Unitree Robotics has filed for a $610M IPO on the Shanghai Stock Exchange, a move that signals serious institutional appetite for humanoid robots at scale.

The Hangzhou-based company is seeking to raise 4.2 billion yuan to improve AI models, develop new products, and expand manufacturing. Founder Wang Xingxing maintains tight control with 23.8% equity and nearly 69% voting rights.

 The demand signal is unambiguous: revenue jumped 335% in 2025 to 1.71 billion yuan, with humanoid robots now contributing more than half of total revenue, up from 28% the previous year. Unitree shipped over 5,500 robots last year and captured more than 32% of the global humanoid robot market. Its G1 and H2 models are pushing embodied AI forward, using martial arts demonstrations to showcase balance and agility.

This IPO comes as China doubles down on robotics and automation as strategic priorities, with state-backed funds from Shanghai and Beijing already invested alongside Meituan, HongShan China, Matrix Partners China, Tencent, Alibaba, Ant Group, Xiaomi, ByteDance, BYD, and Geely.

Quick facts

● founders: Wang Xingxing 

● total capital raised: $610M IPO filing 

● HQ: Hangzhou, China 

● Investors: Meituan; HongShan China; Matrix Partners China; Tencent; Alibaba; Ant Group; Xiaomi; ByteDance; BYD; Geely

 The broader shift: as China scales production of affordable humanoids while Western peers optimize for premium segments, the global robotics market may bifurcate on price and distribution strategy.