Unitree Technology’s planned public offering has put a sharp valuation marker on one of China’s fastest-growing robotics companies, taking the maker of quadruped and humanoid robots from an implied 13.33 million yuan valuation in its 2016 angel round to about 61 billion yuan at an offer price of 150.80 yuan per share.
The increase represents roughly 17,900 times growth over nine years, based on the figures in Unitree’s financing and listing disclosures. An offshore pre-market indication of 590 yuan per share, if sustained, would imply a market capitalization of approximately 238.7 billion yuan. Such quotes are unofficial and can move sharply before regular trading establishes a public-market price.
Founder Wang Xingxing held a directly and indirectly controlled stake of 33.36% at the time referenced in the offering materials. That position was valued at roughly 20 billion yuan using a company valuation above 60 billion yuan. Following the share issuance, Wang’s ownership was calculated at 30.02%; at the 238.7 billion yuan implied value, the stake would be worth about 71.7 billion yuan.
Offering draws heavy retail demand
Unitree sold 40.4 million shares in the offering, raising about 6.1 billion yuan at the 150.80 yuan issue price. Individual buyers submitted about 9.8 million orders, according to the supplied offering figures, producing a reported retail oversubscription multiple of 5,526 times.
The company’s application for China’s science-and-technology board was accepted on March 20 and passed review on June 1, completing the review process in 73 days. The offering was priced on Aug. 6, with subscriptions opening on Aug. 10.
DeepSeek received a strategic allocation of roughly 933,390 shares valued at about 140.76 million yuan at the issue price. The allocation carries a 36-month lockup, tying a portion of the AI company’s exposure to Unitree’s longer-term commercial performance rather than early trading activity.
State-linked capital also became part of Unitree’s shareholder base before the offering. A capital increase completed on Jan. 31, 2024 raised about 600.34 million yuan, followed by a further 284.71 million yuan round on Aug. 31. The latter included the Beijing Robot Industry Development Fund and Zhongguancun Science City, marking the first direct entry of state-backed capital cited in the company’s financing history.
The participation of groups such as China National Petroleum and China Telecom as early buyers points to interest in robotics as industrial infrastructure, particularly for inspection, automation, data collection, and physical AI applications. It does not, by itself, establish that capital is leaving cryptocurrency markets or that token demand will decline. The financing is better read as evidence that China’s public and state-backed capital markets are prepared to place high valuations on commercially scaling robotics manufacturers.
From a low-cost robot dog to a multibillion-yuan company
Unitree’s rise began with Wang’s work on XDog, an early quadruped robot he developed during graduate study with funding of about 10,000 to 20,000 yuan. The platform reportedly cost less than 20,000 yuan to build.
Its design used direct-drive electric motors, including a self-designed outer-rotor brushless motor, rather than the hydraulic systems common in earlier advanced quadruped robots. Wang publicly discussed the electric-drive approach in 2015. The supplied account places that work about a year before Boston Dynamics began shifting more visibly toward electric-drive systems in its own quadruped development.
Wang later founded Unitree, and the company introduced its first commercial quadruped, Laikago, in September 2017. Laikago was intended as a product for paying customers rather than a laboratory demonstration, a distinction that shaped Unitree’s later strategy of selling lower-cost, production-oriented robots.
The company’s early financial position was far less secure than its current valuation suggests. By the time Laikago launched, Unitree was about a year old and had reportedly spent more than half of the cash it had previously held.
Wang gained broader public attention at a small gathering outside the December 2017 Wuzhen Internet Conference. He demonstrated Laikago at an informal “afternoon tea” event after being unable to access the main conference venue. The robot stalled while attempting to cross a threshold and needed to be restarted, an awkward moment that also showed how early the company’s hardware was at the time.
Early backers see large paper gains
Unitree’s first external financing came in November 2016, when Yin Fangming invested 2 million yuan for 15% of the company. That transaction implied a post-money valuation of 13.33 million yuan.
Yin later transferred part of his equity to Shenzhen Anchuang Technology in April 2018 for 1.3105 million yuan and transferred remaining registered capital to Tianjin Junwan Hongyi in August 2020. After tracing the ownership structure cited in the supplied materials, Yin retained an estimated 16.62% economic interest through Junwan Hongyi.
Junwan Hongyi was listed as Unitree’s 10th-largest shareholder with about 11.17 million shares. At the 150.80 yuan issue price, that block would be valued at about 1.684 billion yuan, with Yin’s corresponding portion estimated at about 280 million yuan.
Other early institutional participants included Dexun Investment, which acquired 4% for 4 million yuan in July 2019, as well as Sequoia-related capital, Vertex, Chuxin Capital, and Shunwei Capital. Shunwei led Unitree’s Series A round in July 2021 and continued into the Series B financing.
Humanoid robots become the main revenue engine
Unitree’s valuation has increasingly been tied to humanoid robots rather than its original robot-dog business. Company disclosures for 2025 put main business revenue at about 1.676 billion yuan, with domestic sales accounting for 56.35% of the total.
Humanoid robot revenue reached approximately 868 million yuan in 2025, according to those disclosures, while humanoid-only shipments exceeded 5,500 units. Those figures place humanoids at more than half of Unitree’s reported main business revenue, suggesting the company has moved beyond demonstrations and small pilot orders into a more material hardware sales cycle.
The brand gained mass-market visibility during the 2025 CCTV Spring Festival Gala, where 16 H1 humanoid robots appeared in the program “Yang BOT.” The supplied account said related online discussion reached 3.2 billion mentions. Unitree returned to the gala on Feb. 16, 2026, with 25 robots performing alongside students from the Henan Tagou Martial Arts School.
Unitree’s offering gives public-market traders a direct way to assess whether those highly visible performances can translate into recurring revenue, reliable manufacturing margins, and durable industrial demand. Its pricing also sets a demanding benchmark: the company now carries a valuation typically reserved for hardware businesses expected to turn technical visibility into sustained commercial scale.
Interested in explosive tech-driven growth stories like Unitree? Learn how to leverage AI copy trading to potentially amplify your investment strategies.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
