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Dashboard by Axis Intelligence Research — Data licensed CC BY 4.0 — Please keep the attribution link intact.

China Embodied AI Funding 2026

Axis Intelligence Research  ·  Mia Scarlett  ·  August 2026  ·  CC BY 4.0
CPS RMB 4.90M PER ROBOT — BBAR 1.82 — 22 UNICORNS
RMB 93.5B
Disclosed embodied AI financing in the first half of 2026, about US$13.8 billion, a fivefold rise year on year
322
Financing deals closed in the half, up 137% year on year, averaging RMB 290.4 million each
RMB 4.90M
Capital per Shipped Unit: sector funding divided by every humanoid robot delivered worldwide in the same half
1.82
Brain-to-Body Allocation Ratio: yuan committed to embodied AI models per yuan committed to the robot itself
6.5%
Share of sector funding raised on an exchange: Unitree's RMB 6.099bn listing against RMB 93.5bn privately
CPS — Capital per Shipped Unit · how much private capital China's embodied AI sector absorbs for each humanoid robot the world actually receives
4,895,288
RMB per unit
US$722K
At 6.775 CNY/USD
6.44×
UBTECH price basis
31.02×
Unitree price basis
Formula, inputs shown: CPS = disclosed embodied AI financing ÷ global humanoid deliveries, same period
93,500,000,000 ÷ 19,100 = RMB 4,895,288 per unit
Numerator: ITJuzi first-half 2026 disclosed financing, republished by the Shanghai Stock Exchange on July 16, 2026. Denominator: Smart Analytics Global first-half 2026 global humanoid deliveries, of which Chinese vendors supplied more than 97%.
Baseline reading, August 31, 2026. The numerator covers embodied AI broadly, including model developers, dexterous-hand makers and data-collection platforms that ship no humanoid at all; the denominator counts humanoid units globally rather than for China alone. CPS is a sector capital-intensity indicator measured against the category's most visible physical output, not a per-company cost. A narrower numerator lowers the reading, a China-only denominator raises it, and the finding survives both.
Capital ladder · what a robot costs to fund against what a robot sells for
Log-scaled rails — RMB per unit
Capital per Shipped UnitAxis calculation, H1 2026
RMB 4,895,288 raised per humanoid delivered worldwideReference bar
UBTECH Robotics realized priceHKEX annual results, FY2025
RMB 760,479 per full-size embodied humanoid deliveredCPS is 6.44× higher
Unitree Robotics realized priceProspectus via SSE, FY2025
RMB 157,818 ceiling across the whole humanoid lineCPS is 31.02× higher
Rails are scaled logarithmically from a RMB 100,000 floor, because a linear axis would collapse both price bars to invisibility against the capital bar — the spread is the point. Unitree's figure is a ceiling rather than a point, because its 5,500-unit shipment count is disclosed as a floor. The 6.44 to 31.02 range is the difference between an industrial humanoid sold into an automotive line and a research-and-education unit, which is why the multiple depends entirely on which product mix eventually wins.
Disclosed financing trajectory, 2024 to first half 2026
Source: ITJuzi series. 2024 and 2025 full-year figures as reported; H1 2026 via Shanghai Stock Exchange, July 16, 2026.
Where the sector's capital comes from, first half 2026
Source: Axis Intelligence Research from ITJuzi and Shanghai Stock Exchange figures. Private financing RMB 93.5bn against Unitree's RMB 6.099bn offering.
BBAR — Brain-to-Body Allocation Ratio · how a robotics issuer splits committed capital between the model and the machine
1.82
Model per yuan of body
74.5%
Of planned raise
RMB 910M
Model over body
1
Issuers publishing a split
Model R&D · RMB 2.02bn Body R&D · RMB 1.11bn Other · RMB 1.07bn
Intelligent robot model development RMB 2,020,000,000 Robot body research and development RMB 1,110,000,000 Remaining planned proceeds RMB 1,072,000,000
Formula, inputs shown: BBAR = model and software R&D allocation ÷ robot body R&D allocation
2,020,000,000 ÷ 1,110,000,000 = 1.82
Source: Unitree Robotics prospectus registration document disclosed by the Shanghai Stock Exchange on June 2, 2026, against a planned raise of RMB 4.202 billion.
