Humanoid robots reach public markets
Component suppliers capture humanoid volume without 200x hardware multiples
Unitree is listed at about $53B against roughly $250M of 2025 revenue, about 5,500 humanoid shipments, and a $24k ASP, which is around 200x trailing sales even after Nomura initiated a 25x 2027 sales multiple. Agility is expected to list at $2.5B pre-money on about $37M trailing revenue, $100M of cash burn, 150 units with 65,000 real-world hours, a $125k BOM with a path to $30k, and a $300M multi-year contracted order. Tesla Optimus missed a 5,000-unit 2025 target and output is still low in the second half of 2026. A 200x-sales humanoid OEM leaves little margin of safety. Every joint still needs actuators, bearings, torque sensors, perception, vision silicon, and strain-wave reducers, so those suppliers scale with unit production across platforms.
| Instrument | Side | Target | Reason |
|---|---|---|---|
| RRX | Long | Humanoid joints consume high-duty actuators and bearings at scale. Regal Rexnord sells motion-control hardware whose demand tracks robot unit volume rather than any single OEM's 200x sales multiple. | |
| RBC | Long | Precision bearings sit inside every actuator. RBC Bearings is a volume beneficiary as humanoid output moves from hundreds of units toward multi-thousand annual runs. | |
| VPG | Long | Compliant control of each joint requires torque sensing. Vishay Precision Group's strain-gauge and torque-sensor franchise is leveraged to actuator count as humanoids scale. | |
| OUST | Long | Humanoids need digital perception in unstructured environments. Ouster's lidar is a platform-agnostic sensing layer that can attach to multiple robot designs as deployments grow. | |
| INDI | Long | Real-time vision cannot be offloaded to the cloud for every frame. Indie Semiconductor's on-device vision processors sit in that bottleneck as humanoids move from lab demos to field hours. | |
| 6324.T | Long | Strain-wave gear reducers supply the torque density inside robot joints, and Harmonic Drive holds a near-monopoly in precision harmonic reducers used across humanoid designs. |
Themes
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