Unitree Robotics has filed for an IPO on the Shanghai Stock Exchange, seeking to raise up to RMB 4.2 billion (USD 609 million).
According to the company’s prospectus, about half of the proceeds will be allocated to R&D in robotics and embodied intelligence. The remaining funds are set to support product development and manufacturing facilities following the IPO.
The review process is expected to begin soon, with Unitree aiming to list on the STAR Market, which typically caters to technology and tech-focused companies.
The planned IPO follows strong sales growth. According to the prospectus, Unitree’s sales reached RMB 1.7 billion (USD 246.5 million) in 2025, about 4.3 times higher than the previous year, while net profit tripled to about RMB 287.6 million (USD 41.7 million). Notably, revenue from humanoid robots has risen sharply in recent years, alongside broad-based growth across its product categories, based on data disclosed in the filing:
Even before reaching these financial milestones, Unitree had long been viewed as one of China’s leaders in robotics since its founding in 2016. That reputation stems not only from the company’s high-profile demonstrations and public showcases, but also from its founder, Wang Xingxing.
Wang has been vocal about the need for embodied intelligence to advance through both hardware and software, rather than placing too much emphasis on hardware alone. In previous conversations with 36Kr, he said Unitree has a sizable team focused on artificial intelligence model development, including models that power its robots. According to Wang, the company’s efforts extend beyond motion control, where it is already considered strong, into more advanced capabilities such as cognition and planning.
Among Unitree’s latest offerings is the H2, a full-sized humanoid robot, though the G1 is likely more familiar to the public. The G1 has been used in public showcases, including a martial arts segment during this year’s Lunar New Year gala in China, where 24 G1 robots were deployed to “spar” with human performers and execute movements such as table vaults and backflips. Unitree also participated in last year’s broadcast.
Beyond humanoid robots, Unitree also develops other robotic form factors, including quadruped machines such as the Go2 robot dog.
In terms of commercialization, Unitree is among the frontrunners, projecting shipments of 10,000–20,000 units in 2026. Its domestic competitors include UBTech Robotics, which develops the Walker line of humanoid robots, as well as broader technology players such as Xpeng, which is developing the Iron humanoid robot. Globally, Unitree is often compared with Tesla, which is developing the Optimus robot.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.