6 months, 15 embodied AI startups, valuation exceeding 10 billion

Embodied intelligence is extremely popular.

According to a report by Zhidx on June 29th, today, two more domestic unicorns in the field of embodied intelligence with valuations exceeding 20 billion yuan were born - Zhifanghe and Independent Variable Robotics. So far, there are at least 25 domestic unicorns in the field of embodied intelligence with valuations over 10 billion yuan, among which 15 were newly added in the first half of this year.

The embodied intelligence companies that became newly - emerged unicorns with valuations over 10 billion yuan in the first half of this year include: Coolwa Technology, Zhifanghe, Independent Variable Robotics, Qianxun Intelligence, Xinghaitu, Sudo Technology, Tashizhihang, Sweet Potato Robotics, Xingdong Jiyuan, Jijia Vision, Zhongqing Robotics, Pudu Robotics, Xingchen Intelligence, Songyan Power, and Tianji Intelligence.

List of domestic unicorns in the field of embodied intelligence with valuations over 10 billion yuan (Charted by Zhidx, as of June 29, 2026)

Combining the technical routes and commercialization ideas, industry players can be roughly divided into three categories: full - stack, software and brain, and hardware and body. This division mainly refers to the development starting points and resource allocation focuses of each enterprise.

Looking closely at the layout choices of the 25 unicorns with valuations over 10 billion yuan: 13 enterprises follow the full - stack route (Unitree Technology, Galaxy General, Zhifanghe, Xinghaitu, Mech-Mind Robotics, Zhipu Robotics, Cloud Deep Technology, Sudo Technology, Tashizhihang, Qinglang Intelligence, Xingdong Jiyuan, Pudu Robotics, Xingchen Intelligence);

9 enterprises focus on hardware and body (Lingxin Qiaoshou, Coolwa Technology, FeiXi Technology, Sweet Potato Robotics, Pacini Perception, Zhongqing Robotics, Leju Robotics, Songyan Power, Tianji Intelligence);

A total of 3 enterprises mainly focus on software and brain solutions (Independent Variable Robotics, Qianxun Intelligence, Jijia Vision).

Also ranking among the echelon with valuations over 10 billion yuan, what advantages do the three types of enterprises rely on to gain a foothold in the market? What development opportunities and bottlenecks will different technical routes face? Is the soaring valuation a bubble or an opportunity?

01. Seven new full - stack players were added, with a cumulative financing of over 10 billion yuan

On the one hand, enterprises following the full - stack route deeply cultivate the "embodied brain", and layout core algorithms and model technologies such as the large model of embodied intelligence and the VLA world model; on the other hand, they tackle the hardware of the robot body, covering key hardware links such as the whole machine equipment, joint modules, and sensors, and are committed to building a complete self - developed closed - loop system of software and hardware.

The core development logic of such enterprises is very clear: the core of the implementation of embodied intelligence is inseparable from the deep binding of algorithms and hardware. Only by simultaneously controlling the upper - layer "brain" and the lower - layer hardware "body" can the complete closed - loop of data collection, model iteration, and scenario implementation be efficiently connected, and the commercialization process be significantly accelerated.

In 2026, 7 new full - stack players were added to the club of embodied intelligence unicorn enterprises with valuations over 10 billion yuan, as follows (sorted by valuation amount):

Xinghaitu was founded by a post - 90s team from Tsinghua University. Its technical route is the VLA (Vision - Language - Action) model, advocating that a general model can be adapted to various robot forms. In June 2026, it released the world model Fast - WAM and open - sourced the new - generation VLA basic model G0.5. In the same month, it released the bipedal humanoid robot Kengo. In February this year, Xinghaitu completed a 1 - billion - yuan Series B financing; less than two months later, in April, it completed a nearly 2 - billion - yuan Series B+ financing, and its valuation doubled to 20 billion yuan, setting the record for the fastest valuation increase in the embodied intelligence track after the Spring Festival in 2026.

Xinghaitu's bipedal humanoid robot Kengo

Sudo Technology was established in May 2025. In April 2026, it released the robot system #Sudo R1 with full - stack self - developed software and hardware, which adopted the "integrated design of 3D world model and reinforcement learning". On April 20, 2026, the company completed a 500 - million - US - dollar (approximately 3.4 billion yuan) Pre - A round of financing, with a valuation of approximately 13.6 billion yuan. It joined the camp of enterprises with valuations over 10 billion yuan only 11 months after its establishment.

