Unitree Robotics Files for $610M IPO Amid Humanoid Sales Surge

Hangzhou-based Unitree Robotics, the world’s leading seller of humanoid robots, has filed for an initial public offering on the Shanghai Stock Exchange. The company, which seeks to raise 4.2 billion yuan ($610 million), plans to utilize the capital to bolster its research and development initiatives and expand its manufacturing capacity. The filing marks a significant milestone for the robotics industry as investors evaluate the commercial viability of humanoid technology.

A Path to Profitability

Unlike many of its competitors, Unitree has successfully transitioned into a profitable enterprise. In 2025, the company reported an adjusted net profit of 600 million yuan ($90 million), representing a 674.3% increase over the previous year. Revenue also saw dramatic growth, climbing to 1.71 billion yuan ($250 million) in 2025 from 392 million yuan ($57 million) in 2024.
This financial success comes as the company shifts its focus toward mass-market adoption. While Unitree previously relied heavily on international markets, with export income accounting for over 55% of total revenue between 2022 and 2024, domestic revenue surpassed foreign sales in 2025.

Scaling Production and Reducing Costs

Unitree’s business model relies on a mix of humanoid and quadrupedal robots. While the company shipped more than 30,000 dog-like quadruped robots between 2022 and September 2025, humanoids have become an increasingly vital part of the portfolio. In 2025, humanoids accounted for 51.5% of core revenue, a sharp rise from 1.9% in 2023. Most of these units are currently utilized for research and educational purposes.
To facilitate wider adoption, Unitree has aggressively reduced its pricing. The average price of its humanoid robots dropped from approximately 593,400 yuan ($85,000) in 2023 to 167,600 yuan ($25,000) in 2025. Despite these price cuts, the company maintained a gross margin of nearly 60%, a feat attributed to its internal development and manufacturing of core components.

Future Ambitions and Market Risks

Unitree currently holds roughly one-third of the global market share for humanoid robots. Looking ahead, the company has set an ambitious target to produce 75,000 humanoid robots and 115,000 quadruped robots annually within the next five years. To support this, 175 of the company’s 480 employees are dedicated to research and development.
However, the company remains cautious regarding external dependencies. Its prospectus highlights concerns over geopolitical tensions and trade policies affecting raw materials, which currently comprise about 20% of its supply chain. Furthermore, the company’s humanoid robots remain heavily reliant on Nvidia’s chips and systems to power their computing capabilities. As the industry faces potential consolidation, Unitree’s IPO will serve as a critical test of investor confidence in the future of physical artificial intelligence.