Unitree Robotics is a Hangzhou-based civilian robotics company building quadrupeds, humanoids, dexterous hands, robot arms, and core robot components. After leading the market for publicly sold quadruped robots, Unitree expanded aggressively into humanoids with H1, G1, R1, and H2 at price points far below most Western peers, becoming the world's top humanoid seller by volume in 2025 (5,500+ units sold at ~32% global share) and reporting roughly 18,000 cumulative humanoids produced by August 2026. Its STAR Market prospectus reports 1.71 billion yuan (~$250 million) of 2025 revenue, adjusted net profit around 590-600 million yuan at a 60% gross margin, and more than 30,000 quadrupeds shipped from 2022 to September 2025. On July 3, 2026 Unitree secured CSRC registration approval for a Shanghai STAR Market IPO - clearing review in a record 104 days - priced the offering at 150.80 yuan per share on August 5-6 (proceeds of roughly 6.1 billion yuan, ~$904 million), and began trading on the STAR Market on August 19, 2026 under ticker 688836 as the first listed Chinese humanoid-robot maker; shares opened 629% above the IPO price at 1,100 yuan (an opening market cap of about 445 billion yuan, ~$62-66 billion) before paring gains to trade roughly 500-540% higher during the session. DeepSeek joined the offering as a strategic placement investor (933,400 shares, ~$20.8M) and the two companies agreed to co-develop AI models and embodied-intelligence technology. Nvidia adopted Unitree's H2 body for its Isaac GR00T reference humanoid (unveiled at COMPUTEX in June 2026), while a June 2026 U.S. Pentagon Section 1260H listing and a July 28, 2026 FCC Covered List addition have created headwinds for Unitree's U.S. research, government-affiliated, and commercial customers. Actual H1 2026 results reported mid-August beat the prospectus's revenue guidance (RMB 1.152B, +48.54% YoY) but confirmed continued margin pressure (adjusted net profit down 19.34% YoY to RMB 244M), and the stock has kept sliding since - down to 546.51 yuan intraday on September 2, more than 50% below its August 19 debut peak - amid bubble-risk debate and founder Wang Xingxing's own remarks that humanoids remain years from broad factory deployment.
Unitree Robotics shares tumbled as much as 4.3% to 546.51 yuan on September 2, 2026, leaving the stock more than 50% below the 1,100 yuan intraday high it hit on its August 19 Shanghai STAR Market debut, when shares initially surged 460% after a 6.1 billion yuan ($904 million) IPO. The reversal follows first-quarter 2026 adjusted net profit that fell 53% year over year and renewed scrutiny of how much of Unitree's humanoid-robot revenue still comes from research and education customers rather than industrial deployment, fueling debate over a Chinese robotics valuation bubble.
Unitree Robotics shares have fallen about 45% from their August 19 Shanghai trading-debut peak as of August 25, erasing roughly 200 billion yuan (about 30 billion dollars) of market value before stabilizing after three straight down days. The slide follows a reported 53% year-over-year drop in Q1 2026 adjusted net profit to 40 million yuan and has fueled concerns about a bubble in Chinese humanoid-robotics valuations.
Speaking at the World Robot Conference in Beijing on August 19, Unitree founder Wang Xingxing said humanoid robots are approaching a 'ChatGPT moment' but a true breakthrough, defined as a robot completing about 80% of voice-commanded tasks in an unfamiliar home, is likely two to three years away in an optimistic case or five to ten years in a conservative one. Global humanoid robot shipments reached about 19,000 units in the first half of 2026, up 272% year over year, with Chinese makers accounting for 97% of sales.
Unitree Robotics began trading on Shanghai's STAR Market on August 19, becoming the first humanoid robot maker listed on a mainland China exchange. Shares opened 629% above the 150.80 yuan IPO price before paring gains to trade roughly 500-540% higher during the session, an opening market cap of about 62-66 billion dollars. The offering raised roughly 904 million dollars and was oversubscribed more than 8,000 times, with backing from strategic investors including DeepSeek.
