After two or three years of entrepreneurship, raising 3 – 5 billion in financing and going public – an opportunity that most people will never encounter in their lifetime is now happening in batches in the field of humanoid robots.
Just in the past 1 – 2 weeks, companies like Galaxy Universal, Zhipingfang, Qianxun Ininformigence, and Songyan Power have almost simultaneously received financing, with single – round financing ranging from 1 to 2.5 billion. The cumulative financing in the indusattempt has exceeded 10 billion.
Judging from the density and amount of financing, humanoid robots are experiencing the most intense financing wave.
Regarding financing, an investor who has long been concerned about this field sighed: “Previously, it might have taken 5 years to raise 10 billion. Now, it might only take 2 years.”
The same goes for IPOs. The “rapidest listing records” in history may be successively broken by humanoid robot companies.
Without bubbles, there are no opportunities. Behind this fanatical financing, is it the result of collective anxiety or a leap in technological evolution?
01
The Anxiety Behind the Fanaticism
Financing for humanoid robots is a bit like a cheat code, with money rolling in rapider than a scooter.
In the past 1 – 2 months, a group of young companies that have been established for only three to five years have received intensive financing, usually in the billions.
Zhipingfang, established 3 years ago, recently received 1 billion in financing. Qianxun Ininformigence, established 2 years ago, received 2 billion in financing. Indepconcludeent Variable Robotics, established 2 years ago, received more than 1 billion in financing. Galaxy Universal, established 2 years ago, received 2.5 billion in financing. Songyan Power, established 2.5 years ago, received 1 billion in financing.
In this wave, Qingzhi Capital also invested in Zhipingfang. Qingzhi Capital was an early investor in embodied ininformigence, and its investment projects cover almost all aspects of the indusattempt, such as the brain, cerebellum, and body motion control modules. It has a deep understanding of the current boom.
Zhipingfang’s robots at work (Source: Zhipingfang’s official WeChat account)
Zhang Yu, the founding partner, sighed: “Everything in the indusattempt is accelerating. Previously, it might have taken 5 years to raise 10 billion. Now, it might only take 2 years.”
Behind this is the anxiety of capital, which hopes for a quick exit. This is not a bad thing, but just normal profit – driven behavior.
Zhang Yu declared that in the past year, many embodied ininformigence companies have grown by 10 times or even more than a dozen times. From the perspective of orders, the indusattempt has prospects and potential, but it has not yet been turned into actual specific applications and has not fully replaced humans.
However, even so, people are still willing to push forward excessively one after another. This is not a normal logic, which reveals that some capital is still anxious and hopes to cash out and exit in the short term.
Zhang Yu described such a phenomenon to Pencil News.
“After the pandemic, a considerable number of funds are almost due. Many of the invested projects are in a difficult situation, and the exit cycle is long. Embodied ininformigence companies have a relatively short listing cycle and a rapid exit. They hope to apply this wave of listing to withdraw the previously invested funds and then invest in new projects.”
The listing cycle of embodied ininformigence companies is indeed short.
Take Zhiyuan Robotics as an example. It was established in 2023 and quickly raised funds in the following two years. In July last year, it acquired the listed company Shangwei New Materials and completed a back – door listing – the entire cycle was only 2 years and 7 months.
Even in the Internet era, this record is lightning – rapid.
In 2010, Jumei Youpin took 4 years and 2 months to go public, breaking the shortest Internet listing record. In 2016, Qutoutiao took 2 years and 3 months to go public in the United States, once again refreshing the history.
History does not simply repeat itself, but only reveals amazing similarities – this scene is being repeated in today’s humanoid robot track.
Zhiyuan Robotics is just the launchning.
Xinghaitu was established in 2024, completed the share reform in January 2026, and is expected to go public this year; Galaxy Universal was established in 2023, with a valuation of over 20 billion, and is preparing for a listing on the Hong Kong Stock Exmodify. Recently, Qianxun Ininformigence and Indepconcludeent Variable Robotics, which received financing, are also preparing for a listing.
