Unitree's debut prices 5,500 robots at $66 billion, or 262 times revenue

Unitree closed its first day on Shanghai's STAR Market up more than 460%, according to Fortune, after an IPO that raised about $900 million at a $9 billion valuation ^[1]. At the top of the move the Hangzhou company was worth roughly $66 billion, ahead of Baidu and JD.com and above the $39 billion that Figure AI, the most valuable US robotics company, achieved in a September 2025 funding round ^[20].

The company behind that number is real and small. Unitree reported 1.7 billion yuan ($252 million) of 2025 revenue, with almost 45% from overseas, and 600 million yuan ($89 million) of profit, per Fortune ^[3]. Cryptopolitan puts net profit at 591 million yuan and says revenue was more than four times the prior year's ^[4]. At $66 billion that is about 262 times revenue and roughly 740 times earnings ^[22][23]. The $66 billion is a peak print, not a close: Cryptopolitan reports the stock was priced at 150.8 yuan, opened at 1,100 yuan for a 629.44% gain, then eased to 883.9 yuan by midday, or about $53 billion ^[5]. That softer mark is still around 210 times revenue ^[19].

Unit volumes give a cleaner read. Unitree shipped more than 5,500 humanoid robots in 2025, which Cryptopolitan puts at 32.4% of the global market, plus over 33,000 four-legged robots for close to 60% share ^[6]. Divide the peak valuation by humanoids shipped and public markets assigned about $12 million of value per unit sold last year ^[24]. Most of those sales go to research buyers, with only some Chinese tech companies and state-owned enterprises starting to explore operational use ^[2].

Part of the pop is plumbing. Mainland regulators deliberately hold IPO pricing low to protect retail investors if a listing disappoints, which mechanically inflates day-one gains ^[7]. Demand was extreme: retail bids reached 7 trillion yuan, oversubscribing that tranche by more than 8,000 times, with offline subscriptions at 2,760 times the shares available ^[14]. Chip maker CXMT rose 460% on its July 27 Shanghai debut after raising over $8 billion ^[8], and the first-day record belongs to Wuhan Changjin Photonics at 1,511% ^[9]. A 460% or 629% first day in Shanghai is closer to a pricing convention than a verdict.

What the multiple has to absorb is policy. The US banned foreign-made robots in late July on national security grounds, exempting models already sold there, and Unitree drew 18% of revenue from the US last year ^[21] - roughly $45 million on 2025 numbers ^[25]. The Pentagon has also placed Unitree on its list of Chinese military companies ^[10]. Morningstar's Kangyuxiao Li wrote on August 18 that losing US access could noticeably affect revenue growth, and that Unitree would also lose customer feedback useful for product improvement ^[11]. HSBC analysts wrote in mid-July that the shipment surge across robot makers "could be illusionary" and unlikely to be sustained for one to two years without better AI models ^[15]. Nomura went the other way with a buy rating, crediting rapid product iteration as the basis of a first-mover advantage ^[16].

Three things to watch. Whether overseas revenue, put at almost 45% by Fortune and more than 40% by Cryptopolitan, holds up once the US ban bites ^[3][12]. Whether the comparables confirm the mark: UBTech listed in Hong Kong in late 2023 and Agibot is planning its own Hong Kong IPO ^[17]. And whether the paper wealth stays on paper: founder Wang Xingxing's 121.4 million shares were worth over 107 billion yuan, nearly $16 billion, at the opening price, while DeepSeek added just 140.8 million yuan, about $21 million, in the IPO itself ^[18]. Unitree also showed a robot called Superman before listing, claiming a two-metre jump and 12.66 m/s top speed; Cryptopolitan notes those figures come from a company video and are not independently confirmed ^[13].