Unitree Prices Shanghai IPO at $9 Billion Valuation as DeepSeek Invests

Unitree Robotics has moved from IPO filing to final offer terms. The Hangzhou robot maker priced its Shanghai STAR Market initial public offering at RMB 150.80 per share, implying a company valuation of roughly RMB 61 billion ($9.04 billion). The company plans to sell about 40.45 million new shares—10% of its enlarged share capital—and raise about RMB 6.1 billion.

That is a material step beyond the March filing Biped.News covered earlier this year. The original plan sought RMB 4.202 billion from essentially the same minimum share count. Final pricing therefore puts substantially more capital behind Unitree's robot development and manufacturing plans than the filing-stage target implied.

What changed since the March filing

Milestone	March filing stage	August 8 status
Exchange	Shanghai Stock Exchange STAR Market	Shanghai Stock Exchange STAR Market
Planned new shares	At least 40.4464 million	About 40.45 million
Planned / expected proceeds	RMB 4.202 billion	About RMB 6.1 billion
Offer price	Not set	RMB 150.80 per share
Implied valuation	Not final	About RMB 61 billion ($9.04 billion)
Regulatory status	Application accepted March 20	CSRC registration approved July 1; offer priced August 6
Investor subscription	Not scheduled	Scheduled for August 10
Trading	Not started	Not yet confirmed as started

The regulatory path is now much clearer than it was in March. The Shanghai Stock Exchange said Unitree's application was accepted on March 20 and later sent the registration materials forward after review. China's securities regulator approved the IPO registration on July 1. That approval authorizes the offering process; it is not the same thing as a completed stock-market debut.

DeepSeek joins the strategic placement

DeepSeek is participating in the offering with a RMB 140.8 million ($20.8 million) strategic investment, according to Reuters. The connection is notable because Unitree's competitive problem is increasingly less about making a biped walk and more about giving robots reliable perception, reasoning and task execution in messy physical environments.

Both companies are based in Hangzhou, but the strategic logic matters more than geography. Unitree brings robot hardware, motion control and a growing pool of physical-world data. DeepSeek brings frontier-model expertise. The investment does not prove that a general-purpose robot intelligence stack is imminent; it does make embodied AI collaboration a more concrete part of Unitree's post-IPO story.

What investors are actually buying

Unitree is unusual among humanoid developers because it already has meaningful revenue rather than only pilots and prototype milestones. Reuters reported 2025 revenue of about RMB 1.7 billion, more than four times the prior year, with humanoid robots contributing about RMB 867.8 million. That means humanoids are no longer a side project beside the company's quadruped business.

The growth case is not one-directional, though. Reuters also reported that first-quarter 2026 revenue growth slowed to 68.5% and adjusted profit fell 52.6% as research, development and marketing costs increased. That is the more useful public-market question for Biped readers: not whether Unitree can sell robots, but how much engineering, support, price competition and model development it takes to keep scaling them.

The IPO is also a manufacturing bet

The original STAR Market plan allocated proceeds to research programs and capacity expansion. With final expected proceeds around RMB 6.1 billion instead of the filing-stage RMB 4.2 billion target, Unitree should enter the public-market phase with a larger financing pool than initially planned, assuming the offering completes on the announced terms.

That capital arrives as Unitree broadens a product ladder that ranges from relatively low-cost G1 humanoids to larger H-series machines and quadrupeds. Lower hardware prices have helped the company build shipment volume and research adoption, but sustained commercial value will depend on task reliability, autonomy, service economics and repeat customer use—not demonstrations alone.

Three facts to keep separate

Why this matters for the humanoid-robot market

Unitree's pricing creates something the sector has lacked: a current public-market valuation anchored to a company with substantial humanoid revenue. It will not provide a clean valuation template for Figure AI, Apptronik, 1X or Tesla's Optimus program—each has different products, business models and capital structures—but it gives investors a real reference point instead of only private funding rounds.

The distinction is especially important because robotics headlines often collapse three very different signals into one: a company filing to list, an offering being priced, and shares actually beginning public trading. Biped.News will keep those stages separate. As of this verification date, Unitree is at the priced-offering stage, with subscriptions scheduled next.

What to watch next

• First trading date and opening performance: the first market price will show whether investors accept, discount or exceed the RMB 61 billion offer valuation.
• Use of proceeds: watch whether the larger-than-planned raise translates into faster capacity, model development or international expansion.
• Humanoid revenue quality: shipment volume matters less than repeat buyers, deployed work, support burden and gross margin durability.
• U.S. market access: Unitree has warned that changing U.S. equipment-authorization rules could affect future models even though current products have certifications.
• DeepSeek collaboration: look for concrete robotics models, training programs or deployed capabilities rather than treating the strategic placement itself as proof of technical integration.

The bottom line

Unitree has cleared two major uncertainties that were open when Biped.News covered the March filing: regulators approved the registration, and the market now has a final offer price. The RMB 150.80 price implies roughly a $9 billion valuation and lifts expected proceeds to around RMB 6.1 billion, while DeepSeek's participation adds a notable embodied-AI angle.

The remaining milestone is the one that should not be skipped in the headline: the shares have not yet been verified as trading. Biped.News will update the story chain when the listing date and first market session are confirmed.