Unitree prices IPO at 150.8 yuan, targeting ~$8.4B valuation as humanoid robots face the public market

宇树科技IPO：会翻跟头的机器人能吸引投资者吗？

Unitree priced its Shanghai IPO at 150.8 yuan on Thursday, raising about 8.4 billion yuan at a roughly 84 billion yuan valuation. The Hangzhou-based company shipped more humanoid robots than any other maker last year, with 2025 revenue around 1.7 billion yuan, but Q1 2026 profit fell 55% year-on-year amid rising competition and R&D spending. The prospectus flags U.S. trade policy and softening demand as risks. The FCC proposed banning new Chinese humanoid and quadruped robots on national-security grounds last month; Beijing retaliated this week. Nvidia partnered with Unitree in June on a research robot—Unitree supplies the body, Nvidia the AI chip. Analysts project the global humanoid market could reach $69 billion by 2030, but the article notes most industrial demand is still pilot-scale sorting and assembly, and a mass consumer use case remains unclear.

Why it matters: Unitree's IPO is the first public listing in embodied intelligence, with a #1 shipment claim and a ¥61B valuation—enough novelty and resonance for featured. But the 55% profit drop and dual US-China policy risks keep it below the p1 threshold.