customers can trust in demanding environments.
In the U.S., Unitree faces regulatory headwinds. In July, the Federal Communications Commission (FCC) restricted imports of certain foreign-made robots, including mobile robots like humanoids and quadrupeds. This ban applies to new devices, potentially hampering Unitree's future U.S. sales.
Nicolaus Radford, CEO of Persona AI, noted that Unitree has proven it can sell robots but hasn't yet proven operational durability, repeat business, or a scalable use case. He suggested that with FCC restrictions, investors are being asked to trust that thousands of one-off sales could become a sustainable business.
Unitree is not the first humanoid developer to go public. In 2023, UBTech, a Shenzhen-based company, listed on the Hong Kong Stock Exchange, but it hasn't matched Unitree's momentum. UBTech lost around $104 million last year, while Unitree reported a profit of $41 million, a substantial increase from $14 million in 2024 and a turnaround from a $1.6 million loss in 2023.
UBTech also sells lawn mowers, pool cleaners, and vacuums, which account for about a quarter of its revenue. In contrast, Unitree generates all its profits from robotics, having sold 1,079 humanoids in 2025 per UBTech's claims.
In the U.S., no pure-play humanoid developer has yet gone public. Agility Robotics, maker of the Digit humanoid, reportedly plans to merge with a SPAC (Churchill XI) at a $2.5 billion pre-money valuation. The SPAC's stock rose this week following Unitree's IPO, reflecting market interest.
SPACs have been a common route for robotics companies since 2021, but many such firms have struggled financially. Boston Dynamics (owned by Hyundai) and Figure AI have not disclosed IPO plans.