Unitree Robotics, China’s best-known humanoid robot maker, raised $900 million in its IPO on Shanghai’s STAR market, valuing the company at about $9 billion and making it the first humanoid robot maker to list on the mainland. Retail demand was historic, with the online tranche oversubscribed more than 5,000 times and a historically low lot-winning rate of 0.018%. Skeptics point out that nearly three-quarters of humanoid revenue came from research and education in the first nine months of 2025, and that the technology still lacks the precision and durability for large-scale commercial adoption. First-quarter adjusted profit fell more than 52% despite revenue more than quadrupling last year, as spending on R&D and marketing rose. According to Wood Mackenzie, the global humanoid robot fleet is expected to grow more than 90% annually through 2035 to surpass 10 million units, with China already accounting for over 70% of global industrial robot installations.
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