Baseline reading, August 31, 2026. This is a single-issuer reading because it is the only line-item use-of-proceeds split in the market. No other Chinese embodied AI company has published a comparable allocation, and Axis Intelligence Research does not construct one from press-release language. The private market moved the same way in the same quarter: the four largest August rounds all name model development, training-data generation or robotic brains as the primary use of funds.
Round ledger · named rounds with a disclosed amount and a stated use of funds
Feb to Aug 2026 — 10 rounds
CompanyRoundAmountStated use of fundsDateSource of record
XPENG RoboticsFirst externalUS$900m+Model Physical AI models, mass production facilitiesAug 24, 2026Company press release
GalbotNew roundRMB 2.50bnState Energy, manufacturing and real-estate applicationsMar 2, 2026Company WeChat
Spirit AITwo consecutiveRMB 2.00bnPlatform Not separately itemizedFeb 24, 2026Company announcement
Ant LingboFirst, soughtRMB 1.50bnModel General-purpose robotic brainsAug 3, 2026Company confirmation
AI² RoboticsSeries BRMB 1.00bn+Platform Not separately itemizedFeb 23, 2026Company announcement
Songyan PowerSeries B, cumulativeRMB 1.00bnPlatform Household consumer market expansionMar 2, 2026Company statement
DISCOVER RoboticsAngel+US$100mModel ORION model, LOOP data loop, simulatorAug 3, 2026Wuxi municipal WeChat
DISCOVER RoboticsAngelUS$100m+Model Initial angel financing2026Wuxi municipal WeChat
Noin IntelligenceAngel++RMB 500mModel GLOW generative model iterationAug 10, 2026Company statement
UniX AIEquity roundRMB 300mPlatform Full-stack system, global distributionMar 2, 2026Company WeChat
Ten rounds carrying both a disclosed amount and a named source of record. The ledger is not the full 322-deal population — it is the subset where a company, an exchange or a government account published the figure directly, which is the only subset an outside analyst can verify. Six of the ten name model, brain or data work as the primary use of proceeds. Ant Lingbo's figure is a sought amount rather than a closed round and is tagged as such.
Largest disclosed rounds, converted to a common basis
Source: company statements and press releases as recorded in the round ledger. USD amounts converted at 6.775 CNY/USD, the rate implied by Yicai's own pairing of RMB 93.5bn with US$13.8bn.
Unitree offering: registered target against gross proceeds
Source: Unitree prospectus registration document via Shanghai Stock Exchange, June 2, 2026; offer price and share count via SSE announcement, August 6, 2026. Gross proceeds are an Axis Intelligence Research calculation.
Investor league table · participation across China's embodied AI rounds, first half 2026
Rounds joined — H1 2026
HongShanVenture capital
20
GL VenturesHillhouse early stage
18
Shenzhen Capital GroupLocal state capital
12+
Meituan and affiliatesInternet platform
7
National AI Industry FundNational state capital
2
HongShan and GL Ventures are counted in rounds joined, each across 14 companies; Shenzhen Capital Group and Meituan are counted in companies backed, which is the basis their source reports. The two counts are not identical and are shown on the same rail with that difference stated rather than harmonised. The National AI Industry Investment Fund, launched in 2025 at a stated scale of RMB 60 billion, entered the sector for the first time in March 2026 through Galbot and has since backed Deep Robotics. Tencent, Alibaba and JD.com participated in multiple rounds each; X Square Robot is the only Chinese embodied AI firm backed by Meituan, Alibaba, ByteDance and Xiaomi together.
Unicorn formation: companies valued above RMB 10 billion
Source: Yicai via Shanghai Stock Exchange, July 16, 2026. Cumulative count is an Axis Intelligence Research calculation: 3 at end-2025 plus 19 added in the first half of 2026.
Hong Kong listing pipeline, robotics and embodied intelligence
Source: Choice data via Shanghai Stock Exchange for the first-half listed and filed counts; Wind data via China STAR Market, reported August 9, 2026, for the 51-company queue. The two use different classifications and are shown separately.
