The humanoid headline is always the same two names: Unitree and Agibot, shipping thousands of units, raising the largest rounds, getting the press. The story underneath is less reported. I spent the last few weeks going through every humanoid company's public footprint I could verify — 90+ companies, looking
Last week I admitted I didn't have a defensible funding number. This week I went and got one — not from an AI-generated valuation table, but from the primary sources: a STAR Market prospectus, a Hong Kong exchange filing, and a Caixin report. Five companies, every figure sourced.
Robotics has a humanoid problem — but probably not the one you've read about. The headline version is that humanoids are overhyped. The actual version, once you stop reading press releases and start counting products, is weirder: the humanoid story is a Chinese-catalog story. Almost none of it
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