CNBC's 'The China Connection' newsletter highlights a growing divergence between Chinese and U.S. humanoid robotics startups, noting that Chinese firms are leading in physical deployment while U.S. counterparts command higher valuations.
Deployment vs. Valuation: The Core Divide
The analysis points to a significant gap in the market approach between the two regions. Chinese humanoid startups are reportedly shipping robots for use in real-world industrial settings, such as factories and shopping malls. In contrast, many U.S. rivals are still heavily focused on the research and development phase, which contributes to their elevated valuations.
Valuation Comparison
The financial metrics reveal a stark contrast:
- U.S. Leaders: Figure commands a valuation of at least $39 billion, and its rival, Apptronik, achieved a $5 billion valuation in February.
- Chinese Players: Galbot, a Chinese startup, has a valuation exceeding $3 billion, making it one of the highest-valued private Chinese companies in the sector. Another firm, AI2 Robotics, reported a valuation of 20 billion yuan ($2.93 billion).
It is noted that the backers for these Chinese firms originate from China, Singapore, and the Middle East, rather than solely the U.S.
Real-World Commercialization Evidence
Despite potentially lower valuations compared to U.S. peers, Chinese companies are demonstrating tangible commercial success:
- AI2 Robotics claims that a major foreign high-end manufacturer selected their robots over those from a U.S. startup for factory applications.
- AI2 is actively deploying its robots in various Chinese facilities, including airports, semiconductor plants, and healthcare factories.
- A representative stated that "Commercialization and tech capability aren't contradictory," suggesting a path for future investment recognition.
Global Shipment Rankings and Investor Perception
This deployment advantage is reflected in global rankings:
- Chinese humanoid startups secured the top six spots in Omdia's 2025 global robot shipment rankings.
- Only U.S. companies like Figure and Tesla made the top 10 list.
- While U.S. companies have high profiles (e.g., Figure appearing at a White House event), Tesla's Optimus remains largely in the development stage.
According to Rui Ma, founder of Tech Buzz China, the valuation gap stems from differing investor perceptions:
- U.S. View: U.S. startups are often priced as comprehensive, wide-reaching artificial intelligence platforms.
- Chinese View: Chinese startups are viewed more specifically as industrial hardware solutions.
Ma suggested that if China continues to dominate manufacturing scale and real-world deployment, U.S. venture capital funds might overlook a significant market opportunity.
