How much should investors pay today for a company that might own an important layer of tomorrow’s technology stack?
In China, Unitree Robotics has offered one answer: quite a lot.
The humanoid robot maker went public in Shanghai on August 19 at a valuation of RMB 61 billion (USD 9.1 billion). That was already about 36 times its 2025 revenue of RMB 1.7 billion (USD 252.2 million), and 219 times its earnings.
One early investor estimated that a valuation of RMB 200 billion (USD 29.7 billion) after listing would be reasonable, with RMB 400 billion (USD 59.4 billion) possible in the short term.
That wasn’t far off. By the morning close on its first trading day, Unitree was worth RMB 357.5 billion (USD 53 billion), after its shares rose about 486%.
