Unitree Robotics
Wang Xingxing
Summary
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). 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 — and plans to raise about 4.2 billion yuan (~$618 million) at an initial valuation near 42 billion yuan (~$6 billion), with a debut possible as early as late July that would make it the first listed Chinese humanoid-robot maker. 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 has created headwinds for Unitree's U.S. research and government-affiliated customers.
Main Products
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.
What's Next
Price and trade the Shanghai STAR Market IPO
The Shanghai listing review was approved June 1, 2026 and CSRC registration approval followed on July 2–3, 2026 — the final regulatory clearance, completed in a record ~104 days. As of July 8, 2026 the issuance has not yet priced or begun trading: the underwriting/issuance plan goes to the Shanghai Stock Exchange before pricing, with online subscription expected mid-to-late July and a market debut possible as early as late July or early August 2026, which would make Unitree the first listed Chinese humanoid-robot maker. The targeted ~4.2 billion yuan raise (at least ~40.4M shares, ~10% stake, implying a ~RMB 42B / ~$6B valuation) is earmarked for robot model R&D, robot-body R&D, new product development, and a manufacturing base build-out.
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. As of late June 2026 the October ship target stands with no status change since the June 1 COMPUTEX unveiling.
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.
Broaden the embodied-AI product stack and navigate Pentagon listing
Continue expanding from finished robots into embodied models, dexterous hands, robotic arms, and sensors. 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, creating near-term uncertainty for U.S. government-affiliated research labs (the majority of the current U.S. humanoid buyer base) while domestic China and non-U.S. government markets remain unaffected. As of late June 2026 Unitree had issued no public legal challenge to the listing, even as Beijing imposed broad retaliatory trade measures over the U.S. designations.
Operations & Revenue
Profitable in FY2025 with 1.71B yuan revenue and ~590–600M yuan adjusted net profit (60.1% gross margin). Humanoids reached 51.5% of core revenue in 2025, with 5,500+ units sold globally at 32.4% market share. Q1 2026 shows revenue up 68% YoY to RMB 422.8M but adj. profit down 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); the prospectus guides H1 2026 to RMB 1.05–1.13B revenue and RMB 236–283M adjusted net profit, a sequential margin recovery from the Q1 trough. The STAR Market listing review was approved June 1, 2026 and CSRC registration approval followed on July 2–3, 2026 — clearing the full review in a record ~104 days and putting Unitree on track to be China's first listed humanoid-robot maker — though as of July 8, 2026 the issuance has not yet priced or begun trading, with online subscription expected mid-to-late July and a market debut possible as early as late July or early August 2026. Separately, 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.
Revenue Streams
Humanoid robot sales (G1, H1, H2, R1)
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.
Key Metrics
Employees
~480
Est. Annual Revenue
1.71B yuan ($250M) in FY2025; RMB 422.8M in Q1 2026 (+68% YoY), with adj. net profit compressed to RMB 40.3M (-52%) as humanoid pricing pressure intensifies. The STAR Market prospectus guides H1 2026 revenue to RMB 1.05–1.13B (+35.6% to +45.4% YoY) and adjusted net profit to RMB 236–283M (-22.0% to -6.4% YoY), signaling a sequential margin recovery from Q1's trough
Timeline
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.
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).
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.
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.
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.