Chinese embodied-AI specialist DEEP Robotics has cleared an important step toward becoming a public company, with its initial public offering application accepted by the Shanghai Stock Exchange's STAR Market on May 18, 2026.
Targeting Roughly $367 Million
According to a filing released in May 2026, the Hangzhou-based company plans to raise about 2.5 billion yuan (approximately US$367 million) on the Nasdaq-style STAR board. China Securities is the sponsor of the offering. Proceeds will go primarily toward research and development of embodied AI algorithms and large models, robot bodies and integrated solutions, manufacturing capacity, and expansion into industry-specific applications.
Triple-Digit Revenue Growth and a First Profit
The prospectus shows DEEP Robotics generated revenue of 340 million yuan in 2025, more than triple its 103 million yuan in 2024. The company also turned profitable for the first time, posting a net profit of 28.7 million yuan (about US$4.2 million). Industry applications drove 79.33% of main business revenue last year, with customers including power grids, fire departments, police and security operators, industrial facilities, infrastructure managers and logistics companies.
Hangzhou's Robot-Dog Champion Goes Public
Founded in 2017, DEEP Robotics is best known for its X- and Lynx-series quadruped robots used for outdoor inspection and emergency response. It is the second major humanoid and embodied-AI player to advance toward a STAR Market listing in 2026, following Unitree Robotics, whose listing application is due for a Shanghai exchange review on June 1.
Investor Interest in Chinese Embodied AI
The filing lands at a moment of intense investor focus on China's embodied AI sector. Earlier this month, humanoid maker Robotera raised more than $200 million, while Vbot closed a $73 million Pre-A to scale robotic dogs and full-size humanoids.
Why It Matters
DEEP Robotics' filing is a fresh signal that China's embodied AI sector is moving from venture-backed prototyping to public-market scale. A successful listing would give the company a war chest comparable to leading Western humanoid players and accelerate price competition in the global market for inspection and security robots.
Reporting based on coverage from Caixin Global, Yicai Global, South China Morning Post and TradingView News.