Shares in Unitree, one of China’s largest manufacturers of humanoid robots, closed their first day of trading by more than 460%, showing strong investor appetite for China’s robotics sector.
Unitree raised around $900 million in its IPO on Shanghai’s STAR Market, the city’s board for technology startups, at a valuation of $9 billion. After today’s surge, Unitree is now worth around $66 billion, ahead of larger Chinese tech firms like Baidu and JD.com. It’s also worth more than the most valuable U.S. robotics company, Figure AI, which got a $39 billion valuation in a September 2025 funding round.
Unitree reported 1.7 billion yuan ($252 million) in revenue in 2025, with almost 45% of that coming from overseas sales. It also generated 600 million yuan ($89 million) in profit last year. Most of Unitree’s sales go towards research purposes, though some Chinese tech companies and state-owned enterprises are starting to explore using humanoid robots in their operations.
Unitree has been backed by fellow Hangzhou startup DeepSeek, as well as big tech firms like Alibaba, Ant Group and Tencent, as well as several state-backed investment funds.
Nomura, which gave a “buy” rating to Unitree shares on Wednesday, credited Unitree’s “rapid product iteration and continuous innovation” as the foundation of a “first-mover advantage.”
The Hangzhou-based startup, founded in 2016, has quickly become something akin to a national champion in China’s robotics sector. Synchronized dance performances by its humanoid robots are now a key feature of the CCTV Spring Festival Gala, China’s most-watched TV show. In 2025, Unitree founder Wang Xingxing got a rare invitation to a meeting with Chinese President Xi Jinping, alongside other tech luminaries like Alibaba founder Jack Ma, BYD founder Wang Chuanfu, and DeepSeek founder Liang Wenfeng.
China’s robotics sector, particularly humanoids, is becoming increasingly sophisticated. Days before its listing, Unitree revealed its “Superman” robot, which it claimed could beat human records on jumping height and running speed.
Still, not everyone is convinced by predictions of a coming humanoid robotics boom. “We believe the surge in shipments for robot makers could be illusionary,” HSBC analysts wrote in a mid-July report. “In the absence of a significant improvement in the AI model capability of robot makers, the current humanoid robot shipment upcycle is unlikely to be sustained over the next 1-2 years.”
Chinese AI and hardware IPOs are booming
A large trading-day pop is common for heavily anticipated Chinese IPOs. Mainland Chinese regulators try to keep IPO valuations low to protect retail investors if a newly listed stock fails to live up to the hype.
Shares in ChangXin Memory Technologies (CXMT), one of the world’s largest manufacturers of memory chips, surged by 460% on their first day of trading in Shanghai on July 27, after the company raised over $8 billion in its IPO. The company’s stock has continued to climb since then, and it’s now the most valuable Chinese company, ahead of tech giant Tencent.
One of Unitree’s domestic competitors, UBTech, listed in Hong Kong in late 2023. Another robotics startup, Agibot, is planning its own Hong Kong IPO.
Other major AI and hardware companies considering an IPO, either in Shanghai or Hong Kong, include LLM developers Kimi developer Moonshot AI and DeepSeek, memory chipmaker Yangtze Memory Technologies, Baidu chip subsidiary Kunlunxin, and Nvidia competitor Moore Threads.
The U.S. just banned foreign-made robots. Is that bad for Unitree?
In late July, the U.S. imposed a ban on foreign-made robots, citing the risk to national security. (Models already sold in the U.S. are exempt.) That hits a major market for Unitree, which last year generated 18% of its revenue from the U.S. The Pentagon has also placed Unitree on a list of “Chinese military companies,” or firms the U.S. believes has ties to China’s armed forces.
“Losing access [to the U.S.] could noticeably affect [Unitree’s] revenue growth–particularly because the company has been among the most successful Chinese firms at selling relatively low-cost robots overseas,” wrote Morningstar analyst Kangyuxiao Li on Aug. 18, the day before Unitree’s trading debut.
He adds that robotics firms like Unitree, in addition to losing a “large developed market customer base,” might also lose valuable feedback from U.S. customers that could improve their products.
But the U.S. robotics sector could lose out just as much from Washington’s ban. Without access to cheap Chinese robots and components, robotics startups may struggle to develop and manufacture affordable products. Some U.S. startups are even resorting to carrying Chinese robotics components in their luggage, according to The Information.