Unitree Robotics began trading on Shanghai's STAR Market on August 19 under ticker 688836, the first listed Chinese humanoid-robot maker, with shares opening 629% above the 150.80 yuan IPO price before paring gains to trade roughly 500-540% higher during the session. The debut followed an IPO more than 8,000 times oversubscribed on the retail tranche, a record for the tech-focused STAR Market, and values the company at an opening market cap of about 445 billion yuan (roughly $62-66 billion).
Compact humanoid platform designed for embodied-AI development, education, and research. Unitree positions G1 as a low-cost humanoid avatar with optional dexterous hands, 3D LiDAR, depth cameras, and 23 to 43 total joints depending on configuration.
In market since 2024 and positioned primarily for developers, universities, and research labs. G1 also sits under Unitree's newer competition, data-training, and robot-combat variants.
Unitree's first universal full-size humanoid robot and the platform that put the company on the global humanoid map. It remains a high-mobility research platform with 3D LiDAR, depth sensing, and record-setting running performance.
Still offered alongside the heavier H1-2 configuration and newer H2 platform. Primarily used for research, robotics development, and public demonstrations.
Second-generation full-size humanoid platform aimed at broader embodied-AI and service use cases. H2 adds a bionic head, higher onboard compute, longer battery life, and a more capable upper body than H1. The H2+ variant - unveiled with Nvidia and Sharpa at COMPUTEX Taipei on June 1, 2026 - pairs the H2 body with Nvidia Blackwell-class compute, the Isaac GR00T stack, and Sharpa's 25-DoF dexterous hands as Nvidia's reference humanoid platform.
Unveiled in October 2025 and listed publicly with a base price in 2026. The H2+ Nvidia/Sharpa research variant becomes available in October 2026 with initial deliveries to Allen AI, ETH Zürich, Stanford and UC San Diego.
Low-cost lightweight humanoid designed to push embodied-AI development toward broader developer and consumer experimentation. R1 integrates voice and image multimodal interaction with a smaller, cheaper body than G1 or H2.
Launched in July 2025 as Unitree's lowest-cost humanoid platform, with Air, standard, and EDU variants.
Unitree's mainstream consumer and developer quadruped platform. Go2 pairs low pricing with 4D LiDAR, OTA updates, app control, and enough mobility to make quadrupeds accessible outside elite labs and enterprise buyers.
Core quadruped product line since 2023, with Air, Pro, X, and EDU configurations sold globally across consumer, education, and developer markets.
Industrial quadruped built for power inspection, emergency response, and harsh-environment field work. B2 pushes far beyond consumer quadrupeds on load, endurance, and climbing ability.
Industrial flagship since late 2023, with optional wheeled-foot configuration for higher-efficiency field deployment.
Unitree's most advanced industrial quadruped, launched August 2025 as a rugged all-terrain platform for inspection, logistics, and field operations. The A2 ("Stellar Hunter") pairs dual front-and-rear 3D LiDAR for 360-degree awareness with hot-swappable batteries and a heavy standing-load capacity that pushes well beyond the B2.
Premium industrial flagship unveiled August 7, 2025, positioned above the B2 for demanding inspection and logistics work; sold as an enterprise, quote-based platform (reported around $100,000). A wheel-leg configuration is available for higher-efficiency field mobility.
Weight37 kg (unloaded)
Standing / Walking Load100 kg / 25 kg
Top SpeedApprox. 5 m/s
Endurance20 km / 5 h unloaded (12.5 km / 3 h fully loaded)
Optionally-manned 'mecha' that switches between bipedal and quadrupedal locomotion, built from high-strength alloy for heavy-duty civilian transport, with the pilot riding in a chest-mounted cockpit. Unitree markets it as the world's first production-ready manned mecha.
Unveiled May 12, 2026 and publicly re-shown at WAIC 2026 in Shanghai in July; availability so far appears limited to China, with no US/UK distributor reported.
Starting Price3.9M yuan (~$540K-$650K)
Height2.7-2.9 m
Weight~500 kg
LocomotionSwitches between bipedal and quadrupedal modes
What's Next
Ship Isaac GR00T H2+ in October
Deliver the Nvidia/Sharpa-co-developed H2+ Isaac GR00T reference humanoid starting October 2026 to anchor research customers including Allen AI, ETH Zürich, Stanford's Robotics Center and UC San Diego, then scale the platform into commercial customers. Re-verified as of August 2026: the October ship target stands with no status change since the June 1 COMPUTEX unveiling.
