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Unitree IPO 5,550 Times Oversubscribed As UBS Says Grey Market Points To 3.5x Open

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by Tyler Durden
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The global market leader in humanoid-robot shipments, China-based Unitree, is set to begin trading on Shanghai's STAR Market on Wednesday, potentially sparking a wave of robotics listings in Asia as the race for physical AI remains in its early innings. 

The Wall Street Journal reported that the Hangzhou-based company raised $900 million after pricing its shares at 150.80 yuan apiece, implying a valuation of about $9.1 billion. Retail demand was off the charts, with investors submitting 9.8 million orders and the offering more than 5,500 times oversubscribed. 

"Unitree's IPO is significant because it provides an important A-share valuation benchmark for embodied AI and humanoid robotics," Morningstar analyst Kangyuxiao Li said.

Jacqueline Du, Goldman's head of China Industrial Technology research, recently explained that Unitree is the global market leader in humanoid-robot shipments: 

Global Market Leader: In 2025, Unitree shipped more than 5,500 humanoid robots, capturing a 37% global market share, according to Omdia.

This volume far outstripped Western peers such as Tesla, Figure AI, and Agility Robotics, each of which shipped around 150 humanoid robots in 2025, according to public reports cited by Omdia.

That said, this leadership was achieved during the very early stages of the humanoid-robot industry, where technology is evolving rapidly and the competitive landscape remains fluid.

Wednesday's IPO gives mainland investors direct exposure to one of China's top robotics companies and could pave the way for future listings by its domestic competitors. 

UBS analyst Tony Chalmers noted:

Unitree is set for its first day of trading on the STAR Board on Aug. 19 at a CNY61 bn market cap, or 219x PS, with a free float of only ~30 mn shares, representing 7.4% of total shares. The grey market is pointing to a ~3.5x open.

The pre-IPO perpetual contract on the Hyperliquid platform - not Unitree stock or IPO allocation - is about $99.50 per contract; the market implies a Unitree valuation near $40 billion, based on roughly 404.5 million post-IPO shares. That is more than four times the reported $9.1 billion IPO valuation. 

In markets, the Solactive China Humanoid Robotics Index (Bloomberg ticker: SOLCHRBP Index), which tracks publicly traded Chinese companies involved in the humanoid-robotics supply chain, is down 18% year to date.

SOLCHRBP covers robot manufacturers and suppliers of AI systems, actuators, motion controls, sensors, automation equipment, and other components. 

Goldman's Du highlighted how Unitree's pricing advantage is mostly underpinned by "China's supply-chain advantages." Unitree offers robots priced from roughly $4,000 to $100,000, compared with about $150,000 to $1 million for Boston Dynamics models.

Readers should not be surprised that China is leading the humanoid-robotics race. We have outlined this trend on multiple occasions (see here).

The big question is whether President Trump can close the gap, given that the US lacks the fully integrated supply chains needed to manufacture critical components, including rare-earth magnets and actuators that power these robots.

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