Unitree Robotics, which is believed to be the world’s largest humanoid robot maker, has taken a significant step toward going public, filing for an initial public offering on Shanghai’s STAR Market that could raise up to 4.2 billion yuan ($610 million).
The Hangzhou-based company’s IPO application was formally accepted by the Shanghai Stock Exchange on March 20, according to Xinhua Finance. Xinhua is the official state press agency of the People’s Republic of China.
The filing comes as Unitree reported explosive growth in 2025, with revenue surging 335 percent to 1.71 billion yuan ($250 million) and adjusted net profit reaching 600 million yuan ($90 million) – its first profitable year
Unitree’s prospectus reveals the company sold over 5,500 humanoid robots in 2025, claiming the top global market share. The company previously clarified that actual shipments “exceeded 5,500 units (referring to the quantity actually sold and delivered to end customers, not order volume; the order volume is higher)”, with total mass-production output surpassing 6,500 units.
Humanoid robots have rapidly become Unitree’s core business, growing from just 1.9 percent of revenue in 2023 to over 51 percent in the first three quarters of 2025.
The average price of its humanoid robots fell sharply from 593,400 yuan ($85,000) in 2023 to 167,600 yuan ($25,000) last year, while gross margins improved to nearly 60 percent – a result the company attributes to self-developing core components.
Ethan Qi, associate director at Counterpoint Research, told the Rest of World website: “Currently, there are more than 100 humanoid companies in China.
“The number is likely to decrease to a few dozen with a consolidation ahead, following the IPOs of the first batch of humanoid companies, including Unitree.”
The IPO proceeds will fund research and development, new product development, and manufacturing capacity expansion. The company plans to produce 75,000 humanoid robots and 115,000 quadrupeds annually over the next five years.
Unitree’s listing application was reviewed under the STAR Market’s pre-screening mechanism, making it the second company to benefit from the streamlined process introduced in June 2025 to support “hard technology” enterprises.
Main image courtesy of WorldFinance.com