October 2026
Scale manufacturing capacity toward 20,000 humanoids in 2026
Near-term target is 20,000 humanoid robots shipped in 2026 (vs 5,500 in 2025) - a nearly 4x increase. Medium-term goal over five years is 75,000 humanoids and 115,000 quadrupeds annually (190,000 total). IPO proceeds are earmarked for a smart manufacturing base to replace the current manual/outsourced assembly model and achieve modular, flexible mass production at scale. H1 2026 shipments of roughly 5,900 units imply Unitree needs a sharp second-half acceleration to reach the 20,000-unit full-year target.
2026-2030
Complete the staggered Western commercial launch (Asia, North America)
Unitree opened commercial humanoid sales in Europe on July 22, 2026, becoming the first Chinese humanoid maker to sell commercially in Western markets, then extended commercial deployment into Asian logistics and manufacturing sites on August 5, 2026 as planned. The North American leg remains blocked: the FCC's July 28, 2026 addition of foreign advanced robotic devices to its Covered List requires a Department of War Conditional Approval before any new-model equipment authorization can be granted, and as of early September 2026 the Department of War had still granted zero Conditional Approvals to any foreign-made robotic device (re-verified, no change since late August), so the originally planned August 12 North American launch remains delayed with no revised date announced. Previously authorized Unitree models and existing US inventory remain legal to sell. On July 31, 2026, board secretary Fu Fenghua clarified in an online investor session tied to the Shanghai listing that Unitree's current lineup - the G1, H2, and R1 humanoids and the Go2, B2, and A2 quadrupeds - all secured FCC equipment authorization before the Covered List policy took effect and so remain legally sellable in the US from existing inventory; the gating effect falls only on new, not-yet-authorized models.
TBD - pending Department of War Conditional Approval
Broaden the embodied-AI product stack and navigate Pentagon listing, FCC Covered List, and the GUARD Act
Continue expanding from finished robots into embodied models, dexterous hands, robotic arms, sensors, and now the GD01 manned mecha unveiled in May 2026. In late July 2026 Unitree shipped UnifoLM-OmniA-0.3, a unified speech/vision/navigation/manipulation AI model aimed at home-care and wellness tasks, extending the software stack beyond industrial and research use toward household and elder-care applications. The Pentagon's June 8, 2026 Section 1260H listing restricts direct DoD contracting with Unitree from June 30, 2026 and indirect procurement from June 2027. On July 28, 2026 the FCC went further and added foreign humanoid and quadruped robots to its Covered List directly, ahead of the bipartisan GUARD Act (H.R. 9129, introduced June 3, 2026) that had proposed the same step through legislation - new Unitree equipment authorizations in the US now require a Department of War Conditional Approval, while domestic China and non-U.S. markets remain unaffected. A separate bill, the Blocking CCP Spy Tech Act of 2026 (S.4586, introduced by Sens. Rick Scott and Tom Cotton around May 20-21, 2026), also names Unitree among six Chinese tech firms for a national-security investigation that could feed further Covered List additions. As of early September 2026 Unitree had still issued no public legal challenge to any of these measures (re-verified; unlike Alibaba, which sued the Pentagon over its own 1260H listing), even as Beijing imposed broad retaliatory trade measures over the U.S. designations.
2026-2028
Track Record
1 of 1 announced date hit
Complete subscription and list on the Shanghai STAR Market
Target August 2026 · Resolved Aug 19, 2026
Unitree began trading on Shanghai's STAR Market on August 19, 2026 under ticker 688836, becoming the first Chinese humanoid-robot maker to list on a mainland exchange. The August 10 subscription window drew roughly 8,289x retail oversubscription, and shares opened 629% above the 150.80 yuan IPO price at 1,100 yuan (an opening market cap of about 445 billion yuan, ~$62-66 billion), before paring gains to trade roughly 500-540% higher (around 900-970 yuan) during the session - the largest first-day gain of any STAR Market listing so far in 2026.