Sudo Technology #Sudo R1

Tashizhihang was established in February 2025 and has launched products such as the general embodied large model AWE 3.0, the industrial robot A series, the general robot T series, and the dexterous hand TARS DexHand. In April 2026, the company completed a 455 - million - US - dollar (approximately 3.1 billion yuan) Pre - A round of financing, with a valuation of approximately 13 billion yuan. Hillhouse and Sequoia jointly led the investment.

Tashizhihang's dexterous hand TARS DexHand

Zhifanghe was established in April 2023 and has launched the embodied large model AlphaBrain and the self - developed robot body AlphaBot. According to its disclosure, the company has received orders worth nearly 500 million yuan. On June 29, 2026, Zhifanghe announced that it had completed a series of new financings, with a total financing of nearly 5 billion yuan and a valuation exceeding 20 billion yuan. In February 2026, Zhifanghe completed a Series B financing of over 1 billion yuan, becoming the first unicorn in the field of embodied intelligence with a valuation over 10 billion yuan in Shenzhen, and completed 13 rounds of financing in one year.

Zhifanghe's AlphaBot

Xingdong Jiyuan was established in 2023 and is a humanoid robot enterprise in which Tsinghua University holds shares. It released the end - to - end native large model for robots (VLA large model) ERA - 42 and has built a hardware system covering the body, joint modules, and dexterous hands. In March 2026, Xingdong Jiyuan completed a 1 - billion - yuan strategic round of financing, with a valuation exceeding 10 billion yuan. The investors include Samsung, Gaocheng Investment, Singapore Telecommunications, etc.

Xingdong Jiyuan's ERA - 42

Xingchen Intelligence was established in 2022. Its technical route is the "AI model - embodied OS - rope - driven body" trinity full - stack base. It early launched the humanoid robot Astribot S1. In May this year, Xingchen Intelligence released the new - generation robot T1. On June 3, 2026, the company completed a Series B financing. It had three consecutive rounds of financing within three months, with a total of over 1 billion yuan, and its valuation exceeded 10 billion yuan.

Xingchen Intelligence's Astribot S1

Pudu Robotics was established in 2010 and previously focused on commercial service robots. In 2026, it switched to the track of embodied intelligence and humanoid robots. In May, it released the large model of embodied intelligence PuduFM 1.0 and the general embodied intelligent agent PuduAgent. In April 2026, the company completed a financing of nearly 1 billion yuan, with a valuation exceeding 10 billion yuan and a cumulative financing of over 2 billion yuan.

Pudu Robotics' product matrix

02. Three new brain - oriented players were added, and Qianxun, Jijia, and Independent Variable all joined the club of enterprises with valuations over 10 billion yuan

The second technical route starts from the "cognition" of robots and is a lighter and more AI - oriented route. Brain - oriented enterprises focus on polishing the general embodied intelligence model with the goal of creating a general underlying system in the field of robots and hope to become the "Android system" of the robot industry.

Of course, the so - called brain - oriented players here are not single manufacturers that only develop the embodied brain, but those that take the model as their core business. In a broader industry context, many enterprises deeply involved in world models and multi - modal large models also belong to this camp.

In 2026, 3 new brain - oriented unicorns in the field of embodied intelligence with valuations over 10 billion yuan were added, specifically:

Qianxun Intelligence was established in February 2024. The basic model of embodied intelligence Spirit v1.5, which it released and open - sourced in January 2026, surpassed NVIDIA Pi0.5 in the benchmark test. Later, it released Spirit v1.6, which ranked first globally in the blind test of the ICRA 2026 industry. In terms of financing, Qianxun Intelligence is the embodied intelligence enterprise with the highest financing amount in the first half of 2026: it completed two consecutive rounds of financing of nearly 2 billion yuan in February; completed a 1 - billion - yuan financing in April; and completed a 1.5 - billion - yuan Series A+ financing in May. It had a cumulative financing of nearly 4.5 billion yuan in three months, with a valuation of 20 billion yuan.

Qianxun Intelligence's Spirit v1.5

Jijia Vision was established in 2023 and has successively released the GigaBrain series of embodied basic models, open - sourcing basic models such as GigaBrain - 0 and GigaBrain - 0.1. In February 2026, Jijia Vision released the first embodied basic model based on the world model and reinforcement learning, GigaBrain - 0.5M*. In terms of financing, in April 2026, it completed a tens - of - billions - of - yuan Series B1 financing; on June 15, it completed a 1 - billion - yuan Series B2 financing. Coupled with the Series A1 financing invested by Huawei Hubble in November 2025, the company's valuation has exceeded 10 billion yuan.

Jijia Vision's GigaBrain - 0 architecture

Independent Variable Robotics was established in December 2023 and is one of the earliest domestic companies to adopt the completely end - to - end path to achieve the general large