Unitree has warned that U.S. curbs could cap its overseas growth. The company logged the risk in its filing ahead of a debut on Shanghai's STAR Market, with subscription set to begin in August 2026. It matters because markets outside China account for over 40% of the firm's sales.
Key takeaways
- Debut on Shanghai's STAR Market, with subscription planned for August 2026.
- Regulatory approval came in 104 days from the March application.
- International sales top 40% of revenue, with the U.S. alone at 13.30% to 19.54% across three periods.
- In 2025 Unitree shipped over 5,500 humanoids — the most globally, per Xinhua.
- H1 2026 outlook: revenue growth of 35.6–45.4% year over year, up to 1.13 billion yuan.
What exactly Unitree warned
The risk stems from new U.S. rules. The FCC added advanced foreign robots to its Covered List?FCC Covered List: A list of equipment the U.S. regulator (FCC) deems a risk — listed devices lose the right to authorization, import and sale in the U.S., which blocks equipment authorization for import and sale absent an exemption or conditional approval.
The company clarified that already-authorized models can stay on sale, but future robots could be blocked. It also flagged that current approvals could be withdrawn. That scenario would hit a key export market.
The IPO: numbers and timing
Unitree is aiming for a listing on the STAR Market?STAR Market: Shanghai's tech-focused stock board — a Nasdaq-style venue aimed at innovative, high-growth companies. in Shanghai. The regulator cleared the offering unusually fast: 104 days from the March filing. Subscription is set to open in August 2026.
| Period | U.S. share of revenue |
|---|---|
| Period 1 | 18.39% |
| Period 2 | 19.54% |
| Period 3 | 13.30% |
The outlook stays strong. For the first half of 2026 the company projects revenue growth of 35.6–45.4% year over year, up to 1.13 billion yuan. Quadrupeds are expected to make up about 70% of global sales in that window.
Two product pillars
Unitree rests on two lines. The first is quadruped robots for research, inspection and industrial use — today the main revenue driver. The second is humanoids, built for broader physical tasks.
In humanoids, the volume is already notable. More than 5,500 units shipped in 2025 set Unitree apart from rivals still running pilots. For comparison, U.S.-based Figure recently marked its 1,000th Figure 03 — a different volume tier, and a different robot profile.
Why it matters
This is the first time U.S. restrictions land as a hard risk in a Chinese robot maker's filing. It shows trade policy is becoming a real valuation factor, not background noise. Unitree has volume and growth, but over 40% of its sales depend on markets it could lose by regulatory decision.
What's next?
- Share subscription on the STAR Market is set to open in August 2026 — the nearest concrete date.
- The scope of FCC Covered List exemptions will decide which Unitree models keep U.S. market access.
- H1 2026 results will test the projected 35.6–45.4% year-over-year growth.
