Unitree Robotics priced its Shanghai STAR Market listing at 150.80 yuan per share, selling 40.4 million shares for about 6.1 billion yuan, roughly $904 million, at a valuation near 61 billion yuan or about $9 billion, per CNBC. The retail tranche was more than 8,000 times oversubscribed, per Yahoo Finance. Revenue grew from 159 million yuan in 2023 to 1.699 billion yuan in 2025, a compound rate near 227%. It becomes the first mainland-listed humanoid robot manufacturer.
The 8,000 times figure is the one to hold, because Chinese retail allocations are structurally small and routinely oversubscribed, so the number overstates enthusiasm in absolute terms while still being extraordinary. Paired with 227% revenue growth off a small base, it prices Unitree as a national champion rather than a hardware manufacturer. At about $9 billion on 1.7 billion yuan of 2025 revenue, roughly 240 million dollars, the multiple only works if humanoids move from viral demonstrations into industrial deployment at volume.
The timing is what makes this worth watching. Two weeks ago the FCC banned imports of Chinese humanoid and quadruped robots on national-security grounds, closing the US market to exactly this company. Days later DeepSeek took a strategic-placement position in this IPO and signed a joint development agreement to build the model layer for Unitree's machines. A company shut out of the United States just raised nearly a billion dollars domestically, with the country's leading AI lab on its cap table. The capital and the model partner are both arriving from inside the wall the US just built.
Bottom Line
Being locked out of the US market did nothing to slow the raise. Watch whether Unitree converts this capital into industrial deployment volume, because the multiple assumes humanoids become a shipped product rather than a demo.