#UnitreeIPOPrice150.80Yuan Unitree IPO Price 150.80 Yuan
Unitree Robotics priced its IPO at 150.80 yuan per share on August 6 2026. The company listed on the Shanghai STAR Market, raised 6.8 billion yuan, and closed day one at 178.20 yuan. That was an 18.2 percent gain with 84.6 million shares traded.
This is the first major IPO for a humanoid robotics company that is shipping at real volume. I have been tracking Unitree since 2023 because they are one of the few firms actually putting humanoids into factories instead of just demos. The 150.80 yuan price and the market reaction tell us a lot about how investors are valuing physical AI in 2026.
Here is the full breakdown.
Company overview
Unitree was founded in 2016 in Hangzhou. It started with quadruped robots for research and inspection. In 2023 it launched humanoids and that is now the growth engine.
Current products
G1 Humanoid. 1.32 meters, 35kg, 3kg payload. Price 99,000 yuan. Used for parts handling, machine tending, and inspection in factories.
H1 Humanoid. 1.8 meters, 47kg, 5kg payload. Used in logistics and warehousing.
B2 and Go2 quadrupeds. Still sold for field inspection and research.
As of June 30 2026 Unitree reported cumulative shipments of 12,400 humanoid units and 41,200 quadruped units. Customers are in automotive, 3C electronics, warehousing, and universities.
Revenue mix
Hardware 65 percent
Software and platform 20 percent
Services 15 percent
The main pitch is cost. At 99,000 yuan the G1 is roughly one third the price of comparable western humanoids. That makes it feasible for mid sized factories to deploy at scale.
IPO terms
Offer price 150.80 yuan per share
Shares offered 45.1 million
Gross proceeds 6.8 billion yuan, about 940 million dollars
Post IPO shares 450.2 million
Valuation at offer 67.8 billion yuan, about 9.4 billion dollars
First day close 178.20 yuan
Valuation at close 80.1 billion yuan, about 11.1 billion dollars
Day one volume 84.6 million shares
The offering was 14 times oversubscribed. Cornerstone investors included two state funds, one major auto OEM, and one cloud company. Insider lockup is 12 months.
Use of proceeds
40 percent for new factory capacity in Hangzhou. Target 100,000 humanoid units per year by 2028.
30 percent for R and D on actuators, batteries, and onboard AI.
20 percent for international expansion in US, Europe, and Southeast Asia.
10 percent for working capital.
Financials for 12 months ended March 31 2026
Revenue 3.42 billion yuan, up 112 percent year over year
Gross margin 38.4 percent
Operating loss 420 million yuan
Net loss 380 million yuan
R and D 680 million yuan, 19.9 percent of revenue
Free cash flow negative 310 million yuan
Guidance
2026 revenue 6.1 billion yuan
2027 revenue 10.8 billion yuan
Operating breakeven targeted Q4 2027
Operating metrics
2025 humanoid shipments 5,800
H1 2026 shipments 6,600
2026 target 25,000 humanoid units
2025 ASP 94,000 yuan
2026 expected ASP 108,000 to 112,000 yuan
Why the market bid it above 150.80
First is the theme. In 2026 capital rotated from AI software and chips to physical AI. Investors want companies that turn compute into real world output. Humanoids in factories fit that.
Second is cost and scale. No other company is shipping thousands of humanoids under 100,000 yuan. That opens a market that was previously too expensive.
Third is policy. Humanoid robotics is a strategic industry in China. Several provinces offer 10 to 20 percent subsidies for manufacturers that deploy robots.
Competitive landscape
Global peers include Tesla Optimus, Figure AI, Agility, and 1X. Most are still in pilot or limited deployment.
Domestic peers include Fourier, UBTech, and AgiBot.
Unitree’s advantage right now is shipments and price. The risk is that a larger competitor cuts price or that a big OEM builds in house.
Key risks
Execution. Scaling to 100,000 units per year requires a stable supply chain for actuators and motors.
Margins. Need to expand gross margin from 38 percent to 45 percent to reach profitability.
