Unitree Robotics closed its Shanghai stock debut on Tuesday at 845 yuan, a 460% gain from its 150.8 yuan IPO price, valuing the company at roughly $50 billion at market close. The surge far exceeded the average 279% first-day pop for new listings on China’s STAR Market this year, even as the country’s benchmark index fell 3% on the same day.
The company sold about 10% of its shares in the IPO, raising approximately $900 million. Founder Wang Xingxing, age 36, owns roughly 20% of Unitree, pushing his net worth to more than $11 billion on paper. The listing follows a year in which mainland China’s IPO market raised $21.3 billion, the highest level in three years and more than triple the amount during the same period in 2025, according to LSEG data.
Unitree specializes in humanoid and quadruped robots capable of running, dancing, and performing martial arts. While many of its sales have historically been one-off transactions to research institutions and universities, the company reports profitability—a distinction from most peers in the sector. Its most successful robot dog designs were based on innovations initially funded by the U.S. military and later published openly to spur industry progress.
The debut comes amid escalating U.S. scrutiny. In July, the U.S. Federal Communications Commission banned imports of certain foreign-made humanoid and quadruped robots, including Unitree’s models, citing national security concerns. In June, the Pentagon added Unitree to a list of Chinese military companies, labeling it a contributor to the country’s defense industrial base. Earlier, in 2025, founder Wang attended a technology summit with Chinese President Xi Jinping.
Venture capitalist Yan Kai, a partner at Ivy Capital, said Unitree’s uniqueness commands premium pricing, though its valuation reflects broader political and economic factors rather than traditional metrics. William Xin, chairman of Spring Mountain Pu Jiang Investment Management, noted that early visibility in listings can help secure resources and long-term positioning in a competitive field.
The company listed on Shanghai’s tech-focused STAR Market, joining a pipeline of robotics firms pursuing public markets. Deep Robotics and Leju Robotics have filed for mainland exchange listings, while Mech-Mind Robotics, X Square Robot, and AgiBot are pursuing Hong Kong listings.
