Unitree Robotics, the Hangzhou-based company that ships more humanoid robots than any manufacturer on Earth, opened subscriptions this week for a landmark IPO on Shanghai's STAR Market, seeking to raise roughly 4.2 billion yuan ($623 million) by selling 40.4 million shares — 10% of its enlarged capital. The offering makes Unitree the first humanoid robot maker to go public in mainland China, with an implied valuation near 42 billion yuan ($6.2 billion).
Founder and CEO Wang Xingxing, who holds 68.78% of voting rights, built the company into the world's top humanoid robot shipper, delivering more than 5,500 units in 2025 on revenue of 1.7 billion yuan and a 60% gross margin. The IPO also passed China's fastest-ever STAR Market review, clearing application to registration approval in just 104 days. Early backers Meituan, Sequoia China, and Matrix Partners China hold stakes of 9.65%, 7.11%, and 5.45% respectively.
The listing arrives days after the US FCC added foreign-made humanoid and quadruped robots to its Covered List, blocking new equipment authorizations — though Unitree's existing lineup, already approved, can keep selling in the US. Retail and institutional subscriptions open August 10, with an online roadshow scheduled for August 7.