Chinese robotics company Unitree is finalizing preparations for its initial public offering (IPO) on the Shanghai STAR Market. The firm has priced shares at 150.80 yuan each, or about $22.37, implying a company valuation of roughly $9 billion.
Trading is expected to start between August 17 and August 21 after the retail portion of the deal drew extraordinary demand, with oversubscription reported near 8,000 times.
Founded in Hangzhou in 2016, Unitree develops quadruped and humanoid robots aimed at research, industrial, and consumer markets.
The business has shown strong momentum, posting revenue of approximately $253 million in the most recent year—a 335 percent rise—and delivering more than 5,500 humanoid units.
Unlike many peers still focused purely on development, Unitree has reached profitability and secured support from major technology groups as well as state-linked investors.
Funds raised will support work on intelligent robot models, hardware improvements, new products, and expanded production facilities.
While the official offering sets a $9 billion benchmark, activity on crypto trading platforms has generated a markedly higher assessment.
Pre-IPO perpetual futures contracts on Hyperliquid have recently traded between $92 and $94 per share.
These levels point to an implied valuation near $38 billion, indicating that participants anticipate more than fourfold upside from the IPO price once regular trading begins.
Two separate markets on the platform have together built meaningful activity, with open interest around $9.1 million and total turnover near $59 million.
The gap between the IPO valuation and the synthetic pricing underscores how decentralized derivatives markets are increasingly used for early price discovery ahead of traditional listings.
Traders appear to be incorporating strong retail enthusiasm in China, the limited float created by the offering structure, and broader optimism surrounding humanoid robotics and embodied AI.
Prior examples of similar pre-listing contracts have tracked actual opening prices reasonably closely in some cases, lending weight to the current signals.At the same time, the elevated premium carries clear risks for leveraged participants.
Positions established at the higher synthetic levels could experience substantial losses if the stock opens closer to the IPO valuation or even at a more moderate multiple.
An opening price only double the offer price could still pressure a significant share of long exposure.
Secondary markets outside China have also reflected premiums, though generally less extreme than those seen in the perpetual futures.Unitree’s listing represents an important milestone as one of the first pure-play humanoid robotics firms to reach public markets on the Chinese mainland.
It arrives during rising global interest in physical AI and advanced robotics, with the company already recognized for shipment volumes.
Sustained growth will be needed to support richer valuations over time, given competitive pressures and the practical challenges of scaling complex hardware and software systems.
Market participants will closely watch the opening session and the subsequent convergence—or lack of it—between the synthetic contracts and the cash market price. The situation also illustrates the expanding overlap between traditional equity markets and crypto venues, where speculative interest can shape expectations well before shares become widely available.
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