China's Unitree Prices IPO in Bet Investors Are Ready for ...

Investors are betting that humanoid robots built to look and move like humans will become the next major breakthrough.Credit...Video by Hiroko Masuike/The New York Times

Image 1: Steve LohrImage 2: Xinyun Wu

By Steve Lohr and Xinyun Wu

Steve Lohr reported from Seoul. Xinyun Wu reported from Taipei, Taiwan.

Aug. 6, 2026

Unitree Robotics may be little known outside China. Its robots are not. Millions around the world have watched videos of the company’s machines carrying out remarkable feats that seem almost superhuman. During China’s nationally televised Lunar New Year celebration, a troupe of Unitree humanoid robots performed an elaborate kung fu routine, scaling walls, executing back flips and wielding swords.

Now the company is taking its biggest step yet: an initial public offering on the Shanghai Stock Exchange. On Thursday, Unitree priced its shares at the equivalent of around $22, seeking to raise about $900 million in a deal valuing it at about $9 billion.

The listing comes at a pivotal moment for the humanoid robot industry. Investors are betting that machines built to look and move like humans will become the next major technology breakthrough. Governments increasingly see them as strategic assets as well. Last month, the Federal Communications Commission announced plans to ban new Chinese-made humanoid and quadruped robots, citing national security concerns. U.S. officials argue that as such robots become commonplace in factories, offices and homes, they could surreptitiously collect sensitive commercial, government and personal information or provide new avenues for cybersecurity attacks on critical infrastructure. Last year, European researchers identified security vulnerabilities in a Unitree robot that could potentially be exploited by hackers.