Embodied intelligence is burning hot.

Two more embodied AI unicorns with valuations exceeding 20 billion RMB have been born in China—ZhiPingFang and Ziyoubian (Free Variable) Robotics—bringing the total number of domestic embodied AI unicorns to at least 26, with 16 of them newly added in the first half of 2026 alone.

The first-half 2026 new unicorns include: Coolva Technology, ZhiPingFang, Ziyoubian Robotics, Qianxun Intelligence, Xinghai Tu, Guanglun Intelligent, Sudu Technology, Tashizhihang, Digua Robotics, Xingdong Jiyuan, Jijia Vision, Zhongqing Robotics, Pudu Robotics, Stardust Intelligence, Songyan Power, and Tianji Intelligence.

Industry Categorization: Full-Stack, Brain, and Body

The 26 billion-RMB unicorns can be broadly categorized into three technical routes: full-stack, software & brain, and hardware & body.

• Full-stack route (13 companies): UBTECH, Galaxy General, ZhiPingFang, Xinghai Tu, Mech-Mind, Zhiyuan Robotics, Deep Robotics, Sudu Technology, Tashizhihang, Qianjia Intelligence, Xingdong Jiyuan, Pudu Robotics, Stardust Intelligence.

• Hardware & body focus (9 companies): Lingxin Qiaoshou, Coolva Technology, Flexiv, Digua Robotics, Paxini Perception, Zhongqing Robotics, Leju Robotics, Songyan Power, Tianji Intelligence.

• Software & brain focus (4 companies): Ziyoubian Robotics, Qianxun Intelligence, Guanglun Intelligent, Jijia Vision.

01. Seven New Full-Stack Players, Cumulative Funding Exceeding 10 Billion

Full-stack enterprises deeply cultivate both the "embodied brain"—deploying embodied intelligence large models and VLA world models—and the robot body hardware, covering complete machines, joint modules, and sensors, striving to build a complete software-hardware self-development closed loop.

Xinghai Tu: Founded by a Tsinghua University post-90s team, technology route based on VLA (Vision-Language-Action) models, advocating one general model for multiple robot forms. In June 2026, released the world model Fast-WAM and open-sourced the next-generation VLA foundation model G0.5. Released the bipedal humanoid robot Kengo in June. Completed 1 billion RMB Series B in February; less than two months later, completed nearly 2 billion RMB Series B+ in April, with valuation doubling to 20 billion RMB, setting the record for the fastest valuation increase in the embodied AI sector after Chinese New Year 2026.

Sudu Technology: Founded May 2025, released the full-stack self-developed robot system #Sudo R1 in April 2026, adopting "3D world model and reinforcement learning integrated design." Completed a $500 million (approx. 3.4 billion RMB) Pre-A round in April 2026, with a valuation of approximately 13.6 billion RMB—achieving unicorn status in just 11 months.

Tashizhihang: Founded February 2025, launched the general embodied large model AWE 3.0, industrial robot A-series, general robot T-series, and dexterous hand TARS DexHand. Completed a $455 million (approx. 3.1 billion RMB) Pre-A round in April 2026, with valuation around 13 billion RMB, led by Gaorong Capital and Sequoia.

ZhiPingFang: Founded April 2023, launched the embodied large model AlphaBrain and self-developed robot body AlphaBot. Disclosed nearly 500 million RMB in orders. Completed nearly 5 billion RMB in new financing on June 29, 2026, with valuation exceeding 20 billion RMB. Had completed 13 funding rounds within one year by February 2026.

Xingdong Jiyuan: Founded in 2023, a Tsinghua University-shareholding humanoid robot enterprise. Released the end-to-end native robot large model (VLA model) ERA-42 and built a hardware system covering body, joint modules, and dexterous hands. Completed 1 billion RMB strategic round in March 2026, valuation exceeding 10 billion RMB, with investors including Samsung and Singtel.

