The Hangzhou-based startup priced at the top of expectations and saw record retail demand on Shanghai’s STAR market, with the online tranche oversubscribed more than 5,000 times. Strategic investors included AI startup DeepSeek. A Unitree-linked pre-IPO perpetual contract on Hyperliquid was trading at roughly four times its IPO price on Friday, as traders turned to crypto-derivative exchanges to bet before the shares begin trading later this month.
Hype Outruns Useful Work
Unitree’s robots are famous for throwing kung fu kicks and bouncing back from knockdowns, but the technology still cannot scale commercially. AI and software constraints remain unresolved. The company’s own prospectus warns that large-scale adoption may come slower than expected because robotic hands are still not precise or durable enough for sustained use.
“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.
Dominik Pross, equity analyst at VP Bank, says even advanced humanoids typically handle only a small number of tasks and run for just a few hours before recharging. Most models last up to four hours while sitting idle. “Robots have to be specifically trained for each and every task entrusted to them, even the simplest,” he said, adding that complex everyday activities remain out of reach.
The Humanoid Economics
Lower-cost manufacturing has helped China pull ahead of global rivals in robotics. Average humanoid robot prices plunged 93% between 2020 and 2025 to $58,000, according to Wood Mackenzie. The firm projects Unitree’s $16,000 flagship G1 model costs just $82 a year in electricity to run eight hours a day, though wider adoption could strain power grids already stretched by AI data centers.
SemiAnalysis estimates Unitree cut the pre-tax price of its G1 EDU research model by more than 45% since last year to $27,300 while holding a 67% gross margin. Linda Sui, founder of Smart Analytics Global, says falling robot prices and Chinese government support — including investment in the shift from labor-intensive work to automation — are attracting funds into the emerging sector. But she cautions it will take time to test return on investment.
Unitree’s revenue more than quadrupled last year, though first-quarter adjusted profit fell more than 52% as R&D and marketing spending climbed. Nearly three-quarters of its humanoid revenue came from research and education in the first nine months of 2025. Corporate tours made up more than half of its still-small industrial business, a filing showed.
“Unlike many early-stage robotics companies, the Unitree story is backed by real revenue growth,” said Jeff Ko, chief analyst at CoinEx. Still, he noted Unitree’s $9 billion valuation — over 200 times last year’s earnings — was pushed even higher in crypto markets, pointing to a speculative element.
Geopolitical Pressure Builds
The IPO frenzy held up even after the U.S. moved last month to ban imports of foreign-made humanoid and four-legged robots, a step seen as targeting Chinese technology products. Unitree may be “particularly exposed,” deriving 13% of its revenue last year from the U.S., according to SAG.
Unitree’s four-legged robots were used in U.S. state correctional systems and military settings, according to the House Select Committee on China, raising national security concerns. Sui flagged another risk: Chinese robotics companies could lose access to Nvidia’s hardware and software stack, a platform many of China’s industry leaders rely on.
“Chinese robot producers are not yet in a position to do without Western components completely,” said VP Bank’s Pross. But Bernstein analyst Dien Wang notes that China’s dominance in rare earths — used in actuators and motors — gives the country’s players significant leverage over global peers.
What Happens Next
More Chinese robotics listings are coming. Unitree rival AgiBot is seeking to go public in Hong Kong, while Leju Robotics targets Shenzhen. LimX Dynamics founder Will Zhang told CNBC last month that “listing is a must.” Tesla is also converting EV production lines at its Fremont factory to make Optimus humanoid robots, with production expected to start later this year.
Wood Mackenzie expects the global humanoid robot fleet to grow more than 90% annually through 2035, surpassing 10 million units with annual shipments topping 4 million. China accounted for more than 70% of global industrial robot installations and nearly 90% of all humanoids deployed last year.
Investors watching Unitree’s first-day pop should track three signals: whether industrial revenue grows beyond research and demos, whether battery life and hand dexterity improve fast enough for real tasks, and whether U.S. export controls cut off Nvidia’s robotics stack. The humanoid economics look better each year, but the gap between backflips and useful work remains the sector’s biggest test.
— David Kim, technology desk, AXO News