Unitree Robotics' $900 million humanoid-robot IPO was oversubscribed more than 8,000 times

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The Hangzhou-based humanoid robot maker is set to become the first onshore-listed humanoid robot company in mainland China

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Unitree Robotics opened subscriptions for its initial public offering on the Shanghai Stock Exchange's STAR Market on Monday, with the $900 million offering more than 8,000 times oversubscribed by retail investors, the company said.

According to Reuters, Unitree set its share price at 150.80 yuan (about $22), placing the company's total valuation above 60 billion yuan. In a regulatory filing, Unitree disclosed that retail investors faced odds of approximately 0.018% of receiving shares, following a partial reallocation away from the institutional portion of the deal.

Unitree is offering about 40.45 million shares, representing 10% of its post-offering share capital, and plans to raise about 6.10 billion yuan in gross proceeds. Proposed offline subscriptions totaled 71.46 billion shares, 2,760.67 times the initial offline offering size before adjustment for strategic placement, the company said.

At those terms, Unitree's offering implies a multiple of 219 times its 2025 earnings and 36 times revenue, according to Reuters. The company's revenue rose to 1.70 billion yuan in 2025 from 392.77 million yuan in 2024, and it posted a net profit of 278.21 million yuan in 2025, according to its prospectus. Overseas sales accounted for 43.65% of main-business revenue in 2025, generating 731.66 million yuan.

Unitree plans to invest about 4.20 billion yuan of IPO proceeds across four projects covering intelligent-robot model research, robot-body research and development, new robot products, and an intelligent-robot manufacturing base, the company said.

The listing comes as Unitree faces scrutiny over its international exposure. Unitree has identified the U.S. among its key markets and disclosed in its prospectus that potential American trade restrictions represent a meaningful geopolitical risk.

The FCC added foreign-made humanoid and quadruped robots to its Covered List in late July, citing national security risks, and China's commerce ministry subsequently threatened countermeasures. China holds roughly 85% of the global humanoid robot market. Unitree shipped more than 5,000 humanoid units in 2025.

Founded in 2016, Unitree had its IPO application accepted by the Shanghai Stock Exchange on March 20 and approved by the listing committee on June 1 — a span of 73 days that marked a record pace, the company said.

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