Unitree Robotics has filed for an IPO on the STAR Market of the Shanghai Stock Exchange, aiming to raise $620 million. The filing reveals Unitree's rapid growth and profitability, positioning it as a leader in humanoid robot shipments. Founded in 2016, Unitree has shifted its revenue focus from quadruped to humanoid robots, with the latter now accounting for over half of its core revenue. The company shipped approximately 5,500 humanoid robots in 2025, surpassing competitors like AgiBot and U.S.-based Figure AI. Unitree's prospectus categorizes its buyers into scientific research, commercial consumption, and industrial applications, with research and education making up 74% of humanoid robot revenue. The company's vertical integration strategy, producing most key components in-house, has reduced manufacturing costs and increased gross profit margins to nearly 60%. Unitree plans to invest heavily in AI model training, allocating $300 million of its IPO proceeds to develop advanced model architectures, aiming to maintain its competitive edge in the evolving robotics market.