Amidst a rapid expansion of the humanoid robotics sector in 2026, Unitree Robotics has finalized its initial public offering on Shanghai’s STAR Market, seeing demand from individual investors exceed available shares by more than 8,000 times.
This $900 million debut positions the Hangzhou-based firm as a primary challenger to international rivals like Tesla and Boston Dynamics, despite significant trade hurdles emerging from Washington under the Trump administration.
The offering, priced at 150.80 yuan per share, establishes a market capitalization of approximately 61 billion yuan for the robotics pioneer. Investor enthusiasm triggered a mandatory reallocation of shares from institutional to retail tranches, yet the final success rate for individual applicants remained exceptionally tight at roughly 0.018%.
This record-breaking interest underscores the perceived strategic value of humanoid technology, which market analysts suggest could prompt a broader sector-wide valuation adjustment. Before the final allocation, valid applications were submitted for a staggering 53.64 billion shares, reflecting a massive influx of speculative capital.
Financial disclosures reveal a period of explosive growth, with Unitree reporting 1.70 billion yuan in revenue for 2025—a significant leap from the 392.77 million yuan recorded the prior year. Net profits for the same period reached 278.21 million yuan. However, this growth comes with a steep premium, as the IPO values the company at 219 times its 2025 earnings and 36 times its annual sales. Management intends to deploy 4.20 billion yuan of the capital raised into four primary initiatives: advanced model research, hardware development, new product lines, and the construction of a specialized intelligent manufacturing facility.
