Unitree Robotics has priced its Shanghai stock exchange debut at 150.80 yuan (about $22.34) per share, valuing the Hangzhou-based robot maker at roughly $9 billion and making it mainland China's first publicly traded humanoid robot company.

The offering, on the tech-focused STAR Market, will raise roughly $900 million through the sale of about 40.45 million new shares, representing close to 10% of the company's post-offering share count. Trading is expected to open on the Shanghai Stock Exchange sometime between Aug. 17 and Aug. 21, after subscriptions closed Aug. 12 and share allocations were finalized Aug. 14.

A Historic Rush for Shares

Retail demand overwhelmed the offering. Individual investors submitted roughly 9.8 million orders for about 8.1 trillion yuan (nearly $1.2 trillion) worth of shares against a $900 million offering — a lot-winning rate of just 0.018%, among the lowest ever recorded for a mainland listing. Chinese AI company DeepSeek is listed among Unitree's strategic investors.

UNITREE SHIPPED OVER 5,500 HUMANOID UNITS LAST YEAR — MORE THAN TEN TIMES ITS 2024 TOTAL.

The listing also mints a new billionaire: founder Wang Xingxing, 36, who started Unitree in 2016 building relatively inexpensive four-legged "robot dogs" before pushing into humanoid machines. His company's G1, H1 and R1 humanoids have drawn global attention through viral videos of them running, dancing and sparring. According to Forbes, the IPO makes him China's first humanoid-robot billionaire.

What sets Unitree apart from most of the humanoid-robot field is that it already makes money. Revenue more than quadrupled to nearly 1.7 billion yuan ($252 million) in 2025, up from 159 million yuan just two years earlier, and the company posted an adjusted net profit of about 600 million yuan for the year. That momentum cooled somewhat in early 2026: first-quarter revenue climbed 68% year-over-year to $62 million, but adjusted profit was cut in half to roughly $6 million as Unitree ramped up spending on research and sales.

The IPO sets an early public benchmark for a sector still dominated by richly funded but pre-revenue private companies. Figure AI and 1X Technologies remain privately held and have shipped comparatively little hardware; Tesla's Optimus is run as an internal program rather than a stand-alone company; and Hyundai-owned Boston Dynamics has shown no interest in a public listing. A Chinese rival, AgiBot, is pursuing a separate listing in Hong Kong around the same window, setting up a direct test of which approach — and which country's capital markets — investors trust more to bring humanoid robots out of the lab and onto factory floors.