The archive · Hardware & Devices · Product decision · 2016–2026
Unitree bets cheap robots lead to humanoids; ¥61B STAR IPO surges on debut
From an ¥80,000 competition prize to A-share's first humanoid-robot listing: Unitree priced a ¥61B IPO in Aug 2026, oversubscribed 8,000x.
Unitree Robotics（宇树科技）
What the business is
Hangzhou robotics company making electric quadruped and humanoid robots for research, education, consumer and industrial buyers.
Starting capital：Started with ¥80,000 won in a university entrepreneurship competition; the Aug 2026 IPO raised about ¥6.1 billion
How it started
Wang Xingxing built a low-cost electric quadruped robot for his master's degree at Shanghai University and deferred graduation to finish it. After winning ¥80,000 in an entrepreneurship competition and seeing his robot go viral overseas, he left DJI after less than two months and founded Unitree in Hangzhou in June 2016. He targeted research institutions first, took pre-sale orders in 2017 and shipped the first units in 2018.
What happened
Unitree stayed profitable from 2020 onward, an early investor said. After Tesla unveiled Optimus in 2022, Unitree entered humanoids in 2023 and launched its first humanoid, H1, within half a year. In June 2025 it closed a Series C of nearly ¥700 million at a post-money valuation above ¥12 billion, co-led by funds under China Mobile, Tencent, Jinqiu Capital, Alibaba, Ant Group and Geely Capital; founder Wang said annual revenue had passed ¥1 billion. Revenue grew from ¥159M in 2023 to ¥393M in 2024 and ¥1.699B in 2025, with ¥591M net profit, and the company said it had produced and delivered about 18,000 humanoid units by end-July 2026.
How it ended up
Unitree listed on Shanghai's STAR Market on Aug 19, 2026 as the first humanoid-robot company on China's A-share market, pricing 40.45 million shares at ¥150.80 (about ¥61B valuation) and raising roughly ¥6.1 billion; retail demand was oversubscribed more than 8,000 times, a STAR Market record.
Background
Unitree's bet was that a robotics company could win by selling cheap, practical quadruped robots first and using that cash flow to fund humanoid development, rather than betting everything on the humanoid dream before a market exists. Founder Wang Xingxing built a low-cost electric quadruped during his master's degree at Shanghai University, won ¥80,000 in an entrepreneurship competition, and founded Unitree in Hangzhou in June 2016 after briefly working at DJI.
The company targeted researchers and educators with low-priced, easily reprogrammed quadrupeds, taking pre-sale orders in 2017 and shipping in 2018; an early investor said it has been profitable since 2020. After Tesla's Optimus reveal in 2022, Unitree entered humanoids in 2023 and shipped H1 within six months. In June 2025 it raised a Series C of nearly ¥700 million at a valuation above ¥12 billion, co-led by funds under China Mobile, Tencent, Alibaba, Ant Group, Geely Capital and Jinqiu Capital.
Revenue grew from ¥159M in 2023 to ¥393M in 2024 and ¥1.699B in 2025 with ¥591M net profit, and the company said it had produced and delivered about 18,000 humanoid units by end-July 2026. On Aug 19, 2026 it debuted on Shanghai's STAR Market as the first humanoid-robot company on China's A-share market, pricing at ¥150.80 per share for about a ¥61 billion valuation and raising roughly ¥6.1 billion, with retail subscriptions oversubscribed more than 8,000 times.
What has to be true
- Wang chose a segment — research and education quadrupeds — where customers already paid, creating a commercial closed loop before the humanoid wave.
- He waited for technological timing: Unitree only entered humanoids in 2023 after Tesla's Optimus signaled the market was maturing.
- Pricing low and designing for easy secondary development made Unitree's robots the default choice for labs, funding R&D from revenue.
- Listing as the first humanoid A-share company gave Unitree a valuation anchor for the whole sector, not just another funding round.
What can be applied
Win a market that already pays: research and education robots funded Unitree's humanoid push, letting it enter the hype cycle with revenue and profit instead of subsidies.
Aftermath
As of Sept 1, 2026, Unitree trades on Shanghai's STAR Market — the first humanoid-robot listing on China's A-share market. Its Aug 2026 IPO priced 40.45 million shares at ¥150.80 for about a ¥61 billion valuation, raised roughly ¥6.1 billion, and was oversubscribed more than 8,000 times, a board record. The company had delivered about 18,000 humanoid robots by end-July 2026, with 2025 revenue of ¥1.699 billion and ¥591 million net profit; whether the sector can grow into the valuation depends on industrial orders scaling.
Sources
- 发行市值近610亿元！宇树科技IPO定价150.80元/股！
- Unitree raises hopes of mega market debut
- Wang Xingxing, a member of the post-90s generation, is challenging the IPO with a robot adventure valued over 12 billion yuan
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