Hit
Operations & Revenue
StatusOperational - Public since Aug 19, 2026 (STAR Market: 688836), Pentagon-listed, FCC-restricted in the US
Profitable in FY2025 with 1.71B yuan revenue and 600.1M yuan adjusted net profit (287.6M yuan statutory net profit; ~60.1-60.3% gross margin). Humanoids reached 51.5% of core revenue in 2025, with 5,500+ units sold globally at 32.4% market share, and cumulative humanoid production reached roughly 18,000 units by mid-August 2026. Q1 2026 revenue rose 68% YoY to RMB 422.8M but adj. profit fell 52% to RMB 40.3M as humanoid prices drop rapidly (average unit price fell from 593,400 yuan in 2023 to 167,600 yuan in 2025). Actual H1 2026 results, reported mid-August 2026, beat the prospectus's revenue guidance and landed within its profit-decline guidance: RMB 1.152B revenue (+48.54% YoY) and RMB 274M net profit attributable to parent (vs a RMB 32.02M loss in H1 2025), though non-recurring-adjusted net profit fell 19.34% YoY to RMB 244M as R&D spend rose 152% to RMB 136M and selling expenses (RMB 164M) already exceeded all of FY2025. Independently tracked H1 2026 global shipments (not prospectus figures) put Unitree at roughly 5,900 humanoid units (31% share), second behind AgiBot's ~8,400 units (44% share) as China's two leading humanoid makers together held about 75% of a market that grew 272% YoY. The STAR Market offering priced August 5-6, 2026 at 150.80 yuan/share (~61B yuan / ~$9.04B issuance market cap) and drew roughly 8,289x retail oversubscription during the August 10 subscription window; Unitree began trading August 19, 2026 under ticker 688836, becoming the first listed Chinese humanoid-robot maker, with shares opening 629% above the IPO price at 1,100 yuan (~445B yuan, ~$62-66B opening market cap) before paring gains to trade roughly 500-540% higher intraday. By August 24, 2026 the stock had retreated about 45% from that peak to close at 603.08 yuan, and the slide continued into September: on September 2, 2026 shares fell as much as 4.3% intraday to 546.51 yuan, more than 50% below the debut peak, amid renewed scrutiny of the Q1 profit decline, an 85.65% drop in operating cash flow, a humanoid-revenue mix still dominated by research/education customers (73.6% of 2025 humanoid revenue) over industrial deployment (9.01%), and founder Wang Xingxing's own public comments that humanoids are not yet efficient or generalizable enough for broad factory deployment. On June 8, 2026 the Pentagon named Unitree to its Section 1260H Chinese Military Companies list alongside Alibaba, Baidu, and BYD, creating uncertainty for U.S. government-affiliated research partnerships and DoD contracting starting June 30, 2026. On July 28, 2026 the FCC added foreign humanoid and quadruped robots to its Covered List, meaning new Unitree equipment now generally needs a Department of War Conditional Approval to be imported or sold in the US - a direct threat to the North American commercial launch Unitree had targeted for August 12, 2026; as of early September 2026 the Department of War had granted zero Conditional Approvals for any foreign-made robotic device.
Revenue Streams
Humanoid robot sales (G1, H1, H2, R1, GD01)
Humanoid platforms sold into research, education, developer, and early commercial use cases. In 2025, humanoids became 51.5% of Unitree's core revenue, with more than 70% of units sold into research and education. Since around April 2026, R1 has also sold globally via AliExpress into the US, Europe, Japan, and Singapore, broadening the direct-to-consumer channel outside China.
Quadruped robot sales (Go2, B2, A2 and variants)
Consumer and industrial quadrupeds remain a core business line for research, inspection, emergency response, and field operations. Unitree shipped more than 30,000 quadrupeds between 2022 and September 2025.
Robot components and developer hardware
Unitree also sells dexterous hands, robotic arms, LiDAR, joint modules, and other robot components, expanding beyond finished robots into a broader embodied-AI hardware stack.
