Unitree's Shanghai IPO Was Oversubscribed 8,000x — China's Humanoid Robot Maker Debuts at $9B
Unitree prices its STAR Market IPO at 150.8 yuan a share, valuing the humanoid robot maker at roughly $9 billion ahead of its August 19 Shanghai debut.
Unitree priced its Shanghai IPO at 150.8 yuan ($22.34) per share, valuing the world’s largest humanoid robot maker by sales at roughly 61 billion yuan ($9.04 billion), ahead of its August 19 debut on the STAR Market. Retail demand for the offering ran more than 8,000 times oversubscribed — a record for the exchange’s tech board.
The Hangzhou-based company is selling 40.45 million new shares, about 10% of its enlarged share capital, aiming to raise 6.1 billion yuan ($900 million). It’ll be the first mainland-listed maker of humanoid robots in China, arriving as the segment’s most closely watched public offering globally — ahead of anything Figure, 1X, or Tesla’s Optimus program have put in front of public markets.
Unitree built its lead on price and speed to market rather than raw capability alone: its G1 and H-series humanoid robots undercut Western competitors by a wide margin while iterating fast enough to stay ahead of them on specs. Days before pricing, the company unveiled a new humanoid dubbed “Superman,” claiming a two-meter vertical jump and a 12.66 meters-per-second run speed — numbers aimed squarely at reinforcing the narrative that’s driving the oversubscription.
The IPO also lands alongside Unitree’s partnership with Nvidia, announced at GTC Taipei, pairing Unitree’s H2 humanoid with Nvidia’s Blackwell-powered Jetson Thor hardware under the Isaac GR00T reference platform — the kind of alliance that gives public investors a legible story about where the revenue comes from beyond robot sales themselves.
There’s a geopolitical wrinkle. Unitree was added to the U.S. government’s blacklist of Chinese military-linked companies in June, barring it from doing business with the Pentagon. That hasn’t dented domestic investor appetite — if anything, a Shanghai-only listing sidesteps the scrutiny a U.S. exchange debut would have invited, letting the company raise capital entirely on China’s terms while Western humanoid robotics players are still mostly privately held.
At $9 billion, Unitree prices below some private marks floated for Figure AI, but with actual shipped units and revenue behind it rather than pure pre-product narrative — a distinction public-market investors are about to start paying closer attention to across the humanoid category.