UBTECH Robotics appears to have the largest completed primary-capital base among the core humanoid robotics companies in this comparison once its initial public offering and subsequent H-share placements are counted. Its disclosed net proceeds total approximately HK$8.35 billion, equivalent to roughly US$1.07 billion for comparison purposes.
Apptronik remains the leader in closed private financing, with more than $935 million raised through its Series A and total capital described by the company as nearly $1 billion. Figure AI has closed $745 million in external Series A and Series B funding, or approximately $845 million when a separately reported $100 million founder-financed seed is included. Figure has also announced more than $1 billion in committed Series C capital, but the available disclosure does not establish that the entire amount had been received as cash.
The revised ranking matters because the previous comparison understated UBTECH, while treating several fundamentally different transactions as though they were directly comparable. A completed private round, a public share placement, committed financing, a SPAC transaction, an approved IPO target and an acquisition price can all strengthen a company’s financial position. They do not represent the same type of capital event.
None of these figures proves that a company’s humanoid robots are operating reliably, repeatedly or economically for customers.
One Funding Ranking Requires One Definition
The most defensible approach is to separate completed primary capital from conditional or expected financing.
Completed capital includes funding rounds, IPO proceeds and share placements where the transaction has closed and the proceeds are disclosed. Broader announced capital can include commitments, financing frameworks, SPAC proceeds, IPO targets and rounds described as being worth “up to” a stated amount.
Acquisition values belong in a separate ownership category because the purchase price is paid to acquire the company or its shareholders. It is not automatically capital received by the acquired business.
The comparison is also company-level. UBTECH and NEURA Robotics operate broader robotics portfolios, so their total financing should not be interpreted as capital reserved exclusively for humanoid development.
| Company | Completed or Closed Capital | Broader Announced Capital | Conservative Treatment |
|---|---|---|---|
| UBTECH Robotics | Approximately HK$8.35 billion net, roughly US$1.07 billion | Additional financing framework excluded from completed capital | Leads when completed public-market proceeds are included |
| Apptronik | More than $935 million | Nearly $1 billion in total capital | Leads closed private-company funding |
| Figure AI | $745 million external, or about $845 million including reported founder capital | More than $1.745 billion external closed or committed | Series C remains classified as committed |
| Agility Robotics | More than $390 million | More than $1.01 billion including expected SPAC proceeds | More than $620 million remains subject to transaction conditions |
| NEURA Robotics | Approximately $194 million from specifically disclosed earlier rounds | Up to roughly $1.6 billion including the announced Series C | “Up to” amount remains conditional pending greater clarity |
| Galbot | RMB2.5 billion latest round confirmed | Cumulative amount not reliably reconciled | Excluded from a precise cumulative ranking |
| Unitree Robotics | No IPO proceeds classified as closed | RMB4.202 billion IPO target | Approval and fundraising target are not completed proceeds |
Currency conversions are approximate and are included only to make the scale easier to compare. Original-currency amounts remain the controlling figures.
UBTECH Leads Overall, Apptronik Leads Private Rounds
UBTECH’s completed capital was previously understated because only one placement was counted. Exchange disclosures show approximately HK$931.21 million in net IPO proceeds, followed by six completed placements.
The first placement generated approximately HK$121.85 million. Later placements generated approximately HK$407.73 million, HK$551.88 million, HK$876.32 million, HK$2.410 billion and HK$3.056 billion in net proceeds. Together with the IPO, these transactions total approximately HK$8.35 billion.
That makes UBTECH the completed-capital leader under a methodology that includes public-market equity. It does not make UBTECH the leader in private venture funding, nor does it show how much of the money has been allocated specifically to Walker humanoids rather than the company’s wider robotics operations.
Apptronik leads the narrower private-company comparison. Its February 2026 disclosure said a $520 million extension followed a $415 million initial Series A, taking the full round above $935 million and total capital raised to nearly $1 billion. The older calculation of $350 million plus $520 million no longer reflects Apptronik’s latest description of the completed initial round.
Figure’s closed external total consists of a $70 million Series A and a $675 million Series B. Reuters described the Series A as Figure’s first external round, while separate reporting said founder Brett Adcock had previously provided $100 million in seed capital. The distinction produces two valid figures: $745 million in closed external rounds, or approximately $845 million including the reported founder financing.
Figure’s Series C lifts its broader external capital total above $1.745 billion, but Figure specifically described the additional amount as more than $1 billion in “committed capital.” The conservative treatment is therefore to keep it outside received closed funding until the company, investors or financial records clarify the amount funded.
Conditional and Conflicting Totals Need Separate Treatment
NEURA Robotics announced a Series C with a total round size of up to $1.4 billion in June 2026. The words “up to” prevent the full amount from being classified as closed without more information about tranches, conditions and cash received.
Before that announcement, NEURA had disclosed a $55 million capital increase, a $16 million investment and a €120 million Series B. Those specifically disclosed earlier transactions produce a completed floor of approximately $194 million after currency conversion, rather than the $123 million previously recorded from the Series B alone.
Agility Robotics reports more than $390 million in equity raised since inception. Its proposed merger with Churchill Capital Corp XI is expected to provide $620 million in proceeds, including approximately $420 million held in trust under a no-redemption assumption and a $200 million private investment expected to close with the transaction. Until closing and net proceeds are confirmed, the broader total of more than $1.01 billion should remain partly expected rather than completed.
