Unitree’s $66 Billion Debut Tests China’s Robot Boom

Unitree’s $66 Billion Debut Tests China’s Robot Boom
Unitree’s first day on Shanghai’s STAR Market delivered the kind of spectacle its dancing humanoids were built for. The harder question is whether a $66 billion valuation can keep pace with the still-unproven economics of humanoid robots.

The Hangzhou-based company surged as much as 629% after public trading began Wednesday, a stark signal of investor confidence in China’s technological push. By the close, shares were up more than 460%, after Unitree raised roughly $900 million at a pre-listing valuation of $9 billion.

That leap put Unitree ahead of larger Chinese names including Baidu and JD.com, and above Figure AI’s $39 billion valuation from a September 2025 funding round. The company reported 1.7 billion yuan ($252 million) in 2025 revenue and 600 million yuan ($89 million) in profit, with nearly 45% of sales coming from overseas markets. Most of its robots, however, are still sold for research rather than broad commercial deployment.

The bullish case rests on speed. Backers including DeepSeek, Alibaba, Ant Group, Tencent and state-linked funds have helped turn the 2016 startup into a national robotics champion. Nomura said its “rapid product iteration and continuous innovation” underpin a “first-mover advantage.” Days before listing, Unitree unveiled its “Superman” robot, claiming it could beat human records in jumping and running.

Sceptics see a market getting ahead of the machines. HSBC analysts warned that rising shipments could be “illusionary” without major gains in AI-model capability, arguing the upcycle may not last beyond one to two years.

The timing also sharpens Unitree’s overseas risk. A late-July U.S. ban on foreign-made robots threatens a market that supplied 18% of its 2025 revenue, while the Pentagon has listed the company as a Chinese military company. The debut proved investor appetite; turning that excitement into durable global demand is the next test.

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