X Square Robot has filed confidentially for a Hong Kong listing. The Shenzhen-based embodied AI company, founded in December 2023, has completed 14 funding rounds and reached a post-money valuation above 20 billion yuan after a four-round sprint from Series B to C between April and June this year.
X Square develops physics-world-native foundation models and ships AI-native integrated hardware-software solutions. Its research covers the WALL-A and WALL-B general embodied intelligence large models, the Quantum One and Quantum Two humanoid robot platforms, master-slave teleoperation systems, exoskeletons and a model-driven data pipeline that automates collection, cleaning, annotation and quality control at scale.
WALL-B, released in April this year, unifies vision, language, action and physical prediction within a single network trained jointly from scratch, eliminating inter-module boundary loss and information degradation.
The Quantum series humanoids have already completed field validation in logistics delivery, industrial assistance and elderly care. A third-generation robot is scheduled for release in Q4 2026.
The confidential filing arrives amid a broader rush of Chinese embodied AI companies toward public markets. Unitree’s STAR Market offering is advancing rapidly. Zhiyuan Robotics has initiated a Hong Kong listing process. Industry commentary suggests X Square itself may be preparing a Hong Kong IPO next year.
The clustering of listings matters. When multiple head companies file within months of each other, it signals that the sector has moved past pure technology validation into parallel scaling and capitalisation. Companies with original core technology, real-scene deployment track records and complete industrial ecosystems will hold the early advantage in the coming consolidation phase.
Editor’s note: This is an adapted translation of the original Gasgoo report. It has been trimmed and restructured for readability for an international business audience.