Unitree draws record investor demand ahead of Shanghai IPO debut

Chinese humanoid robot maker Unitree Robotics is preparing for its Shanghai STAR Market debut after its $905 million IPO was oversubscribed by retail investors by more than 8,000 times. While Unitree priced its shares at 150.80 yuan ($22.37) for a $9 billion valuation, pre-IPO perpetual contracts on Hyperliquid are trading near $93, implying a $38 billion valuation. This massive premium highlights intense demand for the profitable manufacturer, which is backed by Tencent, Alibaba, and DeepSeek.

Unitree Shanghai IPO pricing

• ▪Unitree Robotics raised 6.1 billion yuan (approximately $905 million) by selling 10% of its enlarged share capital in its initial public offering.
• ▪Unitree Robotics priced its Shanghai STAR Market initial public offering at 150.80 yuan ($22.37) per share, valuing the company at approximately $9 billion.
• ▪Unitree Robotics is expected to begin public trading on the Shanghai Stock Exchange between August 17 and August 21, 2026.

Pre-IPO perpetual futures trading

• ▪Pre-IPO perpetual contracts for Unitree Robotics traded on Hyperliquid between $92 and $94 on August 14, 2026, implying a valuation of about $38 billion.
• ▪On private secondary platforms EquityZen, UpMarket, and Hiive, market participants priced Unitree Robotics shares near $62, implying a 176% upside from the initial public offering price.
• ▪The Unitree Robotics pre-IPO perpetual markets on Hyperliquid, operated by Trade.xyz and Paragon, accumulated $9.1 million in open interest and $59 million in turnover by August 15, 2026.

Retail investor oversubscription demand

• ▪Retail investors submitted initial public offering applications for Unitree Robotics that exceeded the available allocation by more than 8,000 times, setting a record for Shanghai's STAR Market.
• ▪Holders of Unitree Robotics shares obtained during the initial public offering were reportedly offered 410 yuan per share in private transactions, representing a 170% premium over the offering price.

Unitree profitability metrics

• ▪Unitree Robotics is the world's largest humanoid robot manufacturer by sales volume and enters the public market as a profitable enterprise.
• ▪Unitree Robotics generated $253 million in revenue last year, representing a 335% year-over-year increase, while its annual humanoid robot shipments topped 5,500 units.

Chinese robotics sector competition

• ▪Unitree Robotics has secured backing from major technology companies including Tencent, Alibaba, and DeepSeek.
• ▪Unitree Robotics competes globally with Boston Dynamics and Tesla, while competing domestically in China with UBTech, Dobot, Leju Robotics, and Agitbot.