Unitree files for a Shanghai IPO — and the prospectus tells the real story

Unitree filed for a roughly $610M listing on Shanghai's STAR Market, a landmark first for China's humanoid sector. The numbers are the headline, not the valuation. Unitree shipped 5,500 humanoids in 2025 at about $25,000 each, on $250M of revenue — more units than anyone in the West. China's price-led volume play is the mirror image of Silicon Valley's valuation-led one.