Shares of Unitree Robotics soared in their first day of trading on the Shanghai Stock Exchange’s STAR Market on Wednesday, opening 629% above the initial public offering price and briefly propelling the humanoid robot specialist to a valuation of roughly $66 billion.

Dramatic First-Day Price Action

The stock, trading under ticker 688836, was priced at 150.80 yuan per share in the offering. It opened at 1,100 yuan, a gain of 629%. At that level the company was valued at approximately 445 billion yuan, or about $66 billion. Shares later retreated, trading near 884 yuan by midday and closing around 845 yuan in some reports, still representing gains of roughly 460% to nearly 600% and leaving the firm valued in the $50 billion to $53 billion range.

Unitree sold about 40.45 million shares, representing a 10% stake, and raised approximately 6.1 billion yuan, or around $900 million to $905 million. Retail demand proved intense. Offline subscriptions ran more than 2,700 times the shares available, while overall retail oversubscription exceeded 8,000 times, with bids totaling as much as 7 trillion yuan.

Company Performance and Market Position

Unitree, based in Hangzhou, designs and manufactures both bipedal humanoid robots and four-legged models used in applications such as hazard detection. In 2025 the company generated revenue of about 1.7 billion yuan and reported adjusted or net profit near 590 million to 591 million yuan. Humanoid robots accounted for roughly 52% of revenue, or about 868 million yuan, overtaking the quadruped segment.

The firm shipped more than 5,500 humanoid robots last year, capturing a leading global market share of 32.4%. It also delivered over 33,000 four-legged robots, equating to nearly 60% of the worldwide market. More than 40% of 2025 revenue came from overseas customers. Unitree stands out among humanoid robotics peers by already operating profitably while many competitors continue to post losses.

Founder Wang Xingxing holds approximately 121.4 million shares. At the opening price those holdings were valued at more than 107 billion yuan, or nearly $16 billion.

Backers and Product Pipeline

Existing investors include major Chinese technology firms such as Tencent and Alibaba. Artificial intelligence company DeepSeek participated in the IPO placement with an investment of 140.8 million yuan, equivalent to roughly $20 million. Unitree plans to allocate a substantial portion of the proceeds to development of robot AI models, new robot designs and expanded manufacturing capacity.

Just before the listing the company unveiled its latest humanoid model, named Superman. Unitree states the robot can execute a standing jump exceeding two meters and reach a top running speed of 12.66 meters per second.

Crypto Markets and Pre-Listing Expectations

In the days leading up to the debut, perpetual futures contracts linked to Unitree on the Hyperliquid platform traded near $92 to $100. Those levels implied a valuation of about $38 billion to $40.5 billion—more than four times the IPO valuation of nearly $9 billion—yet still well below the actual opening price. The first trade on the STAR Market came in roughly 75% higher than the crypto-derived estimate. After the listing the perpetual contracts rose further, with volume and open interest climbing as traders adjusted positions.

Industry forecasts point to continued growth in China’s humanoid robotics sector. One major bank recently raised its 2026 shipment projection for Chinese humanoid units to 50,000 and expects the overall market to expand from $2 billion this year to $15 billion by 2030. At the same time, recent U.S. restrictions on imports of foreign-made humanoid and quadruped robots introduce uncertainty for international expansion, an area that already contributes more than 40% of Unitree’s sales.