Character/IP robot licensing (Yuxing Entertainment JV)
In November 2025 Unitree's wholly owned subsidiary Beijing Lingyi Technology formed a 50/50 joint venture, Yuxing Entertainment Technology, with Hong Kong-listed IP management firm Star Plus Legend Holdings (Star CM) to design, produce, and sell character-themed IP robots, including pet quadruped and performing humanoid variants. Unitree supplies robot hardware and technical R&D while Star CM handles IP licensing, celebrity partnerships, and content. The JV's first product, a Jay Chou-branded quadruped nicknamed the 'Superstar Dog,' debuted at the Shanghai Tourism Festival parade on September 13, 2025, then drew its first two commercial orders in early November 2025: distributor ADATA Technology for 1,000 units worth more than RMB 20 million, and Hong Kong-listed Cloud Factory for 5,000 units worth roughly RMB 100 million (about $15 million), a combined ~RMB 120 million. Still small next to Unitree's ~1.71 billion yuan of 2025 revenue, but no longer a purely nominal extension of the core hardware business.
Key Metrics
Employees
~480
Est. Annual Revenue
1.71B yuan ($250M) in FY2025; RMB 422.8M in Q1 2026 (+68% YoY, adj. net profit down 52% to RMB 40.3M). Actual H1 2026 results (reported mid-August 2026) came in above prospectus guidance: RMB 1.152B revenue (+48.54% YoY) and RMB 274M net profit attributable to parent, though non-recurring-adjusted net profit fell 19.34% YoY to RMB 244M as R&D and selling spend rose sharply - confirming the margin pressure flagged in Q1 continued through H1 even as top-line growth outperformed. Roughly 40% of revenue now comes from markets outside China, with sales split roughly 74% research/education/developer, 17% commercial venues, and 9% industrial
2025 Revenue
1.71B yuan ($250M), up from 392M yuan ($57M) in 2024
5,500+ delivered per Unitree's own STAR Market prospectus (32.4% claimed global market share by volume); independent analyst Omdia instead ranks rival AgiBot #1 for 2025 at 5,100+ units (~39% share) with Unitree second at roughly 4,200 units (~32%), a lower count Wang Xingxing has publicly disputed
Quadruped Robots Shipped
30,000+ (2022 to Sep 2025)
Q1 2026 Revenue
RMB 422.8M (+~68% YoY; see 'H1 2026 Results (Actual)' below for the full first-half figures)
Q1 2026 Adj. Net Profit
RMB 40.3M (-~52% YoY)
2026 Humanoid Shipment Target
~20,000 units (up from 5,500 in 2025)
H1 2026 Results (Actual)
Revenue RMB 1.152B, +48.54% YoY - above the RMB 1.052B-1.128B prospectus guidance range; net profit attributable to parent RMB 274M (vs a RMB 32.02M loss in H1 2025); non-recurring-adjusted net profit RMB 244M, -19.34% YoY (within the guided -6.4% to -22.0% range) as R&D spend rose 152% YoY to RMB 136M and selling expenses hit RMB 164M, already above all of FY2025's RMB 141M
H1 2026 Global Humanoid Shipments
~5,900 units (+170% YoY), ~31% global share - #2 behind AgiBot's ~8,400 units (44% share, +562% YoY); global humanoid shipments overall surged 272% YoY to 19,100 units, with Chinese vendors holding ~97% of shipments
STAR Market Trading Debut Valuation
Opened Aug 19, 2026 at 1,100 yuan/share (+629% vs the 150.80 yuan IPO price), an opening market cap of ~445B yuan (~$62-66B) - up sharply from the ~61B yuan (~$9.04B) issuance-price market cap - before paring gains to trade roughly 500-540% higher (~900-970 yuan) intraday
Cumulative Humanoid Robots Produced
~18,000 bionic bipedal humanoids produced to date (announced Aug 12, 2026), up sharply from 5,500 sold in all of 2025 as 2026 output accelerates
Post-IPO Share Price (Sep 2, 2026)
546.51 yuan/share intraday (down as much as 4.3% that session), extending the retreat to more than 50% below the Aug 19 debut's 1,100 yuan intraday peak - one of the steepest newcomer declines on the STAR Market - though still roughly 3.6x the 150.80 yuan IPO price
Timeline
2026Shanghai IPO filing follows first profitable year
Files for a Shanghai STAR Market IPO on March 20, 2026 after reporting 1.71 billion yuan in 2025 revenue, 600 million yuan in adjusted net profit, and 5,500 humanoid robots sold during the year.
