Agility Robotics asks public investors for $2.5 billion pre-money on November 2. China's robot listings put that number in context: Unitree went public at $9.1B and trades near $30B. Geek+ listed at $2.8B and is worth about $1.0B. This is what robot companies are actually worth once a market sets the price.
- Agility is priced below most of China's listed robot companies. Its $2.5B pre-money sits under Unitree, Horizon, UBTECH and the AgiBot-controlled Swancor shell, and above Geek+, Dobot and Leju's last private round.
- Listing day is not the end of the story. Unitree is up about 3.3× from its IPO value. Geek+ is down about 65%, UBTECH about 14%, and Dobot is flat.
- Different routes. Agility is a SPAC that hasn't closed yet (vote Nov 2). Unitree used Shanghai's STAR Market. UBTECH, Horizon, Geek+ and Dobot listed in Hong Kong. AgiBot took control of an already-listed company. Leju has filed on ChiNext.
- Public money pays for revenue and volume, not demos. Agility's case rests on company claims: >65,000 Digit hours, commitments at nine facilities, and >$300M in Digit 5 orders that depend on milestones.
The ranking
| Company | Status | At listing | Now |
|---|---|---|---|
| Unitree (STAR) | Listed Aug 2026 | $9.1B | $30.0B (Oct 19) |
| Horizon Robotics (HK) | Listed Oct 2024 | $6.7B | $7.9B (Oct 16) |
| Swancor / AgiBot (STAR) | Backdoor, 63.6% control | $0.4B pre-deal | $7.0B (Oct 19) |
| UBTECH (HK) | Listed Dec 2023 | $4.8B | $4.1B (Oct 16) |
| Agility Robotics (AGLT) | SPAC pending, vote Nov 2 | $2.5B pre-money | — |
| Geek+ (HK) | Listed Jul 2025 | $2.8B | $1.0B (Oct 16) |
| Dobot (HK) | Listed Dec 2024 | $0.96B | $0.95B (Oct 16) |
| Leju Robotics (ChiNext) | IPO filed | $0.65B last private round | — |
What the chart says
Humanoids get the premium, and the swings. Unitree priced at ¥61B. On its first day it closed near $50B, and it was down about 45% from its peak within a week, according to Reuters. It is still the most valuable listed humanoid maker by a wide margin. That shows the size of the bet, not a settled price.
Real businesses can still get marked down. Geek+ ships warehouse robots in volume and lost about two-thirds of its listing value. UBTECH, the first humanoid company listed in Hong Kong, is below its IPO price. Dobot's cobot business is right where it listed. Listing value is the point where testing starts.
AgiBot took a shortcut. It never ran an IPO. It bought control of Swancor, a listed materials company worth about $0.4B before the deal, and the stock has since re-rated to about $7.0B. That is the value of the whole listed company. It is not a clean valuation of AgiBot.
Horizon is the outlier on our list. It sells driving chips, not humanoids, so it is a reference point for "robotics" valuations that come with revenue attached.
Where that leaves Agility
At $2.5B, Agility is asking for roughly a quarter of Unitree's IPO value and a twelfth of its current price. It is closer to Geek+'s listing value than to any Chinese humanoid. That could mean U.S. investors are getting a cheap entry. It could also mean a SPAC price that public trading will test right away, as it did for Geek+ and UBTECH. The deal has to close first. Gross proceeds of >$620M assume no redemptions, and the Digit 5 orders are subject to milestones.
The open question for November 2: does a U.S. humanoid with paying industrial customers earn a Unitree-style premium, or does it trade like a warehouse-automation stock?
Sources
- Reuters, Unitree IPO pricing (Aug 6 2026) and debut (Aug 19 2026); Global Times / Sina, Unitree market value (Oct 19 2026).
- Reuters, Horizon Robotics HK debut (Oct 24 2024).
- HKEX: Geek+ allotment results (Jul 8 2025); Dobot prospectus (Dec 2024).
- SCMP / China Daily HK, UBTECH listing (Dec 29 2023).
- Yicai Global, AgiBot control of Swancor; Yicai / TMTPost, Leju ChiNext filing.
- S&P Global Market Intelligence via stockanalysis.com, current market caps.
- Agility Robotics press releases: SPAC announcement (June 2026), S-4 effective (Oct 13 2026).
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