Unitree IPO shows a real hardware business, but the humanoid case is still early

The G1 humanoid robot from Unitree. | Source: Unitree

Unitree Robotics has filed for a STAR Market IPO in Shanghai, seeking to raise about $610 million. The filing matters because it points to something more concrete than a typical humanoid story. It shows a robotics company that appears to have built real manufacturing leverage.

The headline numbers are unusually strong for hardware. Bloomberg reported that Unitree generated about $248 million in revenue in 2025. The harder question...