Unitree's landmark IPO is here. [宇树科技, ticker 688836] opened subscription on Shanghai's STAR Market on Aug 10: "Opening public subscription" means investors can now apply to buy shares at the set price. With demand this high, who actually gets shares is decided by lottery, and open-market trading starts a few days later. • Implied valuation ~¥61B (~$9B), well above the ~$6.2B initial guidance and a ~$1.8B private round in mid-2025. • Priced at 150.80 yuan/share, ~40.45M shares, raising ~¥6.1B (~$900M). • Retail investor demand is through the roof, with a lot-winning rate of ~0.018% (about 1 in 5,500 applications). • Shares are expected to begin trading around Aug 17-21. Financials: • Revenue exploded: ¥159M (~$23M, 2023) → ¥393M (~$58M, 2024) → ¥1.7B (~$250M) in 2025, up ~335% year-on-year. • Swung firmly profitable: ¥278M (~$41M) net profit in 2025, after ¥95M in 2024 and a small loss in 2023. • Humanoids are now the core business: ¥868M (~$128M) in 2025 sales, overtaking the quadruped "robot dogs" that first made Unitree famous. • Momentum held into 2026: H1 revenue guided at ¥1.05-1.13B (~$155-165M). Unitree becomes the first pure-play humanoid maker to list on the mainland, having shipped 5,500+ humanoids in 2025. The hype is enormous, despite the US FCC barring new Chinese-made humanoids.