Unitree shares fell 53% from debut high, now at $30 billion

Unitree's dramatic stock slide follows a debut that saw shares soar 460% on the first day of trading. The company raised about 6.1 billion yuan ($900 million) in its IPO, pricing at 150.80 yuan per share. Before the IPO, Unitree had targeted a valuation of roughly 42 billion yuan ($6.2 billion), but ultimately valued the company at about 61 billion yuan ($9 billion).

The pullback comes as Chinese regulators reportedly become more cautious about humanoid companies going public. The China Securities Regulatory Commission has informally raised the bar for IPO candidates, according to The Information, requiring demonstrations of recurring revenue or significant technological innovation. Reuters could not independently verify this report.

Unitree's financial performance stands in contrast to U.S.-based competitors like Agility Robotics, which generated only $1.78 million in net sales in 2025 with a $140.2 million operating loss. Unitree's substantial revenue and profitability suggests the market's concern is not about business viability but about valuation multiples. The test ahead is whether Unitree's revenue growth from humanoid robots, which reached 868 million yuan in 2025, continues at a pace that justifies the current $30 billion valuation.