2026Listing committee hearing set for June 1, Q1 profit drops 52%
The Shanghai Stock Exchange's Listing Review Committee schedules its 31st 2026 review meeting for June 1 to examine Unitree's STAR Market IPO application, only 73 days after acceptance. Disclosures ahead of the hearing show Q1 2026 revenue up roughly 68% YoY to RMB 422.8M, but adjusted net profit down about 52% YoY to RMB 40.3M as humanoid-robot price competition compresses margins.
2026STAR Market listing review approved on June 1
Shanghai's Listing Review Committee clears Unitree's STAR Market IPO on June 1, 2026 - only 73 days after acceptance - putting the company on track to be the first listed Chinese humanoid-robot maker, targeting RMB 4.2B (~$620M) at an initial market cap of about RMB 42B (~$6.2B).
2026Nvidia and Sharpa partner on Isaac GR00T H2+ humanoid
At COMPUTEX Taipei on June 1, 2026, Nvidia CEO Jensen Huang unveils the Isaac GR00T reference humanoid built on Unitree's H2 body, Sharpa's 25-DoF dexterous hands, and Nvidia's Blackwell-class compute and Isaac GR00T stack. The H2+ becomes available starting October 2026 with initial deliveries to Allen AI, ETH Zürich, Stanford and UC San Diego, positioning Unitree as Nvidia's reference humanoid hardware partner.
2026Pentagon designates Unitree a Chinese military company under Section 1260H
The U.S. Department of Defense's updated Section 1260H list published June 8, 2026 names Unitree Robotics among 188 companies said to support China's military-civil fusion strategy. The FY2024 NDAA prohibits direct DoD contracting with listed entities beginning June 30, 2026, with indirect procurement bans following a year later. Unitree's robots are widely used by U.S. universities and research labs - the designation creates immediate uncertainty for ongoing and future U.S. government-affiliated partnerships even as Unitree's STAR Market IPO advances.
2026Registration approved; STAR Market IPO cleared in record 104 days
On July 3, 2026 Unitree secured registration approval for its Shanghai STAR Market IPO - the final regulatory step before listing - clearing the process in a record 104 days. The company plans to raise about 4.2 billion yuan (roughly $618 million) by selling at least 40.4 million shares, a minimum 10% stake implying a valuation of around 42 billion yuan, with proceeds funding robot model development, robot-body research, new products and manufacturing capacity. A market debut could come as early as late July, making Unitree the first listed Chinese humanoid-robot maker.
2026Unveils GD01, a manned bipedal-quadrupedal 'mecha'
On May 12, 2026 Unitree unveils the GD01, a roughly 2.7-2.9 meter tall, ~500 kg optionally-manned machine built from high-strength alloy that switches between bipedal and quadrupedal locomotion, with the pilot riding in a chest-mounted cockpit. Unitree markets it as the world's first production-ready manned mecha for heavy-duty civilian transport use cases, publicly re-shown at WAIC 2026 in Shanghai in July, and prices it from 3.9 million yuan (roughly $540,000-$650,000 depending on exchange rate). Availability so far appears limited to China.
2026US lawmakers introduce the GUARD Act targeting Chinese robots
On June 3, 2026 Representatives Moolenaar, Obernolte, and McClellan introduce the bipartisan GUARD Act (Guarding the U.S. Against Adversarial Robotics Dominance Act, H.R. 9129), which would direct national-security agencies to review Chinese-made humanoid and quadruped robots and add those judged high-risk to the FCC's Covered List - a broader restriction than the Pentagon's Section 1260H listing because it could reach commercial U.S. sales and imports, not just government contracting. Committee materials cite Unitree specifically, following a May 2025 House Select Committee on the CCP letter urging FCC, Commerce, and DoD scrutiny of the company. As of late July 2026 Unitree had not filed a legal challenge, unlike Alibaba, which sued the Pentagon over its own 1260H listing.
2026Unveils UnifoLM-OmniA-0.3, an AI model for home-care and wellness tasks
In late July 2026 Unitree introduced UnifoLM-OmniA-0.3, a unified AI model combining speech, vision, navigation, reasoning, and physical manipulation into a single control system, so a humanoid can handle open-ended home-care and wellness tasks - placing a cushion, sorting laundry, loading a dishwasher, retrieving a requested medication package, and adjusting a hospital-style bed - without task-specific reprogramming. The release extends Unitree's embodied-AI software stack, following the open-sourced UnifoLM-WMA-0 world-model-action architecture, beyond industrial and research use cases toward household, elder-care, and daily-living applications as generalization and reliability mature.
