Humanoid Robot Stocks Ignite: Unitree Robotics IPO Sees Massive Demand

Chinese humanoid robot manufacturer Unitree Robotics has attracted significant investor interest with its initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market. The Hangzhou-based company has become a focal point in the capital markets as a leading player in China's rapidly expanding humanoid robot industry. This IPO marks the first time a humanoid robot maker has gone public in mainland China, signaling strong investor enthusiasm for the sector.

The company offered approximately 40.45 million shares at a price of 150.80 yuan (around $22 US dollars) per share. This represents 10% of the company's post-offering share capital, with gross proceeds expected to reach about 6.10 billion yuan (approximately $904 million US dollars). The offering drew overwhelming interest during preliminary price inquiries, with the retail portion being 5,526 times oversubscribed and offline subscriptions exceeding 2,760.67 times the initial offering size. This immense demand underscores the market's confidence in the potential of humanoid robot technologies.

Founded in 2016 by Wang Xingxing, Unitree Robotics initially gained recognition for its quadruped robots but has since shifted its focus to high-performance general-purpose humanoid and quadruped robots. The company reported selling 33,294 quadruped robots and 5,632 humanoid robots between 2023 and 2025. Notably, its humanoid robot shipments surpassed 5,500 units in 2025, positioning it as a global leader in this segment. Unitree's revenue surged from 159.13 million yuan in 2023 to 1.70 billion yuan in 2025, achieving a net profit of 278.21 million yuan in 2025. Overseas sales constituted 43.65% of its main business revenue in 2025.

Unitree's IPO comes with a static price-to-earnings (P/E) ratio of 219.23 times, significantly higher than the industry average of 38.56 times. This valuation reflects the market's high expectations for the future growth potential of the humanoid robot industry. Analysts consider 2026 a crucial year for the application and commercialization of humanoid robots. Goldman Sachs estimates the global humanoid robot market could grow from approximately $3 billion US dollars in 2023 to $38 billion US dollars by 2035, while RBC Capital Markets forecasts a $9 trillion US dollars market by 2050, with China accounting for over 60%.

This IPO highlights China's strategy of utilizing capital markets to fuel its technological competition in artificial intelligence and robotics. Humanoid robots have become a strategic priority for Beijing, with companies like Unitree being key players in this domain. The company plans to allocate approximately 4.20 billion yuan of the IPO proceeds to four core projects: intelligent-robot model research, robot-body research and development, new intelligent-robot products, and an intelligent-robot manufacturing base, aiming to bolster its research capabilities and expand production capacity. However, the company's prospectus warns investors about potential risks from geopolitical tensions and possible U.S. trade restrictions that could impact its international expansion.

In the coming period, Unitree is expected to accelerate its research and development activities, develop new products, and increase manufacturing capacity with the funds raised from the IPO. These steps could solidify the company's leading position in the global humanoid robot market. Markets will closely monitor whether Unitree's success paves the way for other humanoid robot companies to go public and how it influences overall investor interest in this burgeoning sector.