Unitree Robotics raised $900 million in China's first humanoid robot IPO, pricing shares at 150.8 yuan ($22.4) and achieving a $9 billion valuation.

The Hangzhou-based startup's offering saw record retail demand on Shanghai's STAR market, with online shares oversubscribed more than 5,000 times. Strategic investors including AI startup DeepSeek participated in the round.

Unitree's robots can perform backflips and martial arts moves, but skeptics question their commercial utility beyond demonstrations. "For these humanoid robots, to be honest, they're fascinating. They can dance and all that – but never seen them doing any real housework," said Hao Hong, managing partner of Lotus Asset Management.

The company acknowledged in its prospectus that large-scale adoption may be slower than expected, citing limitations in robotic hand precision and durability.

Manufacturing economics drive China's robotics lead

China dominates global robotics, accounting for over 70% of industrial robot installations and nearly 90% of humanoid deployments last year, according to Wood Mackenzie.

Average humanoid robot prices have plunged 93% between 2020 and 2025 to $58,000. Unitree's flagship G1 model costs $16,000, with SemiAnalysis estimating the company maintains a 67% gross margin despite cutting prices by 45% since last year.

Unitree's revenue quadrupled last year, though first-quarter adjusted profit fell 52% as R&D and marketing spending increased. Nearly three-quarters of humanoid revenue came from research and education in the first nine months of 2025.

The IPO proceeded despite U.S. restrictions on foreign-made humanoid robot imports last month, targeting Chinese technology products. Unitree derived 13% of revenue from the U.S. last year, making it "particularly exposed" to trade tensions, according to Smart Analytics Global.

Rival humanoid makers AgiBot and Leju Robotics are preparing IPOs in Hong Kong and Shenzhen respectively. Wood Mackenzie projects the global humanoid robot fleet will grow over 90% annually through 2035, reaching 10 million units.