Stardust Intelligence: Founded 2022, technology route of "AI model — embodied OS — cable-driven body" trinity full-stack foundation. Released the new-generation robot T1 in May 2026. Completed Series B with over 1 billion RMB in total across three rounds within three months, valuation exceeding 10 billion RMB.

Pudu Robotics: Founded 2010, previously focused on commercial service robots. Pivoted to embodied intelligence and humanoid robots in 2025, releasing the embodied intelligence large model PuduFM 1.0 and general embodied agent PuduAgent in May 2026. Completed nearly 1 billion RMB funding in April 2026, valuation exceeding 10 billion RMB, with cumulative funding exceeding 2 billion RMB.

02. Four New Brain-School Players: Qianxun, Jijia, Ziyoubian Join the Billion Club

The "Brain School" focuses on general embodied intelligence models, aiming to build the "Android system" of the robot industry—a universal underlying OS.

Qianxun Intelligence: Founded February 2024. Released and open-sourced the embodied intelligence foundation model Spirit v1.5 in January 2026, surpassing NVIDIA's Pi0.5 in benchmark tests. Released Spirit v1.6, ranking first globally in the ICRA 2026 industry blind test. Completed nearly 2 billion RMB in February, 1 billion RMB in April, and 1.5 billion RMB in May—cumulatively raising nearly 4.5 billion RMB in three months, with valuation reaching 20 billion RMB. The enterprise with the highest funding amount in the first half of 2026.

Jijia Vision: Founded 2023, released the GigaBrain series of embodied foundation models, open-sourcing GigaBrain-0 and GigaBrain-0.1. Released the first world-model-based reinforcement learning embodied foundation model GigaBrain-0.5M* in February 2026. Completed several billion RMB in Series B1 in April and 1 billion RMB in Series B2 in June. Valuation exceeded 10 billion RMB.

Ziyoubian (Free Variable) Robotics: Founded December 2023, one of the earliest companies in China to adopt a fully end-to-end approach to general embodied intelligence large models. Self-developed the "GreatWall" manipulation large model series, including WALL-A. Completed 1 billion RMB Series A++ in January 2026, several billion RMB in February (cumulative funding exceeding 3 billion RMB, valuation over 10 billion), and completed Series B, B+, B++, and Series C by June, with post-investment valuation exceeding 20 billion RMB.

03. Six New Body-School Players: Multiple Products Already in Mass Production

Coolva Technology: Focuses on autonomous sanitation vehicles and urban delivery logistics vehicles, with products deployed at scale in Shanghai, Shenzhen, and other cities. Completed over $600 million in funding in May 2026, valuation reaching $3 billion (approx. 20.4 billion RMB). 2025 revenue exceeded 1 billion RMB with profitability achieved—one of the few self-sustaining embodied AI enterprises.

Digua Robotics: Formerly the AIoT division of Horizon Robotics, technology route focused on robot underlying computing platforms and chips. Completed $100 million Series A in 2025 and $120 million Series B1 in March 2026, $150 million Series B2 in April, valuation approximately 10.8 billion RMB.

Zhongqing Robotics: Founded October 2023, specializing in full-stack self-developed integrated joint modules, with SE01, SA01, PM01, S2, and JS01 series. Released the full-size humanoid robot T800 in December 2025. Completed $200 million Series B in April 2026, valuation exceeding 10 billion RMB. Completed 8 funding rounds within 2 years, cumulative funding exceeding 2 billion RMB.

Tianji Intelligence: Technology route focuses on embodied intelligence underlying components, including motion control, MEMS joint torque sensors, and integrated joint modules. Serves approximately 45 robot manufacturers. Completed 1 billion RMB in Series B and B+ rounds in May 2026, post-investment valuation near 10 billion RMB. Claims Q1 2026 on-hand orders exceeded 10,000 units, with annual delivery of 2,000 units.

