[Unitree's IPO may be the first of a robotics wave](https://www.marketwatch.com/story/unitrees-ipo-may-be-just-the-beginning-of-an-investor-frenzy-over-humanoid-robot-stocks-8c2d39b6?mod=mw_rss_topstories), and the market is pricing in a decade of margin expansion that hasn't happened yet. Early movers in robotics (Boston Dynamics, Sanctuary AI) burned billions before finding any scalable path to profitability.