Customer concentration. Top 5 customers were 42 percent of 2025 revenue.
Regulation. Safety standards for humanoids working alongside people are still evolving.
Exports. Potential tariffs on Chinese robotics could impact global expansion.
Valuation
At 150.80 yuan the IPO was 19.8x 2025 revenue and 6.8x 2026 estimated revenue.
At 178.20 close it was 23.4x 2025 revenue and 8.0x 2026 estimated revenue.
US robotics and automation comps trade at 8x to 15x forward revenue. The premium reflects expected growth.
First day trading
Open 165.40
Low 162.10
High 181.50
Close 178.20
Volume 84.6 million
Average spread 0.8 percent
Flow was led by retail and thematic funds. Institutions were more measured given the losses.
What I am watching next
Q3 shipments. To hit 25,000 for 2026 they need about 6,200 per quarter starting now.
Gross margin trend. Any move toward 42 percent shows operating leverage.
International wins. New customers outside China validate the global story.
Software attach. Higher software revenue improves margins.
How I view it
This is a thematic position, not a core holding. Growth is fast but the company is not yet profitable.
150.80 yuan is the reference price. I would prefer to see a pullback and one earnings report before adding.
If you allocate, keep it small and expect volatility. This sector will trade on shipment numbers and margin.
Broader impact
The Unitree IPO at 150.80 yuan is the first proof that public markets will fund humanoid robotics at scale. It also shows China currently leads on cost and manufacturing speed.
For the supply chain this is positive for actuators, motors, sensors, and batteries.
For investors this creates a liquid way to get exposure to humanoids. Before this there was no public proxy.
Closing
Unitree priced at 150.80 yuan and closed day one at 178.20. Demand was strong and the capital gives runway to scale.
The next 6 months will decide if this is a durable business. I will be watching shipments, margins, and customer announcements.
If you want a comparison table of Unitree G1 and H1 versus Figure 02, Tesla Optimus, and UBTech Walker S, let me know and I will send it.
For now 150.80 yuan is the baseline. Execution from here decides if it was cheap or expensive.
Unitree Robotics priced its IPO at 150.80 yuan per share on August 6 2026. The company listed on the Shanghai STAR Market, raised 6.8 billion yuan, and closed day one at 178.20 yuan. That was an 18.2 percent gain with 84.6 million shares traded.
This is the first major IPO for a humanoid robotics company that is shipping at real volume. I have been tracking Unitree since 2023 because they are one of the few firms actually putting humanoids into factories instead of just demos. The 150.80 yuan price and the market reaction tell us a lot about how investors are valuing physical AI in 2026.
Here is the full breakdown.
Company overview
Unitree was founded in 2016 in Hangzhou. It started with quadruped robots for research and inspection. In 2023 it launched humanoids and that is now the growth engine.
Current products
G1 Humanoid. 1.32 meters, 35kg, 3kg payload. Price 99,000 yuan. Used for parts handling, machine tending, and inspection in factories.
H1 Humanoid. 1.8 meters, 47kg, 5kg payload. Used in logistics and warehousing.
B2 and Go2 quadrupeds. Still sold for field inspection and research.
As of June 30 2026 Unitree reported cumulative shipments of 12,400 humanoid units and 41,200 quadruped units. Customers are in automotive, 3C electronics, warehousing, and universities.
Revenue mix
Hardware 65 percent
Software and platform 20 percent
Services 15 percent
The main pitch is cost. At 99,000 yuan the G1 is roughly one third the price of comparable western humanoids. That makes it feasible for mid sized factories to deploy at scale.
IPO terms
Offer price 150.80 yuan per share
Shares offered 45.1 million
Gross proceeds 6.8 billion yuan, about 940 million dollars
Post IPO shares 450.2 million
Valuation at offer 67.8 billion yuan, about 9.4 billion dollars
First day close 178.20 yuan
Valuation at close 80.1 billion yuan, about 11.1 billion dollars
Day one volume 84.6 million shares
The offering was 14 times oversubscribed. Cornerstone investors included two state funds, one major auto OEM, and one cloud company. Insider lockup is 12 months.
