Unitree prices Shanghai IPO at a $9B valuation, China's first listed humanoid maker
Unitree priced its Shanghai STAR Market IPO at 150.8 yuan a share — a $9.04B valuation, above the 50 billion yuan target reported in September — making it China's first mainland-listed humanoid robot maker. Revenue more than quadrupled to 1.7 billion yuan in 2025 as humanoids overtook four-legged robots as the largest business, and DeepSeek's Hangzhou research arm took a strategic stake under a three-year lockup. The listing routes domestic capital into embodied AI as Washington restricts foreign-made humanoid and four-legged robots, a market that supplied 13.3% of Unitree's revenue last year.
Source: cnbc.com ↗
U.S. sales accounted for 13.3% of Unitree's revenue last year, according to the prospectus. It said that U.S. tariffs, limits on government purchases, export controls or the loss of existing approvals could hurt overseas growth and disrupt supplies of imported parts.
Why this matters
- → China's first domestic humanoid IPO marks embodied AI's commercial inflection
- → U.S. export bans on foreign robots reshape supply chains and market access
- → DeepSeek's strategic stake signals AI and robotics sector consolidation