China's humanoid robot makers are racing to go IPO, and only one of them has actually proven it can make money doing it, and it hasn't. 1. UBTech - the only one actually public, listed in Hong Kong since December 2023. Last year: 2 billion yuan in revenue, ~700 million yuan net loss. 2. Unitree - cleared its listing-committee review June 1, 2026, CSRC gave final approval July 3 for a raise of about $619 million (4.2 billion yuan), targeting a valuation near $6.2 billion. Debut possible as early as late July. 3. AgiBot (Zhiyuan Robotics) - skipping a direct IPO, instead buying a controlling stake in an already-listed company to go public through the back door. Already rolled its 10,000th humanoid robot off the line. 4. LimX Dynamics - raised $200 million pre-IPO at a $2.21 billion valuation, preparing a Hong Kong listing. 5. The wider field: over 100 humanoid robot startups now operating in China. Q2 2026 investment into the sector hit roughly $6.9 billion (47.09 billion yuan), 6 times year-over-year. Some interesting observations: • Unitree is raising $619 million against a $6.2 billion target valuation, less than 10% of what it's claiming to be worth. • AgiBot avoiding the standard IPO process while its rival goes through full regulatory review is the kind of detail that's easy to miss and says a lot. • The one public comp in this entire list, UBTech, is still losing money three years after listing. • $6.9 billion poured in during a single quarter, and the sector's only track record so far is a loss. Capital is flooding into this sector faster than any of these companies have shown they can turn a profit, and the public markets are about to find out if the story was worth the price.