It might be a while before humanoid robots hit market shelves. But the world’s largest humanoid robot maker is all set to hit the stock market.

Hangzhou-based Unitree Robotics, which became the world’s top humanoid robot seller last year, filed for an initial public offering to list on the Shanghai Stock Exchange on March 20.

The company hopes to raise 4.2 billion yuan ($610 million) through its IPO, which it will use for research and development, and increasing its manufacturing capacity.

Unitree’s listing will test investors’ appetite for humanoid robots, Ethan Qi, associate director at Counterpoint Research, told Rest of World. 

“Currently, there are more than 100 humanoid companies in China,” he said. “The number is likely to decrease to a few dozen with a consolidation ahead, following the IPOs of the first batch of humanoid companies, including Unitree.” 

Unitree first rose to fame in early 2025 when it showcased its humanoid robots dancing on one of China’s most-watched television shows. In 2024, Unitree’s humanoids were among the nine robots Nvidia CEO Jensen Huang displayed on stage at an annual company conference to showcase the shift of “physical artificial intelligence.” 

The IPO comes at a time when the race for humanoid robots is intensifying. Earlier this year, American billionaire Elon Musk said his company, Tesla, would start retail sales of its flagship Optimus robots by the end of 2027.

Unitree’s IPO is likely to be closely watched as an indicator of market readiness for humanoid robots. Rest of World highlights five key metrics from its 363-page prospectus, which reveal more about the company beyond the hype:

Profit and loss of humanoid robots 

In 2023, China’s UBTech Robotics became the first humanoid company to go public. It has continued to run at a loss since at least 2020.

Unitree, however, started earning profits last year.

In 2025, Unitree posted an adjusted net profit of 600 million yuan ($90 million), a 674.3% increase from 2024, its first profitable year.

Its revenue surged to 1.71 billion yuan ($250 million) in 2025 from 392 million yuan ($57 million) in 2024.

Between 2022 and 2024, export income made up over 55% of the company’s total revenue. In 2025, however, domestic revenue exceeded foreign sales. The absolute value of exports still rose by more than double. 

Quadrupeds versus humanoids

Unitree sold 5,500 humanoid robots in 2025, but these account for only a part of its total revenue.

The company also sells quadrupeds — four-legged, dog-like robots. Between 2022 and September 2025, it shipped more than 30,000 quadruped robots.

In 2025, humanoids accounted for 51.5% of its core revenue, marking a significant shift from 2023, when they made up just 1.9% of the business. Over 70% of the humanoids that the company sold last year were for research and educational purposes. 

Cheaper humanoid robots

In 2023, the average price of Unitree’s humanoid robots was around 593,400 yuan ($85,000). Last year, it fell to 167,600 yuan ($25,000).

But even with the price going down, the company’s gross margin improved to nearly 60% last year. In its prospectus, Unitree said it self-develops and manufactures core components, giving it a cost advantage.

Musk has suggested that its Optimus robots would cost less than a new car at around $20,000. 

Unitree’s R&D

Among Unitree’s 480 employees, 175 work in research and development, representing roughly 37% of its total workforce. 

R&D made up a smaller share of the company’s spending last year, even as overall investment continued to grow.  In 2025, it spent 9 million yuan ($1.3 million) on R&D, accounting for 19% of total costs and 7.7% of revenue. In 2024, it had spent 7 million yuan ($1 million) — 17.9 % of the total revenue at the time.

Unitree’s future plans

Unitree accounted for roughly a third of global humanoid robot sales last year. Now, it has set bigger ambitions.

Over the next five years, the company plans to produce 75,000 humanoid robots and 115,000 quadrupeds annually.

It is, however, wary of “uncertainties surrounding trade policies and geopolitics” on the raw materials it imports, which currently make up around 20% of its supply chain. Humanoid robots heavily depend on Nvidia’s chips and systems for the “brains” and computing capabilities.