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What's happening in robotics and AI — curated by the wujec.ai editors.
Unitree closed its first trading day worth 201 times last year's sales — its own filing puts growth at 36%, not 333%
On 19 August 2026 Unitree Robotics became the first humanoid robot maker to trade on a mainland Chinese exchange. It priced its offering on Shanghai's STAR Market at 150.80 yuan a share, sold 40.45 million shares — a tenth of its enlarged capital — for about 6.1 billion yuan, and entered the session valued at roughly 61 billion yuan. The market disagreed with that price immediately. The stock opened at 1,100 yuan, 629% above the offer, briefly worth about 445 billion yuan (US$66 billion). It closed at 845 yuan, still up 460%, at about 342 billion yuan. Around 23.2 billion yuan of shares changed hands in a single day, while the STAR Market Composite fell 7.2% and the Shanghai Composite 2.4%. What the buyers were paying for is set out in the prospectus. Revenue reached 1.70 billion yuan in 2025, against 392.77 million yuan the year before — a 333% jump. Net profit was 278.21 million yuan. At the closing price, the company was therefore worth roughly 201 times its annual sales and about 1,230 times its annual profit. The same filings describe a business that is already slowing. Unitree guides for first-half 2026 revenue of about 1.1 billion yuan, growth of 35.6% to 45.4% year on year — roughly a tenth of the rate that produced the debut. First-quarter profit excluding one-off items fell 52.6% as spending on research and marketing rose. 2025 was also the year the robot dog stopped being the main product. Humanoid sales of 867.8 million yuan overtook the quadrupeds, which slipped to about 42% of revenue. Unitree shipped more than 5,500 humanoids, more than any other maker in the world, on top of more than 33,000 quadrupeds sold to date. Divide the humanoid line by the units and the average machine brought in about 158,000 yuan — roughly the price of one G1 with options, not of an industrial platform. The risk the prospectus names is American. Overseas customers provided 43.65% of main-business revenue, 731.66 million yuan, and the United States alone 13.3% — in the same season that US regulators moved to bar new equipment approvals for foreign-built humanoid and quadruped robots. Unitree says the products it already sells there keep their authorisation. The sharpest number of the day was not the share price. Meituan, the food delivery company whose own delivery drones we described yesterday, held 8.7% of Unitree after the listing: close to 30 billion yuan at the closing bell, about 70 times what it originally paid. Founder Wang Xingxing, 36, held 121.4 million shares worth roughly 103 billion yuan.
Unitree G1 →Unitree prices its IPO at 150.8 yuan — a humanoid maker valued at 219 times earnings
Unitree Robotics (Yushu Technology) has set the price for its Shanghai STAR Market listing at 150.8 yuan per share, according to the issuance announcement filed with the Shanghai Stock Exchange under code 688836. The company is selling 40,446,434 new shares, about 10 percent of its enlarged capital, which raises roughly 6.1 billion yuan and implies a market capitalisation near 61 billion yuan — some 9 billion dollars. The pricing puts Unitree on a trailing price-to-earnings ratio of 219.23, against a sector average of 38.56 quoted in the same filing. Public subscription opens on 10 August. Entities linked to DeepSeek and Tencent are listed among the strategic investors. Unitree would be the first humanoid-robot maker listed on a mainland Chinese exchange. The company reached that point on the back of quadrupeds such as the Go2 and a humanoid line running from the H1 through the G1 to this year's H2 — products that undercut Western competitors by an order of magnitude on price. The multiple the market has accepted says less about current profits than about how much of the humanoid industry investors expect Unitree to end up owning.
Unitree H2 →Unitree starts pricing its IPO — the first humanoid maker to list on China's A-share market
Unitree Robotics began preliminary price inquiries for its STAR Market flotation on Wednesday 5 August 2026, the step that sets the issue price before subscription opens on 10 August. The offer covers about 40.45 million new shares — 10 percent of the enlarged share capital — with a target of 4.2 billion yuan (roughly 0.6 billion US dollars). China's securities regulator approved the registration on 2 July, so barely a month passed between clearance and pricing. Valuation estimates diverge sharply: investment banks put the company at about 40 billion yuan after listing, while CCB International sees 60 to 100 billion, with an optimistic case of 109 billion. The numbers underneath are what make this more than a financing story. Unitree shipped more than 5,500 humanoid robots in 2025 — first in the world by unit volume — and humanoids brought in 868 million yuan, 51.78 percent of total revenue. A company whose business was quadruped robots is now, by its own accounts, mostly a humanoid company. It will be the first embodied-intelligence firm on the A-share market. That gives the sector something it has lacked: a listed pure-play whose quarterly numbers are public, against which the shipment claims that circulate around this industry can finally be checked. wujec.ai catalogues four Unitree machines: G1, H1 Pro, H2 and the Go2 quadruped.
Unitree G1 →The working humanoid goes public: Agility Robotics takes a $2.5bn SPAC deal, with Foxconn leading the money
Agility Robotics announced on 24 June 2026 that it will go public through a merger with Churchill Capital Corp XI, at a $2.5 billion pre-money equity value and more than $620 million in gross proceeds — $420 million from the SPAC's trust account and roughly $200 million of PIPE financing at $10 a share, led by Foxconn. The combined company is to trade as AGLT, with closing expected during 2026 subject to shareholder approval and regulatory clearance. What makes the filing unusual for this sector is that it contains operating history rather than promises. Agility disclosed four named customers in active deployment — Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre — across nine facilities, with more than 65,000 cumulative hours of robot operation and a pipeline of over 30 potential customers. In November 2025 a single GXO deployment in Flowery Branch passed 100,000 totes moved. The order book, however, points forward, not at the robot doing that work. More than $300 million in multi-year orders, subject to contractual milestones, is booked against Digit v5 — the next-generation machine Agility bills as the first "cooperatively safe" humanoid, and the first production platform for NVIDIA's Halos for Robotics safety stack. "Humanoids are at a meaningful inflection point in commercial adoption," said chief executive Peggy Johnson. Co-founder Jonathan Hurst put the thesis more narrowly: "Cooperative safety is the critical unlock for scaled humanoid adoption." Foxconn's presence at the head of the PIPE is the other half of that thesis — the contract manufacturer that builds iPhones is betting the next phase is volume production, not research.
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