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Issue #004 — What Capital Is Actually Buying

Published 2026-07-14 · Updated 2026-08-17 China's robotics companies raised $5.6 billion across 176 deals — but note the fine print: that figure is through mid-May 2026, not the full first half (Crunchbase data, reported May 20). It still matches the full-year record from

By Ken Z. 14 Jul 2026

Issue #003 — The Rest

Published 2026-07-13 · Updated 2026-08-16 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

By Ken Z. 13 Jul 2026

Issue #002 — The Players

Published 2026-07-10 · Updated 2026-08-18 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 primary sources: a STAR Market prospectus, a Hong Kong exchange filing, and a

By Ken Z. 10 Jul 2026

Issue #001 — The Humanoid Gap

Published 2026-07-09 · Updated 2026-08-18 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,

By Ken Z. 09 Jul 2026
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