Unitree Robotics, a Chinese company known for viral videos of humanoid robots performing kung fu, scaling walls, and wielding swords, has launched an initial public offering (IPO) on the Shanghai Stock Exchange. On Thursday, Unitree priced its shares at the equivalent of around $22, seeking to raise about $900 million in a deal valuing it at about $9 billion. The listing comes amid growing investor interest in humanoid robots as the next major technology breakthrough, with governments viewing them as strategic assets. Last month, the Federal Communications Commission announced plans to ban new Chinese-made humanoid and quadruped robots, citing national security concerns. US officials argue such robots could surreptitiously collect sensitive information or provide avenues for cybersecurity attacks. China accused the US of “overstretching the concept of national security” and threatened retaliation; on Wednesday, Beijing announced retaliatory measures. Unitree has emerged as China’s leading humanoid robotics contender, with founder Wang Xingxing seated prominently across from Xi Jinping at a symposium last year. The company shipped more humanoid robots than any other manufacturer last year, generating about $250 million in revenue in 2025, with sales more than quadrupled and profitability achieved. “The Unitree stock sale will be a bellwether for how the capital markets view this exciting but nascent technology,” said Lian Jye Su, a Singapore-based analyst for Omdia. The industry’s central question remains whether a large commercial market