Unitree’s IPO will test the ‘embodied AI’ valuation shortcut
Its listing will force investors to make distinctions between robotics companies’ propositions more carefully
UNITREE Robotics, a Chinese company specialising in humanoid robots, is reportedly seeking a valuation of about 4.2 billion yuan (S$802 million) in its planned Shanghai listing.
Set against 1.7 billion yuan of revenue in 2025, that implies a price-to-sales multiple of roughly 25 times.
The immediate question is whether mainland investors will be comfortable with that number. The more consequential test is for the label – “embodied artificial intelligence” – that has helped finance the sector.
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