Analysis
Unitree's STAR Market IPO subscription formally opened today on Shanghai's exchange, pricing shares at 150.80 yuan each for a total market capitalization of approximately ¥61 billion (about $9.0 billion), according to BigGo Finance. Pulse previewed this exact subscription date more than a week ago; today's opening confirms the timeline and locks in pricing that had only been indicated during preliminary inquiry.
What's changed since Pulse's preview: pricing is now final, not indicative. Unitree will issue 40.45 million shares -- 10% of post-offering capital, bringing total shares outstanding to roughly 404 million -- and expects to raise about 6.1 billion yuan (roughly $901 million). Offline and online subscriptions are running simultaneously, with payment due within two days of open.
“What's changed since Pulse's preview: pricing is now final, not indicative.”
The listing is notable for what Unitree is, not just its price: a profitable, revenue-generating humanoid robotics company going public on a major exchange, a contrast to Western humanoid peers like Figure and 1X that remain pre-revenue or early-revenue and privately funded at comparable or higher valuations. Pulse has covered how Unitree's IPO gives humanoid robotics a real price tag against Figure and Tesla's Optimus program -- a $9 billion public valuation for a profitable company is now the actual market comparable those private rounds get measured against, not just a projection.
DeepSeek is among Unitree's strategic IPO investors, a detail that ties two of the most closely watched Chinese AI names to the same listing and adds a second axis of investor attention beyond the robotics story alone. The subscription follows Unitree formalizing its IPO plans just days after new US export sanctions, underscoring that Chinese hardware AI companies are moving toward public capital markets on their own timeline regardless of US trade posture.
