Jeff Bezos, Elon Musk, and Sam Altman are making huge bets on Phase 3 AI.
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A Chinese humanoid robot stock saw the biggest IPO pop of 2026.
Unitree Robotics — officially Yushu Technology — priced its Shanghai IPO at about $22 a share. It sold 40.4 million shares, raised roughly $904 million. The stock came public at about a $9 billion valuation. Trading opened August 19 on China’s STAR Market.
Then the first day happened.
The stock opened up 629% gain. It gave back some of those early gains and closed the first day up 460% - valuing the company at approximately $48 billion.
A month later, shares are down more than 50%. The market cap is around $29 billion. That's still about 3.4x the IPO price.
Here's the mechanic, because it repeats.
Unitree floated just 7% of its shares. STAR Market listings carry no daily price limit for the first five sessions. And retail demand ran more than 5,500 times the available allocation.
That’s a new stock with a tiny float and enormous demand. The pop was built before the opening bell.
The next humanoid robotics IPO is coming soon. Here’s how to get invested today.
The business underneath is real.
Unitree shipped more than 5,500 humanoid robots last year — the most of any company in the world. Revenue hit $250 million in 2025, more than 4x the prior year. The company is profitable with gross margin above 60%. Most humanoid makers are burning cash. This one is actually making money.
DeepSeek took a 2.3% stake with a three-year lockup. Investment arms of China National Petroleum, China Southern Power Grid, and China Telecom bought in alongside it.
The valuation is where it gets hard. At the IPO price, Unitree came public at roughly 36x sales, against about 20x for Hong Kong-listed peers like UBTech. At the first-day close it was north of 200x. Even after the drop, it's still above 100x.
And the demand isn't quite what the shipment number suggests. Nomura found that 74% of humanoid revenue in the first nine months of 2025 came from research institutes. Labs and demonstrations, not factory floors.
U.S. restrictions on Chinese-made robots close off what had been a meaningful export market.
American investors can't easily buy Shanghai A-shares. And Chinese regulators have reportedly grown more cautious about approving the next round of humanoid listings — Agibot, Leju Robotics, Deep Robotics, and LimX Dynamics are all queued up behind this one.
The appetite for humanoid robotics is obvious growing.
This technology is an important part of Phase 3 AI. And early investors could see huge gains in the coming months.
Ian Wyatt
Editor, IPO Watch