Galbot cannot currently be placed in a precise cumulative ranking with sufficient confidence. A company-distributed December 2025 release said a round exceeding $300 million brought cumulative funding to $800 million. In March 2026, Galbot completed another RMB2.5 billion round, but subsequent reports produced materially different cumulative figures, including nearly RMB5 billion and more than RMB6.9 billion. The new round is confirmed, but simply adding it to the earlier $800 million claim would create a total that conflicts with later reporting.
Unitree’s RMB4.202 billion entry is also not completed funding. It is the target under its Shanghai STAR Market IPO plan. Regulatory approval advances the financing process, but proceeds should not be recorded as received until the offering is priced, completed and reported.
Boston Dynamics and Mentee Robotics belong outside the primary funding table. Hyundai’s transaction valued Boston Dynamics at $1.1 billion, while Mobileye’s completed acquisition of Mentee carried a $900 million aggregate purchase price. Both are ownership transactions, not funding rounds received by the acquired companies.
Funding Capacity Is Not Commercial Readiness
The revised comparison produces three different leaders.
UBTECH leads completed company-level primary capital when IPO and placement proceeds are included. Apptronik leads closed private-company funding. Figure leads private external capital when its committed Series C is included, while NEURA has the largest conditional private round announcement.
Those positions measure access to financial resources, not robot performance.
Capital can fund engineering teams, data collection, manufacturing facilities, inventory, deployment support and losses during long development cycles. It does not establish customer payment, productive operating hours, uptime, autonomy, intervention rates, maintenance cost or positive unit economics.
The next evidence that would change the commercial assessment is not another valuation or financing headline. It is confirmation that conditional funds were received, followed by customer-confirmed paid deployments, repeat orders, fleet expansion, utilization data, reliability metrics, service costs, manufacturing output and credible margin evidence.
The best-funded humanoid companies are therefore the best-capitalized contenders. Public evidence still does not establish that the funding leaders are also the companies closest to repeatable commercial scale.
Sources:
Hong Kong Exchanges and Clearing, “UBTECH Robotics Corp Ltd 2025 Annual Results Announcement”: https://www.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033102607.pdf
Hong Kong Exchanges and Clearing, “UBTECH Robotics July 2025 Placing Announcement”: https://www.hkexnews.hk/listedco/listconews/sehk/2025/0722/2025072200043.pdf
UBTECH Robotics, “Interim Report 2025” [company-controlled]: https://owebsite-cdn.ubtrobot.com/resources/file/2025/09/16/720367161532485.pdf
Apptronik, “Apptronik Closes Over $935 Million Series A” [company-controlled]: https://apptronik.com/news-collection/apptronik-closes-over-935-million-series-a
Figure AI, “Figure Exceeds $1B in Series C Funding at $39B Post-Money Valuation” [company-controlled]: https://www.figure.ai/news/series-c
PR Newswire, “Figure Raises $675M at $2.6B Valuation and Signs Collaboration Agreement with OpenAI” [company-distributed]: https://www.prnewswire.com/news-releases/figure-raises-675m-at-2-6b-valuation-and-signs-collaboration-agreement-with-openai-302074897.html
PR Newswire, “Figure Announces $70M Series A to Support Commercialization of Figure 01 Humanoid Robot” [company-distributed]: https://www.prnewswire.com/news-releases/figure-announces-70m-series-a-to-support-commercialization-of-figure-01-humanoid-robot-301832819.html
Reuters, “AI Startup Figure Raises $70 Million to Build Humanoid Robots”: https://www.reuters.com/technology/ai-startup-figure-raises-70-million-build-humanoid-robots-2023-05-24/
NEURA Robotics, “NEURA Robotics Announces Record Series C of up to $1.4 Billion” [company-controlled]: https://neura-robotics.com/record-series-c/
NEURA Robotics, “NEURA Robotics Secures €120 Million in Series B Funding” [company-controlled]: https://neura-robotics.com/neura-robotics-secures-euro-120-million-series-b/
Agility Robotics, “Agility Robotics to Go Public Through Merger with Churchill Capital Corp XI” [company-controlled]: https://www.agilityrobotics.com/content/agility-robotics-to-go-public-through-merger-with-churchill-capital-corp-xi
U.S. Securities and Exchange Commission, “Agility Robotics Investor Presentation”: https://www.sec.gov/Archives/edgar/data/2074973/000121390026071287/ea029548401ex99-2.htm
PR Newswire, “Galbot Secures Over $300 Million in New Funding” [company-distributed]: https://www.prnewswire.com/news-releases/galbot-secures-over-300-million-in-new-funding-breaking-records-with-3-billion-valuation-in-chinas-humanoid-robot-sector-302647204.html
People’s Daily, “Galbot Announces Completion of RMB2.5 Billion Financing”: https://finance.people.com.cn/n1/2026/0303/c1004-40673745.html
Caixin, “Galbot Raises RMB2.5 Billion in New Financing”: https://m.caixin.com/m/2026-03-02/102418619.html
Shanghai Stock Exchange, “Unitree Robotics IPO Review and RMB4.202 Billion Fundraising Plan”: https://english.sse.com.cn/news/newsrelease/voice/c/c_20260526_10819716.shtml
Boston Dynamics, “Hyundai Motor Group Completes Acquisition of Boston Dynamics from SoftBank” [company-controlled]: https://bostondynamics.com/news/hyundai-motor-group-completes-acquisition-of-boston-dynamics-from-softbank/
U.S. Securities and Exchange Commission, “Mobileye Quarterly Report Concerning Mentee Robotics Acquisition”: https://www.sec.gov/Archives/edgar/data/1910139/000110465926047712/mbly-20260328x10q.htm