Unitree Robotics Launches IPO on STAR Market with Strong Financial Growth
Unitree Robotics has officially launched its IPO subscription on China's STAR Market at an issue price of 150.80 RMB per share, achieving an online winning rate of approximately 0.0181%. The company plans to allocate a significant portion of the raised funds, including 2.022 billion RMB, to intelligent robot model research and development. As one of the few profitable high-performance general-purpose robotics companies globally, Unitree's IPO highlights the commercial viability of embodied AI and humanoid robotics. This public listing could set a precedent for funding and scaling physical AI technologies in the global market. Unitree's revenue grew rapidly from 159 million RMB in 2023 to 1.699 billion RMB in 2025, with net profits reaching 278 million RMB in 2025. However, increased R&D and sales expenses led to a year-on-year decline in non-GAAP net profit for Q1 2026, despite a 68.49% revenue growth.
## BACKGROUND
Embodied AI refers to artificial intelligence systems embedded in physical bodies, like robots, that interact with the physical world through sensors and actuators. To enable general-purpose tasks, the industry is increasingly shifting toward robotics foundation models, which provide robots with broader perception, reasoning, and generalization capabilities.