2026FCC adds foreign humanoid and quadruped robots to Covered List
On July 28, 2026 the FCC added foreign-produced 'advanced robotic devices' - mobile humanoids, quadrupeds, and autonomous mobile robots over 4.4 lb with sensing, networking, and control software - to its Covered List alongside foreign-made grid-connected power inverters, citing national-security and supply-chain risk. New models from listed makers generally cannot receive the FCC equipment authorization required to import, advertise, or sell in the US unless the Department of War grants a Conditional Approval; previously authorized robots and federal government use are exempt. The order is formally country-neutral but is widely reported as targeting Chinese makers, principally Unitree, which had opened commercial sales in Europe on July 22 and was targeting North American launch for August 12.
2026IPO issuance process launches: subscription set for August 10
On July 31, 2026 Unitree formally launches its STAR Market IPO issuance process. Institutional pricing inquiries run August 5, the offer price is set August 6, offline and online subscriptions open simultaneously August 10, and payment is due August 12, with CITIC Securities as sponsor and lead underwriter - the concrete pricing and trading calendar that had been outstanding since registration cleared on July 3.
2026STAR Market IPO priced at 150.80 yuan/share, ~$904M raise
Unitree's STAR Market offering is priced at 150.80 yuan per share on August 5-6, 2026, above earlier estimates and implying proceeds of roughly 6.1 billion yuan (~$904M) - more than the ~$623M initially targeted. An online roadshow follows August 7 ahead of subscriptions opening August 10.
2026AgiBot overtakes Unitree as top global humanoid vendor in H1 2026
Independent tracking (widely reported around August 10-11, 2026) shows global humanoid robot shipments surged 272% YoY to 19,100 units in H1 2026, with rival AgiBot taking the #1 spot at roughly 8,400 units (44% share, +562% YoY) and Unitree falling to #2 at roughly 5,900 units (31% share, +170% YoY). The two Chinese vendors together held about 75% of global shipments, with Chinese makers overall accounting for roughly 97% - extending into 2026 the AgiBot-vs-Unitree sales-ranking dispute that first emerged over 2025 figures.
DeepSeek's parent, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co, joins Unitree's STAR Market IPO as a strategic placement investor, allocated 933,400 shares (about 141 million yuan, ~$20.8M, under a three-year lock-up) alongside Tencent, China National Petroleum, China Southern Power Grid, China Telecom, CITIC Securities, and the National Council for Social Security Fund. Beyond the investment, the two companies agree to co-develop AI models and embodied-intelligence technology and give each other priority access to robot procurement and AI model services.
2026Unveils record-setting Superman humanoid days before trading debut
On August 17, 2026 Unitree unveiled a new humanoid prototype nicknamed Superman, built in just over three months, which the company says reached a top speed of 12.66 m/s and a 2-meter standing jump from 0.85-meter-long legs, by its own unverified measurement edging past Usain Bolt's peak sprint speed of about 12.42 m/s. Unitree also showed the As2W, a wheeled-leg quadruped carrying up to 16 kg at up to 6 m/s, days ahead of its planned STAR Market trading debut.
2026Begins trading on Shanghai STAR Market, shares surge 629%
Unitree begins trading on Shanghai's STAR Market on August 19, 2026 under ticker 688836, becoming the first Chinese humanoid-robot maker to list on a mainland exchange. Shares open 629% above the 150.80 yuan IPO price at 1,100 yuan, an opening market capitalization of about 445 billion yuan (~$62-66 billion) on par with Apple supplier Luxshare Precision, before paring gains to trade roughly 500-540% higher (around 900-970 yuan) during the session - the largest first-day gain of any STAR Market listing so far in 2026.
