The Shanghai Stock Exchange's Listing Committee approved Unitree Robotics's initial public offering on June 1, 2026, the fastest review for a major hardware filing on the STAR Market this year and a key step toward what is set to become China's first listed humanoid robot maker. The Hangzhou-based company is seeking to issue at least 40.45 million new shares and raise roughly 4.2 billion yuan, equivalent to around $618 million, at a target valuation of about 42 billion yuan ($6.2 billion).
A 73-day STAR Market sprint
Unitree filed for its STAR Market listing on March 21, 2026, and cleared the listing committee review in just 73 days, an unusually short window for a frontier hardware issuer. Proceeds are earmarked for core robotics R&D, including embodied AI foundation models, hand- and locomotion-stack development, and capacity expansion behind the firm's H2 humanoid and Go and B-series quadruped lines.
Humanoids now the majority of revenue
Disclosures filed with the exchange show Unitree's revenue reached 1.17 billion yuan over the first nine months of 2025, with net profit of 105 million yuan. Humanoid robots accounted for 51.5% of revenue, overtaking the company's long-standing quadruped business for the first time. The G1 and H2 platforms have become the de facto reference hardware for many Chinese university labs and AI startups training general-purpose robotics policies.
Why the listing matters for embodied AI
The IPO arrives in the middle of a broader public-market re-rating for humanoid robotics. NEURA Robotics raised roughly $1.2 billion in March 2026 and Apptronik priced a $520 million Series A behind its Apollo platform, but until now no pure-play humanoid maker has been listed. A successful Unitree listing would establish a public-market comparable for embodied AI and put pressure on U.S. peers — including Figure and Apptronik — to clarify their own paths to listed liquidity. NVIDIA's recently unveiled Isaac GR00T reference platform uses Unitree's H2 Plus body, deepening the company's footprint outside China.
What comes next
Listing committee approval clears the path to the China Securities Regulatory Commission's final registration step, after which Unitree can set a price range and begin its road show. Bankers tracking the issue expect pricing in the second half of 2026 in normal market conditions. The free float will remain limited, with co-founder Wang Xingxing and existing institutional backers — including HongShan, Meituan and Geely-affiliated funds — staying on the cap table.
Reporting based on coverage from Caixin Global, Global Times, Pandaily and Reuters.