DEEP Robotics Files for $345 Million Shanghai IPO, With 79% of Revenue From Industrial Applications
DEEP Robotics has filed for a Shanghai STAR Board initial public offering seeking $345 million, becoming the second Chinese embodied-AI company to seek a listing there after Unitree's March filing. The filing shows a sharply different business mix from Unitree: industrial applications contributed 79% of DEEP Robotics' revenue, compared with 9% of Unitree's revenue from humanoid industrial applications.
DEEP Robotics sold 681 industrial quadrupeds in 2025 at an average price of $39,600 each, while Unitree sold more than 3,500 humanoids at $23,100 apiece. The higher selling price gives DEEP Robotics more revenue per unit, but the lower volumes and longer sales cycles point to a narrower path to scale.
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@poezhao0605China’s second embodied-AI IPO just landed on the Shanghai STAR board. DEEP Robotics filed to raise $345 million. Its prospectus tells the mirror story of Unitree’s March filing. Same city. Same exchange. Same “embodied intelligence” label.
@poezhao0605DEEP Robotics sold 681 industrial quadrupeds in 2025 at an average price of $39,600 each. Unitree sold over 3,500 humanoids at $23,100 each. Higher prices, fewer buyers, longer sales cycles. The revenue per unit is larger. The path to scale