Unitree Robotics shares have climbed more than 60% since October 15, lifting the company’s market value to 271.8 billion yuan ($40.8 billion) as investors seek exposure to AI-driven robots. Investors are betting that OpenAI’s GPT-6 Astra and other chatbot technology can enable robots to operate in the physical world, a field known as physical AI.
The stock hit the daily limit, rising 20% on Friday to finish at 624 yuan ($93.55), and gained a further 7.69% on Monday to close at 672 yuan ($100.75).
Unitree Robotics rally and company comments
Founder Wang Xingxing helped drive the rally with remarks on October 22 at the World Physical AI Conference in Hangzhou, which was Unitree’s first partner conference during the company’s decade in operation. Wang said large models, AI systems trained on vast quantities of data, could deliver a breakthrough in physical AI, forecasting one to two years if progress goes well, or two to three years otherwise. He also said OpenAI’s GPT-6 Astra can already direct robots without training.
JPMorgan upgrade and investment thesis
JPMorgan upgraded Unitree from underweight to overweight on Monday, October 26, and raised its price target to 995 yuan ($149.17). The bank had previously viewed Unitree as overly dependent on hardware and lacking in software, but revised that assessment after discussions with Wang and other executives and an examination of Unitree’s humanoid robots in Hangzhou.
The investment thesis reflected in the upgrade assumes chatbot technology will soon control machines that perform physical tasks. If that occurs, robots could move beyond laboratory demonstrations to perform chores such as tidying rooms or folding laundry on command, benefiting companies that produce robot bodies, motors and joints.
Products, listing and security concerns
Unitree listed on August 19 on the Shanghai Stock Exchange’s technology-focused STAR Market. Its G1 humanoid sells for approximately $16,000, below the price of competing humanoids. Researchers have identified security weaknesses, including transmission of audio, video and spatial data to external servers without notifying users.
Unitree already sells robots. However, Tesla has only recently begun manufacturing Optimus robots at the company’s factory in Fremont, California, and expects deliveries to outside customers around the end of 2027. Figure AI formed a partnership with OpenAI in 2024 to use OpenAI models in Figure AI’s humanoid robots.
