Will Chinese Robot Maker Unitree’s Shanghai IPO Spark A Humanoid-Investing Bubble

Unitree Robotics, one of China’s top robot makers – spanning robo-dogs to humanoid robots – has filed for a Shanghai STAR Board IPO, according to Bloomberg. The planned listing suggests that the humanoid robotics industry is entering a more accelerated commercialization phase in 2026, with a broader pipeline of public offerings likely to emerge alongside rising private capital flows across Asia and the US.

The report states that Unitree plans to raise $610 million on the STAR Board, part of the Shanghai Stock Exchange, with proceeds expected to fund AI models and develop new robots.

Absolutely insane. Unitree’s humanoid robot team’s performance at the 2026 Spring Festival Gala

The significance of the humanoid robot’s performance lies in letting 1.4 billion Chinese people know where the future lies. pic.twitter.com/6vXIX2MfWM

— CyberRobo (@CyberRobooo) February 16, 2026

Unitree reported revenue of 1.71 billion yuan last year and net profit of 287.6 million yuan, more than double the prior year. Humanoid robots accounted for over 51% of revenue in the first nine months of 2025.

We have outlined a number of institutional notes this year that provide a framework suggesting that AI’s next frontier is physical, as humanoid robots begin moving onto factory floors and beyond.

The Shanghai Morning Post recently pointed out that “robot brains” for humanoid robotics have arrived. As we noted, this suggests that dual-use fears are mounting.

UBS analysts led by Phyllis Wang noted last month that Unitree was the leader in global humanoid robot shipments in 2025.

2025 Shipments by company

Wang marked 2026 as the year humanoid robot shipments begin to ramp up. The real surge comes in the 2027-28 timeframe.

Foundation Robotics cofounder Mike LeBlanc told us, “We didn’t get to the moon by being cautious. When the U.S. sees a strategic race, it funds its way to the front. Robotics is the new race.” He’s implying that the US humanoid robotics space is about to heat up.

LeBlanc’s Phantom MK1 robots were recently sent to Ukraine for testing. His company holds government research contracts worth $24 million with the U.S. Army, Navy, and Air Force, and is a military-approved vendor, implying these robots are moving beyond factory floors to dual-use security applications.

Any Unitree IPO will provide bullish tailwinds for US robotics startups, as investors realize the next bubble will be in the humanoid space. The IPO is also bullish for “war unicorns,” as the Department of War’s DOGE resets its procurement program and directs more funding toward defense startups. Follow the money: DoW is searching for bankers to deploy $200 billion in private equity over three years into defense companies.