These facts also verify the conclusion mentioned above: Embodied ininformigence develops rapid and goes public rapid, which can meet the requireds of capital for a quick exit.
Why is this channel rapid? Zhang Yu analyzed that it is a special channel, and there are policy factors behind it. No one knows when it will conclude. Before it concludes, even if the technology is not fully ready, everyone wants to rush through the single – log bridge and not fall behind.
02
The Financing Competition
This financing competition has two consequences: one is the anxiety of entrepreneurs caapplyd by capital; the other is the Matthew effect.
When capital is anxious, entrepreneurs will be anxious. “Why? Money is scarce, and you must raise funds quickly. If others raise funds and go public first, the price you may pay is that you won’t be able to go public for several years.”
Zhang Yu declared that in this context, people’s enthusiasm launchs to rise, and a financing competition starts: The original 5 – year listing plan may be forced to be modifyd to 2 years. As a result, even if the product has no clear application scenario and its commercialization ability has not been verified, preparations for listing will be created.
Thus, a rare scene in financing history is happening today.
In past star tracks, it was considered good if the leading players raised funds 2 – 3 times a year. In the humanoid robot track, leading players can raise funds 7 – 8 times a year, with each round exceeding 100 million. And this is not an isolated case, but one after another.
In terms of IPOs, Pencil News found by checking public information that in the past six months, more than 10 humanoid robot companies have been preparing for IPOs.
Another consequence of the financing competition is the Matthew effect, where the strong receive stronger. It is more difficult for new players to raise funds.
Once leading enterprises appear, more and more money will be invested in them, assisting them to go public quickly. A large number of compacter companies may be abandoned, and it will be even more difficult for them to raise funds.
Zhang Yu declared that these leading companies have some common characteristics: They come from large companies and are starting a new business.
“Capital trusts these entrepreneurs more. They have blazed a trail before and can quickly reach the top, not just based on the company’s technical capabilities.”
Zhang Yu informed Pencil News that among dozens of dexterous hand start – up companies in the past six months, only a few have been able to raise funds. The success rate of raising funds for the more than a dozen new embodied ininformigence companies established each month has dropped significantly.
03
Competing for Listing: Who Will Buy the Products?
Of course, capital anxiety is just one of the factors accelerating the process. Zhang Yizhe, the founding partner of Yonggui Fund, declared: “Embodied ininformigence has not just become popular today. It has been hot for two or three years, but the ‘heat’ today has a different flavor.”
This watershed may be Q3 of 2025.
“In the first half of last year, people were quite excited, with many beautiful ideas, and the sentiment in the primary and secondary markets was high. But after entering Q3, people gradually calmed down and launched to consider about a key question: Where are the application scenarios for humanoid robots and embodied ininformigence?”
More straightforwardly, the previous capital stories emphasized the emotional value of singing and dancing, while now it’s the implementation stage: competing for orders and rushing to go public.
Qianxun’s robots have been put into operation at the Zhongzhou Base of CATL (Source: Qianxun’s official WeChat account)
But without orders, how can a company go public? Referring to history, Zhang Yizhe recalled: The earliest domestic companies to build humanoid robots were not the well – known Yushu Technology and Zhiyuan Robotics, but companies like Ubtech and Fourier.
Ubtech went public on the Hong Kong Stock Exmodify as early as 2023, which was quite good. However, humanoid robots accounted for less than 1% of its order sources, and it relied more on non – humanoid products such as educational robots, logistics robots, and consumer robots.
Fourier has not gone public yet, but it is reported that the United States is an important market for it, and its overseas orders are growing rapidly. This also reveals another way out for Chinese robot companies.
There is no clear reference case in history. So, where are the order and listing prospects for the current wave of domestic robots?