2026H1 results beat guidance; stock slumps 45% from debut peak
Unitree's actual H1 2026 results, reported mid-August 2026, show revenue of RMB 1.152 billion (+48.54% YoY, above the prospectus's guided range) and net profit attributable to parent of RMB 274 million (versus a RMB 32.02 million loss in H1 2025), though non-recurring-adjusted net profit fell 19.34% YoY to RMB 244 million as R&D spend rose 152% to RMB 136 million. Around the same time, at the World Robot Conference, founder Wang Xingxing said humanoids are not yet efficient or generalizable enough for broad factory deployment and predicted the industry's 'ChatGPT moment' is 2-10 years away. The stock, which had opened 629% above its IPO price on August 19, retreated roughly 45% from that intraday peak to close at 603.08 yuan on August 24 (still about 4x the 150.80 yuan IPO price), wiping out more than 200 billion yuan of market value amid bubble-risk debate over China's humanoid-robot valuations.
2026Shares extend slide to more than 50% below debut peak
On September 2, 2026 Unitree shares fell as much as 4.3% to 546.51 yuan, extending the post-IPO retreat to more than 50% below the 1,100 yuan intraday high hit on the August 19 trading debut - one of the steepest newcomer declines on Shanghai's STAR Market. Coverage tied the extended slide to the same concerns flagged after the initial 45% pullback: Q1 2026 adjusted net profit down 52.55% year over year, operating cash flow down 85.65%, and a humanoid-robot revenue mix still dominated by research and education customers (73.6% of 2025 humanoid revenue) rather than industrial deployment (9.01%), feeding debate over whether China's humanoid-robotics valuations have outrun near-term commercial reality.
2025R1 and H2 launch as humanoid scale accelerates
Unitree stages 16 H1 robots at China's Spring Festival Gala, hosts a G1 humanoid robot combat event, launches the low-cost R1 humanoid, unveils the H2 full-size platform, and becomes the world's top humanoid seller by volume in 2025.
2025Forms IP-robot joint venture with Star CM (Yuxing Entertainment)
Unitree's subsidiary Beijing Lingyi Technology and Hong Kong-listed Star Plus Legend Holdings (Star CM) announce a 50/50 joint venture, Yuxing Entertainment Technology, to develop and sell consumer-grade character/IP-themed pet quadruped and performing humanoid robots, pairing Unitree's robot hardware with Star CM's celebrity IP licensing and content.
2024G1 launches at a breakout price point
Introduces the G1 humanoid platform, bringing Unitree's low-cost playbook to humanoids with a starting price that undercuts most competitors and targets developers, research institutions, and education customers.
2023Go2, B2, and H1 expand the lineup
Launches the Go2 consumer quadruped, B2 industrial quadruped, and the first universal humanoid robot H1, broadening Unitree from low-cost quadrupeds into higher-end industrial and humanoid systems.
2021Go1 quadruped launches at $2,700
Launches the Go1 quadruped robot at $2,700, making dynamic legged robots accessible to researchers, developers, and hobbyists worldwide.
2016Founded in Hangzhou
Wang Xingxing founds Unitree Robotics in Hangzhou, China, with a mission to make high-performance legged robots affordable and accessible.
Funding
Cumulative disclosed raise · dated rounds
Round
Date
Amount
Investors
Source
Series A
2018
Undisclosed
Sequoia Capital China
Series B
2021
Undisclosed
Shunwei Capital, Sequoia Capital China
Series B2
February 2024
~$139M (nearly 1 billion yuan)
Meituan (lead), Source Code Capital, CITIC Securities (Goldstone), Shenzhen Capital Group, China Internet Investment Fund, Winreal Investment, Dunhong Capital Management
Series C
June 2025
Undisclosed (valuation ~12B yuan / ~$1.7B)
China Mobile fund, Tencent, Alibaba, Ant Group, Geely Capital, HongShan Capital (formerly Sequoia China), Jinqiu Capital
STAR Market IPO (listed)
August 2026
Priced at 150.80 yuan/share for ~6.1B yuan (~$904M) raised; began trading Aug 19, 2026, opening 629% higher at 1,100 yuan/share (~445B yuan, ~$62-66B opening market cap) before paring gains to trade roughly 500-540% higher intraday
Public markets (Shanghai STAR Market, ticker 688836); strategic placement investors include DeepSeek (933,400 shares, ~141M yuan / ~$20.8M), Tencent, China National Petroleum, China Southern Power Grid, China Telecom, CITIC Securities, and the National Council for Social Security Fund
