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Chinese Robotics Startup Unitree Targets $7B IPO Valuation Amid Tech Push

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Chinese humanoid robotics firm Unitree Robotics is preparing for a landmark IPO on Shanghai’s STAR Market, seeking a valuation of up to 50 billion yuan ($7 billion), according to sources. The company, founded in 2016 by Wang Xingxing, has gained global attention with viral videos of robots walking, climbing, and carrying loads.

Unitree confirmed last week that IPO preparations are underway, with a formal application expected in Q4, though it disputed reports on the exact valuation. If successful, this would be one of China’s largest onshore tech listings in years, underscoring Beijing’s drive to fund domestic “unicorns” and bolster self-sufficiency in robotics and AI.

The potential listing comes after a funding round in June that included investments from Alibaba, Tencent, and Geely, boosting Unitree’s valuation to 12 billion yuan. Sources say the company is already profitable, with annual revenue above 1 billion yuan, and poised for rapid growth.

Unitree’s IPO plans coincide with China’s heavy investment in robotics and AI to counter U.S. tech rivalry and address an aging population. The humanoid robot industry enjoys strong government subsidies and policy support, making Unitree a likely beneficiary.

The company’s targeted valuation would mark a sharp jump from its last funding round, testing investor appetite for humanoid robotics — a field where China is positioning itself as a global leader.

Two Chinese AI Chip Firms Target $1.7 Billion IPOs Amid U.S. Export Curbs

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Two Chinese artificial intelligence chipmakers, Moore Threads and MetaX, are seeking to raise a combined 12 billion yuan ($1.65 billion) through initial public offerings (IPOs) on Shanghai’s STAR Market, according to filings released Monday. The companies are betting that U.S. export restrictions on advanced semiconductors will drive demand for homegrown alternatives.

Beijing-based Moore Threads aims to raise 8 billion yuan, while Shanghai-based MetaX targets 3.9 billion yuan. Both firms design graphics processing units (GPUs)—vital components for AI applications—and are attempting to position themselves as domestic challengers to Nvidia, whose chips are now largely restricted from sale in China.

Their listing bids come as China accelerates its push for semiconductor self-sufficiency amid tightening U.S. sanctions. In April, Washington imposed additional curbs that banned Nvidia’s popular H20 chips from export to China. Earlier restrictions have also blocked Chinese chipmakers from using top-tier global foundries such as Taiwan Semiconductor Manufacturing Company (TSMC).

Although both Moore Threads and MetaX acknowledged in their IPO filings that U.S. sanctions present operational challenges, they also highlighted the market opportunity those restrictions have created. “U.S. restrictions… are prompting Chinese companies to accelerate domestic substitution,” Moore Threads stated. Similarly, MetaX noted that geopolitical pressures are “forcing domestic clients to use domestically-produced GPU products.”

Financially, both firms remain deep in the red.

  • Moore Threads reported 2024 revenue of 438 million yuan but posted a loss of 1.49 billion yuan, adding to losses of 1.67 billion yuan in 2023 and 1.84 billion yuan in 2022.

  • MetaX had 2024 revenue of 743 million yuan with a 1.4 billion yuan loss, following losses of 871 million yuan in 2023 and 777 million yuan in 2022.

Despite these losses, analysts say that access to China’s capital markets is critical for these startups to scale R&D and reach economies of scale. “Moore Threads and MetaX are both considered leading GPU firms in China,” said He Hui, semiconductor research director at Omdia. “IPO funding is essential to sustain innovation and growth.”

Founded in 2020, both companies were launched by veterans of major U.S. chipmakers.

  • MetaX’s leadership includes former AMD executives, notably Chairman Chen Weiliang, AMD’s former global head of GPU product line design.

  • Moore Threads was founded by ex-Nvidia personnel, including Chairman Zhang Jianzhong, previously Nvidia’s general manager in China.

These two firms join a rapidly expanding field of Chinese AI chipmakers such as Huawei, Cambricon, and Hygon, all seeking to fill the void left by restricted foreign chip supply and capitalize on Beijing’s semiconductor independence ambitions.

China to Launch New STAR Market Segment for Pre-Profit Growth Companies

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China’s securities regulator announced plans to create a new segment within Shanghai’s tech-focused STAR Market designed specifically for pre-profit growth companies, aiming to bolster innovation amid rising China-U.S. tensions in trade and technology.

The upcoming “growth segment” will support companies that have yet to turn a profit but demonstrate significant technological breakthroughs, strong commercial potential, and substantial investment in research and development, according to guidelines from the China Securities Regulatory Commission (CSRC).

CSRC Chairman Wu Qing emphasized the need for robust capital market support for both tech giants and emerging startups, highlighting ongoing reforms to strengthen China’s financial ecosystem amid shifting global economic and trade dynamics.

The regulator will also establish mechanisms to bring in experienced institutional investors to the STAR Market, reinforcing its role as a platform to advance China’s strategic goal of achieving technological independence and global leadership.

The CSRC further pledged to facilitate listings from companies working on frontier technologies, including artificial intelligence and aerospace, aligning with China’s ambitions in cutting-edge sectors.

This move comes as many Chinese firms are considering public listings in Hong Kong, which is actively attracting new listings amid a recovering stock market environment.