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Unitree’s IPO will test the ‘embodied AI’ valuation shortcut

Its listing will force investors to make distinctions between robotics companies’ propositions more carefully

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    • Unitree Robotics' humanoid robots put up a martial arts display in the company's headquarters in Hangzhou, China.
    • Unitree Robotics' humanoid robots put up a martial arts display in the company's headquarters in Hangzhou, China. PHOTO: BLOOMBERG

    Jun Yan

    Published Thu, Jun 25, 2026 · 07:30 AM

    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.

    Artificial IntelligenceRoboticsRobotsChina stocksThe Bottom Line

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