Unitree Soars Up to 629% in China Humanoid Robot IPO Frenzy

Chinese investors piled into humanoid robotics with a ferocity rarely seen in mainland IPOs. Shares of Unitree, the Hangzhou-based company known for its backflipping G1 humanoid, surged as much as 629% in its Wednesday debut before closing at 845 yuan ($125), a 460% gain from the IPO price.

The company raised 6.1 billion yuan ($904 million) in what underwriters called mainland China's first major IPO from a humanoid robotics pure play. At the closing price, Unitree carried a market capitalization of roughly $50 billion – a multiple of about 219 times its 2025 earnings, based on the $41 million net profit it reported in its IPO filings on $252 million in revenue last year.

The Chinese government has designated humanoid robotics as a strategic priority, and local firms have moved fast. Chinese companies accounted for about 97% of global humanoid robot shipments in the first half of 2026, according to Smart Analytics Global. Unitree alone held roughly 31% of that market.

Trace Cohen, cofounder of U.S. venture capital firm Six Point Ventures, wrote in a note earlier this month that Unitree's valuation already reflected considerable optimism. "Growth from a tiny base is easy," he wrote, pointing to the challenge of converting rising robot shipments into durable commercial demand.