Building or backing a humanoid robot company? See how the money is really made

Updated October 202670+ pagesPDF

Humanoid Robots Business Models
Cover of NewMarketPitch's Humanoid Robots Business Models report, 2026 edition
Is a humanoid already cheaper than a warehouse worker? Not yet. Rented, Agility’s robot costs ~$26-51 an hour, more than a worker’s $19.35. Only the bare price of a $100,000 robot looks cheaper. Chart from NewMarketPitch's Humanoid Robots report.
How expensive are humanoid stocks and startups? Tesla and UBTech trade at 12 to 15 times their sales, like big tech, and Unitree at 100 times. Private prices go further: Agility’s deal is ~1,400 times its sales. Chart from NewMarketPitch's Humanoid Robots report.
Skild AI or Physical Intelligence: whose robot brain leads? Skild, on business: ~$100M of yearly sales on its run rate, 60+ customers, valued above $14B. Physical Intelligence leads in open research and publishes no sales. Chart from NewMarketPitch's Humanoid Robots report.
Is XPENG’s robot unit worth as much as XPENG? Almost. Its robot unit, with no sales yet, was priced at ~$6.3B in a deal not closed yet. That is ~70% of XPENG’s stock market value, with its $11.1B of yearly sales. Chart from NewMarketPitch's Humanoid Robots report.
Are Chinese humanoids much cheaper than Western ones? Yes, in parts: a robot costs ~2.9 times more to build without Chinese suppliers. On sale, full-body home robots cost about the same. Chart from NewMarketPitch's Humanoid Robots report.
Is Figure, a robot startup, really worth $39 billion? Not on sales, mostly on promise. Figure builds robots for real, ~1,000 so far, but publishes no sales. Its value is ~20 times the cash investors put in. Chart from NewMarketPitch's Humanoid Robots report.
Unitree or AgiBot: which Chinese humanoid champion leads? It depends what you count. AgiBot ships the most humanoids, ~8,400 in the first half of 2026. Unitree earns more, makes a profit and is listed, worth ~$29B. Chart from NewMarketPitch's Humanoid Robots report.
Who is fighting whom in the humanoid robot market today? Figure leads Tesla on robots built, 1X leads in homes. Elsewhere the lead is split: volume or sales on one side, profit or research on the other. Chart from NewMarketPitch's Humanoid Robots report.
How many robot demos are really a person with a headset? Nobody publishes it. 1X sells remote operators as a feature, and Tesla’s 2024 party robots were steered by people. Figure says its robots work alone. Chart from NewMarketPitch's Humanoid Robots report.

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Inside the report

  • Which business models are winning
  • Who pays, and how much
  • Who makes money, who burns cash
  • Where the margins really are
  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026