Behind Unitree in the IPO queue stands a quadruped maker that already turns a profit

This week's attention belonged to Unitree, which priced its A-share offering at 150.8 yuan and a multiple of 219 times earnings. The company directly behind it in the queue is less famous and, on the numbers, in better shape. DEEP Robotics, founded in Hangzhou in 2017, had its STAR Market application accepted by the Shanghai Stock Exchange on 18 May 2026 and is seeking about 2.5 billion yuan (roughly 347 million dollars). The company was valued at about 8 billion yuan after a 71-million-dollar Series C in December 2025, with China Telecom, China Unicom and JD.com among the backers. What separates it from most of the embodied-AI cohort is that the money comes from machines already at work. Its Jueying X-series industrial quadrupeds — sold outside China as the X20 and X30 — brought in 196 million yuan in 2025, 58 percent of total revenue, with unit sales more than doubling year on year to 681. The buyers are power grids, tunnel operators, fire services and public security, not laboratories. Frost & Sullivan ranked the company first worldwide in 2025 revenue from industrial quadruped applications, and the filing reports the business as profitable. The proceeds are earmarked for embodied-AI models, manufacturing capacity and a wider product range — which in practice means the humanoid line. DEEP Robotics launched the DR02 in October 2025 as the first full-size humanoid sealed to IP66, rated from minus 20 to 55 degrees Celsius, with arms and legs that detach on site. That is the same argument the company has been making with its robot dogs for years: not the most spectacular demo, but the one that still works in the rain. wujec.ai has this week added catalogue profiles for the X30, the Lite 3 and both humanoids, DR01 and DR02.