At the just-concluded summer Davos Forum, Wang Xingxing, the founder of Unitree Technology, publicly disclosed the company's latest operating data for the first time: the annual revenue in 2024 has exceeded 1 billion yuan, a significant increase over the previous year. At the beginning of 2025, Unitree Technology completed the delivery of Series C financing, which was jointly led by China Mobile's funds, Tencent, Alibaba, Ant Group, Geely Capital, etc., with a financing amount of nearly 700 million yuan and a post-investment valuation of more than 12 billion yuan.

This round of financing may be the last round of financing before Unitree's IPO, and the company's listing plan has entered the preparatory stage.

A capital feast is about to begin

It can be said that the reason why Unitree Technology can stand on the "altar" is inseparable from the joint efforts of industrial capital and investment institutions. But what is interesting is that in this round of financing, BYD, which originally planned to invest 60 million yuan, withdrew at the last minute. Although the reason is unknown, this has not affected the pace of Ushu's continued progress.

Many people in the investment community believe that Unitree's current round of financing is actually the last round of financing in the "Pre-IPO" stage. An old shareholder even bluntly said: "This round is likely to be the last round of financing before listing." This means that this financing is not only a key node for new investors to enter the game, but also to promote Unitree to knock on the door of the IPO.

At the end of May, Unitree's company type was changed from "limited liability company" to "limited liability company", and the founder Wang Xingxing also completed the industrial and commercial registration in multiple capacities. Although Unitree said that this is only a regular change, the market generally believes that this is a clear signal of its listing plan.

According to people familiar with the matter, Yushu is doing some capital operations before listing, such as converting capital reserve to increase registered capital in order to increase share capital. This operation not only meets the requirements of regulatory requirements, but also optimizes the issuance plan and enhances the attractiveness of the company, which is an important step towards publicization.

Where to list: A-shares or Hong Kong stocks?

Regarding the listing location, some old shareholders revealed that Unitree plans to submit materials to the exchange at the end of this year, and the first choice is likely to be A-shares, and then choose the opportunity to land on Hong Kong stocks. Previously, Hong Kong Chief Executive John Lee had a conversation with Wang Xingxing when he visited Hangzhou, and asked if there was a plan to go public in Hong Kong, Wang Xingxing's answer was quite ambiguous: "There may be a follow-up, but it is uncertain." ”

Unitree's determination to go public is very firm, because the market is highly competitive, and if it does not go public as soon as possible, it may face an existential crisis. At present, in addition to Unitree, there are competitors such as Zhiyuan and Galaxy General in the market, and the investment institutions behind Unitree are actively promoting its listing as soon as possible.

In addition, Unitree's road to listing has also been blessed by a favorable policy environment. The state's support for hard technology enterprises, coupled with the recognition and recommendation of the Zhejiang Provincial Government, will further enhance the efficiency and success rate of Unitree's IPO.

How popular is Uki? In the eyes of investors, it is "slow to have no hands"

How sought after is Ushu? Investors rushed in almost like crazy; The company's valuation has skyrocketed, and the market has even begun to label it a "quasi-unicorn"; The old stocks in the primary market were once snatched up, and they were gone in just three days!

For example, at the beginning of this year, the stock price of "Unitree Concept Stocks" collectively counterattacked, reflecting the market's extremely high expectations for the humanoid robot track. In the primary market, this enthusiasm is directly reflected in the fact that Yushu's old shares have been robbed. Some investors revealed that at that time, some people were willing to take over the old stocks at a valuation of 10 billion +, which was a lot higher than the valuation of 7 billion in September last year.

As Unitree's IPO enters the countdown stage, institutions are also in a hurry to "get on the bus". Why are you in such a hurry?

Because according to the regulations: the new shares of the enterprise within 6 months before the IPO declaration must be locked for 36 months. In other words, if you don't rush into the game before the end of June now, then the next shot will have to wait until three years from now, and the capital cost and opportunity cost are too high. Therefore, many investors regard this financing as a key decision-making point of "retreat can be attacked, advance can be defended".

Although the price is expensive, almost all investors agree that Unitree is a high-quality target that cannot be ignored in the humanoid robot track.

Whether it is out of FOMO (fear of missing) psychology, or for the robot industry that may explode in the future, everyone feels that if you don't vote for Yushu, it is equivalent to falling behind. Some investors even boldly predict that the market value of Unitree is expected to reach 300~50 billion yuan in the future.

However, there are also "calmers" in this craze. For example, Zhu Xiaohu of GSR Ventures publicly stated at the end of March: "We are withdrawing from the humanoid robot project in batches. He bluntly said that the valuations of such projects have been too high, and the risks have risen. Not only him, but even some of Unitree's own old shareholders expressed their concerns at the internal meeting:

"Isn't the valuation of 12 billion a bit too high?"

"Do you want to quit a part of it first, instead of continuing to add weight?"

Although these voices have not become mainstream, they also show a problem: not everyone is willing to rush up with their eyes closed.

Not only Unitree, but the entire industry is speeding up. For example, Zhiyuan Robot, which has only been established for two years, has soared to 15 billion yuan. In this context, Unitree's shareholders are also seriously thinking: what if the future commercialization is not as expected? What if there are uncertainties in the industry? Therefore, many institutions have also begun to assess whether the chips in their hands are safe enough, and whether it is necessary to make some preparations in advance.

Investors are vying for the right to speak in technology

Industry insiders believe that the reason why early robotics projects can attract new investors is mainly because these investors want to grab the right to speak in technology. However, when large factories become the main force of financing, they enter the market more in the role of industrial investment or strategic investment, considering business synergy and future strategic layout.

The giants' big bet is actually an extension of their AI scenario-based landing. For example, technology giants such as NVIDIA, Google, and Meta will use Unitree's robots for secondary development or AI training; About 20% of customers use it in industrial scenarios such as security inspection.

Zhao Nan, an early investor of Unitree, has publicly stated that four years ago, 70% of Unitree's customers were overseas laboratories and technology giants for secondary development or AI training. At the end of last year, Unitree released a four-legged robot, which was favored by Huang Jenxun and became one of NVIDIA's "strict selections for cooperation".

Many companies don't make hardware or robot ontology, but they need robots from other companies to research AI, and Unitree has become their "testing ground". In the eyes of investors, the recognition of these customers proves that Unitree is not just a "big toy", but a truly valuable business and technology platform.

So, why is Unitree favored by so many AI institutions?

Unitree has done a very good job in core links such as joint modules and main control boards, which can be called industry-leading. In addition, Uki also has a special title - "Price Butcher".

According to the cost calculation of each part, the total hardware cost of Unitree humanoid robot G1 is about 86,000 yuan, and the total hardware cost of the advanced version is about 190,000 yuan, which is far lower than the about 368,000 yuan of Tesla Optimus. Wang Xingxing once said when introducing the Unitree robot dog that the robot of the future should be sold by the pound like pork. This high cost performance makes Unitree very competitive in the market.