Unitree Robotics, the Hangzhou-based company believed to be the world's largest humanoid robot manufacturer, has filed for an IPO on Shanghai's STAR Market that could raise up to 4.2 billion yuan ($610 million). The Shanghai Stock Exchange formally accepted the application on March 20.

From Niche to Mass Market

The most striking number in Unitree's filing isn't the revenue growth or the IPO size - it's the price collapse. The average selling price of its humanoid robots dropped from 593,400 yuan ($85,000) in 2023 to just 167,600 yuan ($25,000), a roughly 70% decline that signals humanoid robots are rapidly moving from research novelty to commercial product.

Despite slashing prices, Unitree's financials tell a story of scale economics working in its favor. Revenue surged 335% to 1.71 billion yuan ($250 million) in 2025, while the company posted an adjusted net profit of 600 million yuan ($90 million) in what it says was its first profitable year. Gross margins improved to nearly 60%, driven by self-developed core components.

Scaling Up

The company sold over 5,500 humanoid robots in 2025, claiming the top global market share. Humanoid robots grew from just 1.9% of revenue in 2023 to over 51% in the first three quarters of 2025, overtaking its established quadruped robot business.

Unitree plans to produce 75,000 humanoid robots and 115,000 quadrupeds annually over the next five years. It's the second company to benefit from STAR Market's streamlined "hard technology" listing process, designed to fast-track companies in strategic sectors.

The era of affordable humanoid robots appears to be arriving faster than most predicted.