Humanoid Robotics Already Has Two Public Price Tags

Unitree has put the first exchange price tag on humanoid robotics. Its Shanghai STAR Market IPO is priced at 150.8 yuan per share, implying a valuation of about 61 billion yuan, or $9.04 billion. Agility Robotics is pursuing a US merger with a special purpose acquisition company. The transaction is not closed, but it assigns Agility a $2.5 billion pre-money value.

What the two prices measure

The gap is not a clean ranking of robot quality. Unitree’s figure is an IPO price set before trading begins on Shanghai’s STAR Market. Agility’s figure is a pre-money value negotiated before its proposed merger closes and before the new capital is delivered. One is close to a public market price. The other remains conditional on approvals, a shareholder vote, and closing.

Revenue before profit

Unitree’s public materials show growth and cost pressure at the same time. Revenue more than quadrupled in 2025 to 1.7 billion yuan, and humanoid robots generated 867.8 million yuan, overtaking quadrupeds as its largest business. In the first quarter of 2026, revenue rose 68.5%, but profit excluding one-off items fell 52.6% as research and marketing spending increased.

Agility has operating hours

Agility’s lower pre-money value should not be reduced to a simple technology discount. The company says its robots operate at customer sites in manufacturing, distribution, and logistics. It reports more than 65,000 operating hours across nine facilities and more than $300 million of multi-year contracted orders for its next-generation Digit v5.

Agility Robotics to Go Public Through Merger with Churchill Capital Corp XI (Agility Robotics, 2026-06-24)

출처: agilityrobotics.com

Agility’s release pairs the $2.5 billion value with more than $620 million of expected gross proceeds and a facility designed for up to 10,000 robots a year. The transaction still depends on SEC review, shareholder approval, regulatory approvals, and exchange listing approval. Deployment is evidence of progress, but it is not a completed listing.

The August 10 Unitree test

Unitree plans to open IPO subscriptions on August 10 and sell 40.45 million new shares to raise 6.1 billion yuan. The first public test is whether that price survives actual trading and whether the stock follows production and cash generation after listing. Agility is targeting a 2026 closing, but its public-market price remains conditional. Unitree must show that production and profit can grow together. Agility must turn contracted orders into recurring revenue and operating hours. If both companies keep offering demonstrations and deployment plans without durable revenue, the first price tags will have outrun the businesses. Will the next public robot price reward production volume more, or verified customer time in the field?