Capital formation summary · every headline figure with its source and flag
Snapshot Aug 31, 2026
MetricValueAs ofSourceBasis
Disclosed embodied AI financingRMB 93.5bnH1 2026ITJuzi via Shanghai Stock ExchangeReported
Financing deal count322H1 2026ITJuzi via Shanghai Stock ExchangeReported
Deal count growth year on year+137%H1 2026ITJuzi via Global TimesReported
Average disclosed round sizeRMB 290.4mH1 2026Axis Intelligence ResearchCalculated
Full-year financing, 2025RMB 45.3bnFY2025ITJuzi seriesReported
Full-year financing, 2024RMB 10bnFY2024ITJuzi seriesReported
Half-year against full-year 20252.06×H1 2026Axis Intelligence ResearchCalculated
Capital per Shipped UnitRMB 4,895,288Aug 31, 2026Axis Intelligence ResearchOriginal metric
Brain-to-Body Allocation Ratio1.82Aug 31, 2026Axis Intelligence ResearchOriginal metric
Largest private roundUS$900m+Aug 24, 2026XPeng IncCompany primary
Largest private post-money valuationUS$6.3bn+Aug 24, 2026XPeng IncCompany primary
Implied equity sold in that round14.3%Aug 24, 2026Axis Intelligence ResearchCalculated
Unitree IPO gross proceedsRMB 6.099bnAug 6, 2026Axis Intelligence ResearchCalculated
Raise above registered target+45.1%Aug 6, 2026Axis Intelligence ResearchCalculated
Valuation at listingRMB 61bnAug 6, 2026Global TimesReported
IPO share of sector funding6.5%Aug 31, 2026Axis Intelligence ResearchCalculated
Cumulative unicorns above RMB 10bn22Jun 30, 2026Axis Intelligence ResearchCalculated
Companies above RMB 20bn4Jun 30, 2026Yicai via Shanghai Stock ExchangeReported
Humanoid manufacturers in China140+FY2025Ministry of Industry and Information TechnologyGovernment
Humanoid products launched330+FY2025Ministry of Industry and Information TechnologyGovernment
Global humanoid deliveries, CPS denominator19,100 unitsH1 2026Smart Analytics GlobalEstimate
Every row here exists as a row in china-embodied-ai-funding-2026.csv with source organisation, source document, URL, retrieval date and a primary-source flag. Two figures are deliberately left unreconciled and said so: the competing first-half funding tallies, and the two Hong Kong pipeline counts that use different classifications of robotics-related.
Capital formation timeline · how the half unfolded
Mar to Aug 2026
MARCH 2, 2026
State capital enters embodied AI
The National AI Industry Investment Fund makes its first embodied intelligence investment, joining Galbot's RMB 2.5 billion round alongside Sinopec and CITIC Investment Holdings. Songyan Power and UniX AI announce rounds the same day.
MARCH 5, 2026
Embodied AI named an industry of the future
The government work report and the 15th Five-Year Plan draft outline both name embodied artificial intelligence among the industries China will nurture through 2026 to 2030, alongside quantum technology and 6G.
JUNE 2, 2026
The first published brain-versus-body split
Unitree's prospectus registration document discloses a planned RMB 4.202 billion raise with RMB 2.02 billion to model development against RMB 1.11 billion to the robot body, setting the BBAR baseline at 1.82.
JULY 16, 2026
The half-year total lands
The Shanghai Stock Exchange republishes Yicai's account of ITJuzi's tally: RMB 93.5 billion across 322 deals, a fivefold rise in value and a 137% rise in deal count.
AUGUST 6, 2026
The sector gets a public price
Unitree prices at RMB 150.80 on 40,446,400 new shares, raising RMB 6.099 billion against a registered target of RMB 4.202 billion and valuing the company near RMB 61 billion at listing.
AUGUST 3 TO 10, 2026
Capital rotates to the model layer
DISCOVER Robotics raises US$100 million for its ORION model stack, Ant Lingbo seeks RMB 1.5 billion for robotic brains, and Noin Intelligence closes RMB 500 million for its GLOW generative model.
AUGUST 24, 2026
The largest cheque in the sector's history
XPENG's robotics business raises over US$900 million at a post-money valuation above US$6.3 billion, led by IDG Capital with Tencent and Alibaba as strategic investors, with no humanoid units yet in customers' hands.
WHAT MOVES THE READING NEXT
Full-year figures and the Hong Kong queue
A full-year 2026 funding total, a second issuer publishing a line-item use of proceeds, or a revised global delivery estimate would each restate CPS or BBAR. Fifty-one robotics and embodied intelligence companies sit in the Hong Kong listing queue, 12.7% of everything awaiting approval.