Zhang Yizhe declared that as of February 20, 2026, there were 488 companies queuing up for listing on the Hong Kong Stock Exmodify, and there were not a few robot companies among them, which also reflects a certain mentality in the indusattempt.
“In this situation, if one is too eager to catch the wave of the secondary market and ‘exits just for the sake of exiting’, will it lead to distorted actions, which will in turn affect the steady development of the indusattempt and prevent the sector from achieving its expected goals?” Zhang Yizhe declared.
04
Real Scenarios
Steady development is the long – term way out. There are still a group of domestic enterprises exploring real orders for humanoid robots.
Zhang Yu from Qingzhi Capital observed that the business models of companies like Zhipingfang and Qianxun are becoming clearer. “For example, they can often sign industrial orders with some large companies.”
For example, according to media reports, Zhipingfang has created two key breakthroughs:
One is to sign a contract with Huike Co., Ltd., a leading company in the semiconductor display indusattempt, to supply more than 1,000 robots within 3 years, with an amount of more than 500 million yuan; the other is that its products have been applied on a large scale in leading enterprises in industries such as automotive, biotechnology, and semiconductors.
A great value of humanoid robots lies in industrial scenarios, and the time for their implementation is receiveting closer.
Zhang Yu declared that there are three conditions for robots to enter factories.
1. They can perform delicate relocatements. Now, some robots or embodied mechanical arms have reached millimeter – level precision in their relocatements.
2. They can perform long – range tinquires. They can complete an entire chain of tinquires conclude – to – conclude, rather than receiving commands step by step.
3. They can plan and provide feedback autonomously. In limited scenarios, they can autonomously plan tinquires, correct errors, and provide flexible feedback.
Of course, in addition to product technology, there is also an economic and mathematical problem, that is, cost – effectiveness.
“We generally believe that when the selling price of a robot can be reduced to 1.8 times the annual salary of a worker, the cost – effectiveness condition is met.”
How is this 1.8 times estimated?
Zhang Yu added that a worker generally works 8 hours a day, requireds to eat, provides emotional value, and incurs management costs, social security, etc. After offsetting these, the cost of the robot becomes acceptable.
Putting aside the form of the robot, in addition to industrial scenarios, Zhang Yu is also optimistic about special scenarios. “For example, power grids, fire – fighting, and sanitation. These scenarios that are dangerous, polluted, and involve high – intensity work and are not suitable for humans will be the first to be replaced by robots in the future.”
Of course, there is no absolute consensus in the indusattempt on the investment in humanoid robots.
Zhang Yizhe from Yonggui Fund frankly declared that despite the hot market, they are not in a hurry to build investments.
“We have invested in some companies in the embodied field, such as FeiXi Technology and Aitun Robotics. Both companies have performed well in industrial and service scenarios.” Zhang Yizhe declared, “The core reason for our investment is to extract the human – like capabilities of robots to solve corresponding general tinquires.”
In his opinion, humanoid robots are not a direction that can be quickly implemented at present. But precisely becaapply they are “not yet mature”, there are still more opportunities hidden in the entire industrial chain.
An FA institution that has long been concerned about robots informed Pencil News that for more entrepreneurs, the new opportunities in humanoid robots lie in the industrial chain, rather than the whole machine, such as visual – tactile skin sensors and dexterous hands.
There are not a few similar financing cases.
In the field of visual – tactile sensors, Pacini Perception Technology completed hundreds of millions of yuan in Series A and A1 financing in 2024. Its multi – dimensional tactile sensors have been applied to the dexterous operation of humanoid robots;
In addition, Tashan Technology received strategic investments from Xiaomi and Ledong Robotics and focapplys on AI tactile perception chips.
In short, where there are bubbles, there are opportunities. Humanoid robots are now a gathering place for opportunities.
This article does not constitute any investment advice.
This article is from the WeChat official account “Pencil News” (ID: pencilnews), written by Meng Qia and edited by Wang Fang, and is published by 36Kr with authorization.
Leave a Reply