Unitree Robotics has officially announced the timeline for its Initial Public Offering (IPO).

The company has confirmed its IPO roadmap as follows: The company is currently actively advancing IPO-related preparations. According to the IPO plan, the company expects to submit filing documents to securities exchanges between October and December 2025, at which time the company's relevant operational data will be formally disclosed.

In the statement, Unitree Robotics also briefly outlined its product revenue structure using 2024 as an example (specific data will be subject to subsequent IPO filing documents): sales of quadruped robots, humanoid robots, and component products accounted for approximately 65%, 30%, and 5% respectively. Among these, approximately 80% of quadruped robots were applied in research, education, and consumer sectors, with the remaining 20% used in industrial fields such as inspection and firefighting. Humanoid robots were entirely used in research, education, and consumer sectors.

This announcement has generated significant attention in the robotics community, with industry observers calling it "one of the most anticipated IPOs in the robotics field."

**Accelerating IPO Process**

Prior to this official announcement, Unitree Robotics had already made numerous and frequent moves toward capitalization this year. For example, on May 28, the company completed its shareholding system reform, changing from "Hangzhou Unitree Technology Co., Ltd." to "Hangzhou Unitree Technology Co., Ltd." This move was widely viewed as a prelude to going public.

Subsequently, in June, Unitree Robotics' registered capital increased dramatically from 2.889 million yuan to 364 million yuan, an increase of 125 times. Also in June, Unitree Robotics completed its Series C financing round, achieving a valuation of 10 billion yuan.

A month later, on July 18, information from the China Securities Regulatory Commission's official website showed that Unitree Robotics had completed listing guidance filing at the Zhejiang Securities Regulatory Bureau, with CITIC Securities as the guidance institution, marking the formal start of its IPO process.

The pace has been remarkably intensive. Notably, Unitree Robotics chose the traditional IPO route rather than a "backdoor listing" approach, which industry insiders believe can more directly test the quality of its technology commercialization and the value of its core robotics assets.

Beyond IPO-related progress, revenue performance is another noteworthy aspect. Unitree Robotics is among the few companies in the robotics sector that can achieve profitability, having maintained profitability for five consecutive years since 2020.

Regarding specific figures, Unitree founder Wang Xingxing disclosed at this year's Summer Davos Forum that annual revenue has exceeded 1 billion yuan.

Since its establishment, Unitree has consistently been favored by capital markets. Through its Series C financing, it has received intensive support from top domestic investment institutions and industrial capital.

The complete financing history demonstrates that from a robotics commercialization perspective, Unitree Robotics is one of the most representative players in the industry.

All of this confidence stems from one key factor: products, products, and more products.

**Unitree Robots Breaking Through Repeatedly**

While Boston Dynamics' quadruped robots still appeared in technical reports as industry benchmarks, Wang Xingxing, a mechanical engineering master's student at Shanghai University, achieved a key breakthrough in his laboratory: In August 2016, he independently developed the motor-driven full-degree-of-freedom quadruped robot XDog (later the technical prototype of Laikago).

Through angel investment, Wang Xingxing officially founded Unitree Robotics, targeting the quadruped robot field from the beginning.

In 2017, Unitree's first quadruped robot Laikago was officially launched, pioneering low-cost, high-performance quadruped robots. In 2019, they released AlienGo, the first quadruped robot capable of performing backflips, further enhancing the company's technical capabilities and market influence.

In 2021, they launched Go1, the world's first consumer-grade companion biomimetic quadruped robot, precisely targeting the market gap of "personal companionship + lightweight services." Go1's cumulative shipments exceeded 50,000 units, capturing 60% of the global consumer-grade legged robot market share. Unitree Robotics transformed from a technology follower to a market segment definer.

What brought Unitree Robotics into the public eye was humanoid robots. In 2023, they released their first general-purpose humanoid robot H1, demonstrating Unitree's technical expertise in balance control and power systems through the high-difficulty backflip maneuver, directly benchmarking international top-tier standards.

The subsequently launched G1 humanoid robot, priced at 99,000 yuan, shattered the perception that "humanoid robots belong to high-end laboratory products," rapidly lowering market barriers. The immediate sell-out success provided reference for the industry's exploration of humanoid robot commercialization paths.

Beyond their own technical and product confidence, sustained capital investment has also served as indirect endorsement of Unitree's industry position. In 2024, Unitree completed nearly 1 billion yuan in Series B2 financing. This year, Series C financing co-led by China Mobile, Tencent, Alibaba, and Ant Group not only brought nearly 700 million yuan in funding but also pushed the company's valuation to 12 billion yuan.

Looking domestically, only Zhiyuan Robotics can compete with Unitree for the title of "first embodied intelligence stock."

Unitree has indeed become a household name. H1's debut performance of spinning handkerchiefs at the CCTV Spring Festival Gala certainly embedded Unitree's name in people's hearts. Actually, Unitree had already performed at the 2021 Year of the Ox Spring Festival Gala, when Niu Benben was modified from the A1 quadruped robot.

Most recently, what went viral domestically and internationally was H1's "hit-and-run" incident at the first Humanoid Robot Sports Meeting. Moreover, this robot won the 1500-meter championship after the collision, taking the first gold medal at the inaugural Humanoid Robot Sports Meeting.

From its 2016 laboratory startup to becoming an important participant in the global robotics field today, Unitree completed the journey from technical accumulation to product implementation and then to market leadership in eight years.

Founder Wang Xingxing has made innovation the core driving force of enterprise development. Actually, around 2016, hydraulic drive was the mainstream route for robot power, with domestic and foreign enterprises having substantial technical accumulation in this field. However, Wang Xingxing took a different approach, choosing electric motor direct drive, reducing development costs.

In subsequent development, they built barriers through fully self-developed core technologies and opened markets with scenario-based products, ultimately achieving the leap from catching up to leading in both quadruped and humanoid robot tracks, becoming a successful example of Chinese high-tech enterprise development.

Unitree Robotics' IPO will, to some extent, promote the development of China's robotics industry.

**One More Thing**

Unitree founder Wang Xingxing graduated from Zhejiang Sci-Tech University for his undergraduate degree and completed his master's at Shanghai University. He resigned from DJI after just two months and started his own business, initially operating the company alone.

Compared to the prestigious university, major corporation, and executive backgrounds favored by investors, the success of post-90s Wang Xingxing appears somewhat unexpected. With a non-elite undergraduate background and poor English skills, he had little competitive advantage in the embodied intelligence field filled with top university graduates and prodigies.

Now, however, he has become one of the most iconic figures in China's embodied intelligence robotics field. This represents both Wang Xingxing's personal struggle and proof of the era's surging technological wave. Wang Xingxing's name will certainly be inscribed in the technology tree of the embodied intelligence era.