Shares of Unitree, China's best-known humanoid and quadruped robot maker, surged as much as 629% and closed up 460% on their Wednesday debut on Shanghai's STAR Market, a Nasdaq-style board for tech companies. The rally pushed Unitree's valuation to roughly $66 billion, up from the $9 billion it was assigned when it priced its IPO.
The Hangzhou-based company, founded in 2016 by Wang Xingxing, raised about 6.1 billion yuan ($904 million) in the offering, which was oversubscribed more than 8,000 times, a record for the STAR Market. Unitree posted 1.7 billion yuan ($252 million) in revenue and 600 million yuan ($89 million) in profit in 2025, with 45% of sales coming from overseas.
The surge puts Unitree's market value ahead of established Chinese tech giants Baidu and JD.com, and above U.S. rival Figure AI's $39 billion valuation. Chinese firms now account for 97% of global humanoid robot shipments in the first half of 2026, though Unitree still faces a July 2026 U.S. ban on foreign-made robots and a Pentagon designation as a "Chinese military company."