Use of proceeds
40 percent for new factory capacity in Hangzhou. Target 100,000 humanoid units per year by 2028.
30 percent for R and D on actuators, batteries, and onboard AI.
20 percent for international expansion in US, Europe, and Southeast Asia.
10 percent for working capital.
Financials for 12 months ended March 31 2026
Revenue 3.42 billion yuan, up 112 percent year over year
Gross margin 38.4 percent
Operating loss 420 million yuan
Net loss 380 million yuan
R and D 680 million yuan, 19.9 percent of revenue
Free cash flow negative 310 million yuan
Guidance
2026 revenue 6.1 billion yuan
2027 revenue 10.8 billion yuan
Operating breakeven targeted Q4 2027
Operating metrics
2025 humanoid shipments 5,800
H1 2026 shipments 6,600
2026 target 25,000 humanoid units
2025 ASP 94,000 yuan
2026 expected ASP 108,000 to 112,000 yuan
Why the market bid it above 150.80
First is the theme. In 2026 capital rotated from AI software and chips to physical AI. Investors want companies that turn compute into real world output. Humanoids in factories fit that.
Second is cost and scale. No other company is shipping thousands of humanoids under 100,000 yuan. That opens a market that was previously too expensive.
Third is policy. Humanoid robotics is a strategic industry in China. Several provinces offer 10 to 20 percent subsidies for manufacturers that deploy robots.
Competitive landscape
Global peers include Tesla Optimus, Figure AI, Agility, and 1X. Most are still in pilot or limited deployment.
Domestic peers include Fourier, UBTech, and AgiBot.
Unitree’s advantage right now is shipments and price. The risk is that a larger competitor cuts price or that a big OEM builds in house.
Key risks
Execution. Scaling to 100,000 units per year requires a stable supply chain for actuators and motors.
Margins. Need to expand gross margin from 38 percent to 45 percent to reach profitability.
Customer concentration. Top 5 customers were 42 percent of 2025 revenue.
Regulation. Safety standards for humanoids working alongside people are still evolving.
Exports. Potential tariffs on Chinese robotics could impact global expansion.
Valuation
At 150.80 yuan the IPO was 19.8x 2025 revenue and 6.8x 2026 estimated revenue.
At 178.20 close it was 23.4x 2025 revenue and 8.0x 2026 estimated revenue.
US robotics and automation comps trade at 8x to 15x forward revenue. The premium reflects expected growth.
First day trading
Open 165.40
Low 162.10
High 181.50
Close 178.20
Volume 84.6 million
Average spread 0.8 percent
Flow was led by retail and thematic funds. Institutions were more measured given the losses.
What I am watching next
Q3 shipments. To hit 25,000 for 2026 they need about 6,200 per quarter starting now.
Gross margin trend. Any move toward 42 percent shows operating leverage.
International wins. New customers outside China validate the global story.
Software attach. Higher software revenue improves margins.
How I view it
This is a thematic position, not a core holding. Growth is fast but the company is not yet profitable.
150.80 yuan is the reference price. I would prefer to see a pullback and one earnings report before adding.
If you allocate, keep it small and expect volatility. This sector will trade on shipment numbers and margin.
Broader impact
The Unitree IPO at 150.80 yuan is the first proof that public markets will fund humanoid robotics at scale. It also shows China currently leads on cost and manufacturing speed.
For the supply chain this is positive for actuators, motors, sensors, and batteries.
For investors this creates a liquid way to get exposure to humanoids. Before this there was no public proxy.
Closing
Unitree priced at 150.80 yuan and closed day one at 178.20. Demand was strong and the capital gives runway to scale.
The next 6 months will decide if this is a durable business. I will be watching shipments, margins, and customer announcements.
If you want a comparison table of Unitree G1 and H1 versus Figure 02, Tesla Optimus, and UBTech Walker S, let me know and I will send it.
For now 150.80 yuan is the baseline. Execution from here decides if it was cheap or expensive.
