Unitree Robotics, a Hangzhou-based developer of quadruped and humanoid robots, has formally filed for an initial public offering on Shanghai's Star Market, seeking to raise 4.2 billion yuan (US$610 million). The listing application was accepted by the exchange following a preliminary review on Friday, March 14, 2025.
The Financials: Explosive Growth on Embodied AI Demand
According to the company's prospectus, Unitree recorded revenue of 1.71 billion yuan in 2024, representing a 335% year-over-year increase. Net profit on an adjusted basis rose nearly eight times to 600 million yuan. This explosive growth comes as "embodied intelligence"—the integration of AI with physical robotic systems—has become a major focus for both Chinese and U.S. technology development.
The company stated that the IPO proceeds would "strengthen capital resources and further enhance its end-to-end innovation capabilities and overall competitive edge in embodied intelligence." Funds are earmarked for developing robot bodies, AI models, and manufacturing facilities.
Shipment Numbers: Quadrupeds Lead Volume, Humanoids Drive Revenue
Between 2022 and September 2025, Unitree shipped more than 30,000 quadruped robots across both enterprise and consumer-grade products. Over the same period, it delivered more than 4,000 humanoid robots, with total humanoid shipments reaching 5,500 units by the end of 2025. The company claims this ranks first globally in humanoid robot shipments, citing industry data.
Notably, humanoid robots accounted for more than half of Unitree's total revenue in the first nine months of 2024, indicating their growing importance to the business despite lower shipment volumes compared to quadrupeds.
Market Context: The Embodied Intelligence Race Heats Up
The IPO filing comes during a period of intense global competition in humanoid robotics. Companies like Tesla (Optimus), Boston Dynamics, Figure AI, and multiple Chinese contenders including Fourier Intelligence and Xiaomi are all developing humanoid platforms. Unitree's filing represents one of the first major public market moves in this sector, providing a rare window into the financial metrics of a commercial robotics company.
China's Star Market, officially known as the Science and Technology Innovation Board, was established in 2019 to support technology and innovation-focused companies, often with less stringent profitability requirements than China's main boards. The exchange has become a preferred listing venue for Chinese tech firms in semiconductors, biotech, and now robotics.
What's Next: Manufacturing Scale and AI Model Development
With the IPO proceeds, Unitree plans to scale manufacturing capabilities and invest in AI model development specifically for robotic control. The company's focus on "end-to-end innovation" suggests vertical integration from hardware design to AI software stack—a strategy increasingly common among leading robotics firms seeking to optimize performance across the full system.
The successful listing would provide Unitree with significant capital to compete in what is becoming a capital-intensive race, where development costs for advanced humanoid platforms can reach hundreds of millions of dollars.
