Unitree Robotics' IPO Marks Milestone for Humanoid Industry, But Challenges Remain

Unitree Robotics made a dramatic debut on Shanghai’s STAR Market this week, with its shares closing 460% higher on the first day. The company raised approximately $905 million in its initial public offering, becoming the first major legged robotics firm to go public. Founded in 2016, the Hangzhou-based company has gained recognition for its affordable quadruped and humanoid robots, which are widely used in research labs worldwide.

## Unitree's Humanoid Robots: Research Success, But Industrial Challenges

Unitree’s humanoid robots, such as the G1, have captured public attention with their ability to dance, perform martial arts, and execute backflips. The company’s latest creation, dubbed 'Superman,' can achieve a standing jump of over 6 feet and reach speeds of up to 27.9 mph. Despite these advancements, Unitree’s robots have yet to prove their durability in industrial environments.

The company’s sales have surged, from just five humanoids in 2023 to 5,215 in 2025, making it a global leader in humanoid robot sales. However, around 70% of these sales were to universities and research institutions, raising questions about their commercial viability.

Gavin Kenneally, CEO of Ghost Robotics, noted that while Unitree’s sales volume is impressive, fewer than 10% of its robots are deployed commercially. He emphasized the need for Unitree to demonstrate that its robots can operate safely and reliably in demanding real-world conditions.

Adding to these challenges, the U.S. Federal Communications Commission (FCC) recently restricted imports of certain mobile robots, including humanoids and quadrupeds. This ban could hinder Unitree’s ability to sell future models in the U.S. market.

Nicolaus Radford, CEO of Persona AI, echoed these concerns, stating that Unitree has yet to prove operational durability, repeat business, or a scalable use case. He also highlighted the uncertainty surrounding future U.S. sales due to the FCC restrictions.

## Unitree’s IPO: A Path for Other Humanoid Companies?

Unitree Robotics is not the first humanoid developer to go public. In 2023, UBTech, a Shenzhen-based company, listed on the Hong Kong stock exchange. However, UBTech’s performance has not matched Unitree’s momentum.

| Company | 2025 Profit/Loss (USD) | 2025 Humanoid Sales | Revenue Sources | |----------|------------------------|---------------------|-----------------| | Unitree | $41 million profit | 5,215 | Robots only | | UBTech | $104 million loss | 1,079 | Robots, lawn mowers, pool cleaners, vacuums |

Unitree’s profitability contrasts sharply with UBTech’s losses, and its focus on robotics alone sets it apart from UBTech’s diversified revenue streams.

In the U.S., Agility Robotics, the developer of the Digit humanoid, is reportedly planning to go public via a special purpose acquisition company (SPAC). The deal, valued at $2.5 billion, has seen a boost in stock prices following Unitree’s IPO. However, SPACs have proven challenging for many robotics companies, with several struggling financially after going public in 2021.

Other major U.S. humanoid developers, such as Boston Dynamics (owned by Hyundai) and Figure AI, have not disclosed any plans for public offerings. The success of Unitree’s IPO may pave the way for more companies to follow, but significant hurdles remain in proving the industrial viability of humanoid robots.