Unitree Robotics seeks $904M in IPO to become first publicly traded humanoid robot maker

Humanoid robots have spent years as a punchline, stumbling across stages at tech conferences while executives promised a revolution that kept not quite arriving. Unitree Robotics would like to change the conversation, and it plans to do so with a $904 million IPO on China’s A-share market. The Hangzhou-based company has priced its offering at 150.80 yuan per share, targeting a raise of approximately 6.1 billion yuan. If the listing proceeds as planned, Unitree will become the first embodied-intelligence company to trade on the A-share market. From dog-like bots to the global humanoid leader CEO Wang Xingxing founded the company in 2016 with a focus on quadrupedal robots. Around 2023 and 2024, the company pivoted toward humanoid designs. In 2025, Unitree shipped over 5,500 humanoid robots, a figure that placed it at the top of the global rankings for the segment. Revenue grew 335% year-over-year. The company now employs over 1,000 people. The IPO mechanics and what the money funds Citic Securities is handling the offering. The bank projects a post-IPO valuation for Unitree in the range of 50.6 to 55.9 billion yuan within six to twelve months of listing, which translates to roughly $...