Unitree, a prominent Chinese humanoid robot manufacturer, made headlines with an extraordinary debut on the Shanghai STAR Market, where its shares surged over 460% on the first trading day, reflecting a robust investor interest in China’s burgeoning robotics sector. The initial public offering (IPO) raised approximately $900 million, valuing the company at $9 billion at launch. Following the dramatic stock increase, Unitree’s market capitalization soared to around $66 billion, surpassing established tech giants like Baidu and JD.com, and even eclipsing the valuation of the leading U.S. robotics company, Figure AI, which was valued at $39 billion in a funding round in September 2025.
In 2025, Unitree reported revenues of 1.7 billion yuan (approximately $252 million), with nearly 45% of its sales coming from international markets. The company also posted a profit of 600 million yuan (around $89 million) for the same year. A significant portion of Unitree’s sales is directed towards research and development, although there is a growing interest from various Chinese tech firms and state-owned enterprises in utilizing humanoid robots for operational purposes.
Unitree’s rapid ascent is supported by investments from notable tech companies, including Alibaba, Ant Group, and Tencent, as well as state-backed investment funds. Analysts from Nomura have given Unitree’s shares a “buy” rating, attributing the company’s success to its swift product development and continuous innovation, which they believe provide it with a significant edge in the market.
Founded in 2016 and based in Hangzhou, Unitree has quickly emerged as a leading player in China’s robotics landscape, often regarded as a national champion in the field. The company’s humanoid robots have gained considerable public visibility, notably through synchronized dance performances featured on CCTV’s Spring Festival Gala, one of China’s most-watched television events. Wang Xingxing, the founder of Unitree, received an impressive invitation to meet Chinese President Xi Jinping in 2025, alongside other notable tech figures such as Jack Ma and BYD’s Wang Chuanfu.
Despite the excitement surrounding humanoid robotics, skepticism persists regarding a potential market boom. Analysts at HSBC cautioned in a mid-July report that the recent surge in robot shipments might be misleading, suggesting that unless there are significant advancements in AI capabilities, the current upward trend in humanoid robot shipments may not be sustainable over the next couple of years.
The IPO market for Chinese AI and hardware companies is witnessing a significant surge. It is common for shares of highly anticipated IPOs to experience substantial increases on their first trading day, as Chinese regulators often set IPO valuations conservatively to protect retail investors. For instance, shares of ChangXin Memory Technologies (CXMT) skyrocketed by 460% on their first day after raising over $8 billion, making it one of the most valuable companies in China, surpassing tech titan Tencent.
Unitree faces competition from other domestic robotics firms, like UBTech, which listed in Hong Kong in late 2023, and Agibot, which is preparing for its own IPO. Additionally, several other AI and hardware companies are exploring IPO opportunities in Shanghai or Hong Kong, including Moonshot AI, Yangtze Memory Technologies, Kunlunxin, and Moore Threads.
However, the U.S. government’s recent ban on foreign-made robots poses a significant challenge for Unitree. This ban, enacted in late July, was motivated by national security concerns, and while existing models already sold in the U.S. are exempt, the restriction affects a major market for Unitree, which generated 18% of its revenue from U.S. sales last year. Moreover, the Pentagon has listed Unitree among “Chinese military companies,” which raises concerns about its ties to the Chinese military.
Morningstar analyst Kangyuxiao Li noted that losing access to the U.S. market could substantially hinder Unitree’s revenue growth, particularly as the company has been successful in selling affordable robots to overseas customers. Additionally, the absence from this key market means Unitree might miss out on valuable feedback that could enhance its products.
Conversely, the U.S. robotics sector may also suffer due to this ban. The inability to access affordable Chinese robots and components could impede the development and manufacturing of cost-effective products by U.S. startups. Some American companies have resorted to bringing Chinese robotics components in their luggage to circumvent these restrictions, highlighting the interdependence in the robotics supply chain.
In summary, Unitree’s impressive IPO and subsequent market valuation underscore the growing significance of China’s robotics sector, particularly in humanoid technology. While the company enjoys strong support and a favorable market position, it also faces formidable challenges, including potential limitations on its U.S. market access due to geopolitical tensions. The future of Unitree and the broader robotics industry will depend on both technological advancements and the global regulatory landscape.
