Unitree ends its first session worth three times what the most bullish pre-IPO estimate allowed

Unitree Robotics began trading on Shanghai's STAR Market on 19 August 2026 as the first listed humanoid robot maker in mainland China. The offering was priced at 150.80 yuan a share, valuing the company at about 61 billion yuan, and raised roughly 6.1 billion yuan — around 905 million dollars, against the 4.2 billion yuan the company had targeted when book-building opened on 5 August. Investors bid for more than 8,000 times the shares on offer, a STAR Market record. The first session followed from that. The stock opened at 1,100 yuan, up 629% on the issue price and worth about 445 billion yuan on paper, then gave back part of the jump to close at 845 yuan — still 542% above the offer, for a market capitalisation of roughly 342 billion yuan, or about 50 billion dollars. The useful comparison is with what analysts said before the bell. When Unitree started pricing the offer two weeks ago, investment banks put the company at about 40 billion yuan after listing; CCB International's range ran from 60 to 100 billion, with an optimistic case of 109 billion. The market closed day one at more than three times that optimistic case. Against the company's own accounts, the multiple is starker. Unitree's prospectus puts 2025 revenue at 1.676 billion yuan, so the closing capitalisation is roughly 204 times a full year of sales. Converted into the machines this catalogue tracks: at its 13,500-dollar list price, the G1 humanoid would have to sell about 3.7 million times to add up to Unitree's closing value — around 670 times the 5,511 humanoids of all models the company shipped in the whole of 2025. What this does not prove: a share price is not a sales forecast, and revenue is not profit. Unitree's revenue grew at a compound 226.8% a year between 2023 and 2025, and the company sells quadrupeds and components alongside humanoids, so these ratios are a check on scale, not a valuation model. What they do show is that the buyers are paying for a market a Chinese firm now leads, not for the machines it ships today. The listing reaches past one share price. Industry sources cited by Caixin expect it to set the pricing benchmark for the 30 to 50 robotics companies preparing listings in Hong Kong. It also landed on the opening day of the World Robot Conference in Beijing, where more than 300 exhibitors — 36% more than last year — are showing over 2,000 exhibits, including more than 150 global premieres.