Humanoids, actuators, and the machines learning to move through the physical world.
Unitree's 500% debut and Beijing's robot games are the spectacle. The bill of materials is the story — 40 to 70 actuators per machine, and a supply chain that runs, link by link, back to one country.
Unitree priced its Shanghai IPO at a valuation near 61 billion yuan. The company is real and it makes money — but the price is a bet on a labour market that doesn't exist yet, and the float is too thin to cushion the fall if it's wrong.
Robotics has raised a reported $55.8 billion this year, nearly double the old record, and a German startup just took the biggest check. The number everyone repeats is $1.4 billion. The more interesting one is how little of it sits in the open market.
