<cite index="72-1">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</cite>. <cite index="72-2">Unitree set its share price at 150.80 yuan (about $22), placing the company's total valuation above 60 billion yuan, and is offering about 40.45 million shares representing 10% of its post-offering share capital</cite>. Retail investors faced odds of approximately 0.018% of receiving shares, a lottery-like allocation reflecting extraordinary demand for physical AI exposure.
<cite index="73-2">Unitree is unique in the sector for being profitable, reporting 1.7 billion yuan in 2025 revenue with strong margins, and having delivered 18,000 robots</cite>. <cite index="73-4">The company is valued near 36 times last year's sales and strategic allocations went to DeepSeek, Tencent's Qishan Investment, and PetroChina's Kunlun Capital, a map of who wants proximity to embodied AI</cite>. Unitree becomes the first pure-play humanoid manufacturer on a mainland Chinese exchange.
<cite index="73-4">The company unveiled a new robot called Superman that manages a two-meter standing jump and a top speed of 12.66 meters per second</cite>. <cite index="76-2,76-3">IPO proceeds will be invested in intelligent-robot model research, robot-body development, new robot products, and an intelligent-robot manufacturing base</cite>. The listing comes amid US trade restrictions: the FCC added foreign-made humanoid robots to its Covered List in late July, and <cite index="77-3">research and educational institution use accounted for the majority of Unitree's sales, while industrial deployments remained less than 10% in the first three quarters of 2025</cite>.
For infrastructure and automation teams tracking embodied AI commercialization: Unitree's 8000x oversubscription is a retail-investor signal, not a fundamental endorsement. The profitability and shipment volume are real differentiators vs. private humanoid startups (Figure at $39B valuation, zero shipments or public margins). But industrial adoption remains <10% of revenue. The listing establishes Unitree as a public proxy for the humanoid sector at a disciplined valuation—36x sales vs. private multiples. Watch whether the Shanghai listing price holds after enthusiasm cools, and track whether Unitree can convert R&D capex into factory yields and industrial repeatability.