Songyan Power: Founded September 2023, focused on consumer-grade humanoid robots. Star product "Xiao Bumi" is a sub-100,000-RMB robot that appeared on the 2026 CCTV Spring Festival Gala. Completed nearly 1 billion RMB Series B in March 2026, having completed nine funding rounds, valuation approaching 10 billion RMB.

Leju Robotics: Founded 2016, has launched multiple humanoid robot products including Kuavo (Chinese name: Kuafu), Aelos, and Roban. Cumulative funding exceeds 1.8 billion RMB. Completed nearly 1.5 billion RMB Pre-IPO round in September-October 2025. Filed for IPO with the Shenzhen Securities Regulatory Bureau in October 2025, planning to raise 2.6 billion RMB at an IPO valuation of approximately 10 billion RMB.

04. Betting on 10 Billion: Buying a "Ticket to the Future"?

Two divergent viewpoints have emerged within the industry.

The "Bubble Theory": Qianxun Intelligence founder Han Fengtao likened current model capabilities to a one- or two-year-old child, estimating that true scaled implementation is "at least two years away—until models reach middle or high school level."

The "Prologue Theory": Lingxin Qiaoshou founder Zhou Yong countered the "bubble" claim, stating "This is not a boom, but a prologue." He compared current funding scales to the new energy vehicle and semiconductor industries, arguing that "tens of billions per round" is still just the beginning—"If a manufacturer reaches 100,000 units annual shipment, the capital requirement would be ten times what it is today."

Xu Huazhe, founder of Ke Qiao Robotics and Assistant Professor at Tsinghua University's Institute for Interdisciplinary Information Sciences, offered a synthesis: "Everyone wants to buy a ticket to the future." This means the high valuations of 25+ unicorns essentially represent capital's bet on the "GPT moment for the physical world," not a pricing of existing revenue and orders.

At NVIDIA's GTC conference in March 2026, NVIDIA founder and CEO Jensen Huang defined 2026 as the "first year of humanoid robot commercialization." However, some embodied AI founders judge that "this year is not the first year of commercialization, but the first year of elimination." Most companies' cash flows can only sustain 18–24 months, meaning 2027–2028 will be the decisive trial.

05. Three Routes, One Way to Survive: Commercialization + Technical Barriers

Liu Dong, CEO of Xingyuan Intelligence, drawing from autonomous driving: "Those who rushed for L4 and L5 were overtaken by L2 companies in terms of survival and deployment speed. Early implementation is crucial for avoiding directional deviation." Xinghai Tu CEO Gao Jiyang believes that "pursuing commercialization premature for this stage brings more liability than asset."

The Brain School's greatest risk is the potential dimensionality collapse from general-purpose large models. If GPT-5/6 extends into embodied intelligence, the Brain School's value would be significantly diluted. Therefore, the Brain School must build barriers in vertical scenario data volume and data quality.

Body School enterprises like Lingxin Qiaoshou have physical barriers—dexterous hands, force-controlled robots, and tactile sensors are high-threshold precision manufacturing domains difficult to replicate in the short term. However, their long-term risk comes from the Brain School's颠覆 logic.

06. Conclusion: Whoever Closes the Commercial Loop Will Be the Ultimate Winner

At a "Embodied Industry CEO Forum" roundtable, moderator Wang Zhongyuan, President of the Beijing Academy of Artificial Intelligence, joked: "You should take more photos—perhaps in a few years, everyone here will be a billionaire." Half expectation, half reflection of the current frenzy.

If robots achieve scaled deployment in factories, logistics, and households within the next two to three years, today's 10-billion valuations are just the beginning. Conversely, if the pace of technical iteration and cost reduction fails to meet capital's expectations, today's valuations may prove to be a collective carnival.

Whether full-stack, brain, or body—commercialization is the only referee. And the referee's whistle may not be far off.

Source: Zhi Dongxi (智东西); Author: Wang Han; Editor: Xinyuan