Unitree Robotics Files for $608 Million STAR Market IPO
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Founded in 2016 by Wang Xingxing, Unitree has emerged as a prominent player in China’s robotics industry, gaining public attention through appearances such as a performance at the 2026 Spring Festival Gala. Photo: VCG
Unitree Robotics has filed for an initial public offering on Shanghai’s STAR Market, seeking to raise 4.2 billion yuan ($608 million).
The IPO application, accepted by the Shanghai Stock Exchange on Friday, provides the first public glimpse into the company’s financials. It shows a rapid and profitable pivot from quadruped robots to humanoid models, which have become its primary source of revenue.
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- Unitree Robotics filed for a 4.2 billion yuan ($608 million) IPO on Shanghai’s STAR Market, reporting 105 million yuan net income on 1.2 billion yuan revenue in the first nine months of 2025.
- Humanoid robots rose from 1.9% of revenue in 2023 to 51.5% by late 2025, boosting overall gross margin to 59.5%.
- Founded in 2016, Unitree’s June 2025 valuation was 12.7 billion yuan; Wang Xingxing holds 68.8% voting rights.
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Who’s Who
- Unitree Robotics
- Unitree Robotics, a Chinese company founded by Wang Xingxing in 2016, is a prominent player in the robotics industry. Initially known for its quadruped robots, the company has successfully pivoted to humanoid robots, which now form its primary revenue source and profit driver. Unitree Robotics is seeking to raise $608 million through an IPO on Shanghai's STAR Market, a move that would further solidify its position in the rapidly expanding advanced robotics market.
- Meituan
- Meituan is an investor in Unitree Robotics. They participated in Unitree's latest funding round in June 2025, which valued the robotics company at 12.7 billion yuan.
- HongShan Capital Group
- HongShan Capital Group is an investor in Unitree Robotics. They participated in Unitree Robotics' latest funding round in June 2025, which valued the company at 12.7 billion yuan.
- Matrix Partners China
- Matrix Partners China is an investor in Unitree Robotics. They participated in Unitree's latest funding round in June 2025, which valued the company at 12.7 billion yuan. This investment aligns with the growing trend and significant investment in the advanced robotics market, particularly in humanoid robotics, which Unitree has successfully pivoted to.
- Leju Robotics
- Leju Robotics is a Shenzhen-based company mentioned as one of several Chinese robotics firms that are currently seeking an A-share IPO. This indicates their intention to become publicly traded on the stock market in mainland China.
- Deep Robotics
- Deep Robotics (云深处科技 in Chinese) is a robotics company based in Hangzhou, China. The company is actively pursuing an A-share IPO, according to the article.
- AgiBot
- AgiBot is a Shanghai-based robotics company. The company is reportedly considering a public listing in Hong Kong, indicating its growth and potential in the advanced robotics market. However, it's noted that not all robotics companies seeking to go public ultimately secure approval.
- Galbot
- Galbot, known in Chinese as 狗尾草智能科技, is a Beijing-based robotics company. The article mentions that Galbot is reportedly considering a public listing in Hong Kong. However, it also notes that not all robotics companies will ultimately secure approval to go public.
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What Happened When
- 2016：
- Unitree Robotics was founded by Wang Xingxing.
- 2022：
- Unitree recorded a net loss of 22.1 million yuan and had a gross margin of 44.2%.
- 2023：
- Unitree recorded a net loss of 11.2 million yuan and introduced humanoid robots, which accounted for 1.9% of the company's revenue.
- 2024：
- Unitree became profitable, reporting net income of 94.5 million yuan.
- First nine months of 2025：
- Unitree reported net income of 105 million yuan and revenue of 1.2 billion yuan. Humanoid robots accounted for 51.5% of revenue, quadruped robots 42.3%. The gross margin rose to 59.5%. Humanoid robots achieved a gross margin of 62.9%.
- June 2025：
- Unitree’s latest funding round valued the company at 12.7 billion yuan.
- February 2026：
- Unitree gained public attention through a performance at the 2026 Spring Festival Gala.
- March 2026：
- An investor told Caixin that not all robotics companies will ultimately secure approval to go public.
- March 20, 2026：
- Shanghai Stock Exchange accepted Unitree's IPO application for the STAR Market.
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