Unitree Robotics wins CSRC IPO approval; Shanghai STAR listing targets late July at ~$620M raise

China's humanoid robot manufacturer Unitree Robotics received final IPO registration approval from the China Securities Regulatory Commission (CSRC) on July 2, 2026, clearing all regulatory hurdles for a Shanghai Stock Exchange STAR Market listing. The company plans to offer at least 40.45 million shares aiming to raise approximately 4.2 billion yuan (~$620 million), with the public offering and pricing process commencing immediately and a potential debut as early as late July 2026. The IPO came just 104 days after Unitree's application acceptance on March 20—the fastest review on China's STAR Market under the pre-review mechanism. Unitree's valuation is implied at ~42 billion yuan (~$6.2 billion) based on the share offering structure.

Unitree is the world's top-shipping humanoid robot maker, with 5,500+ humanoid robots shipped in 2025 (32.4% global market share per prospectus data) and over 30,000 quadruped units since 2022. Profitability is the standout metric: the company reported 2025 revenue of 1.71 billion yuan (up 335% YoY) with an adjusted profit of ~600 million yuan and a rare 60.27% gross margin on hardware—making Unitree one of the few profitable robotics players in the world. Domestic revenue now exceeds export sales, flipping from 2024 when exports dominated. The company partners with Nvidia on the Isaac GR00T humanoid reference platform.

For infrastructure investors: Unitree's listing tests whether public markets will support valuations (~$6B) for early-stage robotics firms with narrow audit trails (only two profitable years). The IPO signals capital confidence in embodied AI and humanoid hardware scaling. Watch the listing's post-IPO valuation anchor, as it will benchmark valuations for China's ~150 other robotics startups and influence global robotics funding rounds this year. Proceeds target R&D on robot 'brains' (embodied AI), new product lines, and manufacturing capacity expansion.