SoftBank-Backed Robotics Firm Coowa Prepares Hong Kong IPO with Valuation Exceeding $3 Billion
Taylor Wilson
Chinese robotics company Coowa plans to file for a Hong Kong IPO within two to three months, after a funding round that valued it above $3 billion — a sign that the robotics sector is shifting from private fundraising races to public-market pricing.
Who is Coowa, and where does the money come from?
Coowa was founded in 2015 in Shanghai. It started in autonomous driving, then pivoted to robotics and physical AI — a field where AI controls real-world robots in physical environments.
Its latest funding round exceeded $600 million, lifting its valuation past $3 billion. Underwriters are Huatai Securities and Deutsche Bank.
Backers include SoftBank Group and the Asian Infrastructure Investment Bank. This means → Coowa carries endorsements from both Japan's largest tech investor and a multilateral development institution — capital spanning industry and policy.
How real is the commercial traction?
Full-year 2025 revenue topped RMB 1 billion (roughly $148 million). Robots are deployed across more than 50 cities and regions worldwide, with cumulative shipments exceeding 10,000 units.
Use cases span shared mobility, manufacturing, and property services. This means → Coowa is not a single-scenario bet; it is running a multi-scenario volume play.
In plain terms = crossing RMB 1 billion in revenue and 10,000 units shipped makes Coowa one of the few robotics firms with real commercial income, not just a cash-burning narrative.
What does the product lineup look like?
Coowa currently offers three product lines: wheeled robots, wheel-legged robots, and humanoid robots.
In plain terms = from the simplest wheeled form, to hybrid legs that climb stairs, to machines that walk like humans — three lines covering a full gradient from mature to frontier.
This reflects Coowa's strategy: use mature products (wheeled) to generate revenue, and frontier products (humanoid) to justify the valuation.
What does the IPO timing signal?
Coowa plans to file its Hong Kong IPO within two to three months. Fellow robotics player Unitree is also preparing to list on Shanghai's STAR Market.
Meanwhile, BYD, XPeng, and Li Auto have each announced moves into robotics, crowding the sector.
This means → Coowa is racing to lock in a public-market valuation while robotics sentiment runs hot — and before deep-pocketed auto giants scale up their own entries.
Content is for reference only, not financial advice.