From the Spring Festival Gala stage to the capital market, Unitree, the first publicly listed humanoid robot company, is entering the final countdown to its IPO. Unitree Robotics, whose robots were previously liked and praised as "impressive" by Elon Musk, has officially received acceptance for its STAR Market IPO. Leveraging a pre-review mechanism designed for high-quality tech enterprises, Unitree passed the listing committee review on June 1 and received registration approval from the China Securities Regulatory Commission on July 1—just about 100 days from formal acceptance to registration. On the evening of July 30, Unitree disclosed its issuance schedule, officially moving from the review phase into the book-building and subscription phase. Unitree plans to publicly issue 40.4464 million shares, representing 10% of the total post-issue share capital, with the stock code 688836. According to the schedule, preliminary book-building will take place on August 5, the offering price will be announced on August 7, online and offline subscriptions will open on August 10, and payment will be completed on August 12. The company aims to raise RMB 4.202 billion, with RMB 2.022 billion allocated to intelligent embodied large model R&D, RMB 1.11 billion to humanoid robot platform development, and the remainder to new product development and manufacturing facility construction. Unitree’s confidence in going public stems from its rapid revenue growth. In 2025, Unitree’s revenue reached RMB 1.708 billion, a year-over-year increase of 335.36%, with net profit reaching RMB 288 million. The company shipped over 5,500 humanoid robots for the full year, and by the first three quarters of 2025, revenue from humanoid robots accounted for 51.53% of total revenue—surpassing that of quadruped robots for the first time. This IPO values Unitree at an astonishing RMB 42 billion, a significant increase from its post-investment valuation of RMB 12.7 billion as of June 2025. Unitree also cautions in its prospectus that embodied large models have not yet been scaled for commercial use and that the industry remains in its early commercialization stage. After listing, Unitree’s key challenge will be transitioning its robots from stage performances, research, education, and development testing into stable, reproducible, large-scale production and service applications.