Unitree prices $904M Shanghai IPO as China’s first listed humanoid robot maker

Chinese humanoid robot maker Yushu Technology, known as Unitree, priced its Shanghai STAR Market initial public offering at 150.8 yuan ($22.34) per share on Thursday, seeking to raise 6.1 billion yuan ($903.86 million) in a deal that makes it China's first mainland-listed maker of humanoid robots.reuters+1

The offering of 40.45 million new shares, representing 10% of the company's enlarged share capital, values Unitree at approximately 61 billion yuan ($9 billion). Shares will be available for online subscription on August 10, with investor payments due August 12.finimize+1

DeepSeek Takes a Strategic Stake

In a notable development disclosed alongside the pricing, Chinese AI startup DeepSeek invested 140.8 million yuan ($20.8 million) in the IPO, receiving 933,399 shares through a strategic placement, according to Reuters. The two Hangzhou-based companies agreed to jointly develop AI models for humanoid machines, combining DeepSeek's expertise in large language models with Unitree's mechanical engineering and motion control capabilities.reuters

Under the agreement, Unitree will give preference to DeepSeek when procuring model-training services, while DeepSeek will favor Unitree when purchasing robots or exploring embodied-AI applications. The partnership targets a central challenge for the industry: building a robot "brain" capable of understanding unfamiliar surroundings and translating instructions into physical actions.reuters

Rich Valuation Reflects Growth and Risk

The IPO carries a price-to-earnings ratio of 219.23 times, far above the industry average of 38.56 times, according to the company's filing. CITIC Securities, which is sponsoring the deal, estimated a post-listing valuation of 50.6 billion to 55.9 billion yuan within six to 12 months, roughly 20 times expected annual sales.chinadaily+1

Unitree's prospectus shows 2025 revenue more than quadrupled to 1.7 billion yuan, with humanoid robot sales of 867.8 million yuan surpassing its four-legged robots for the first time. The company shipped more than 5,500 humanoid robots in 2025, ranking first globally.globaltimes+1

US-China Tensions Loom

The listing comes amid escalating technology rivalry between Washington and Beijing. The United States recently added foreign-made advanced robots to its Covered List, restricting equipment authorizations for U.S. sales, and in June placed Unitree on a list of companies it believes are aiding China's military. Unitree disclosed that U.S. sales accounted for 13.3% of last year's revenue and flagged risks including tariffs, procurement limits, and export controls.investing+1

Beijing has designated humanoid robotics a strategic priority, and Unitree's listing is expected to set a benchmark for a wave of similar IPOs, with rivals including EngineAI filing for a Hong Kong listing.thenextweb