Andrew Kang

What would the best humanoid robot we can build in 2026 actually look like? Scott Walter (@GoingBallistic5), broke it down from the ground up. 00:00 The Philosophy of Robot Design 02:51 Understanding Bot Ecosystems 05:59 Choosing the Right Bot for the Task 08:59 Identifying t.co/vOvYKolZbN

Introducing Index Today we're coming out of stealth with Index, the largest & most diverse robot dataset in the world → 30min of video uploads/sec → 16M video uploads → Paid $15M to date → 264k downloads We're committed to spending $1B the next 12 months on data & compute t.co/IGtZIbz4En

RoboStrategy published our first Shareholder Letter, and in it we discuss our outlook on Robotics industry. While we've already reached the GPT-3 era, there won't be a ChatGPT moment. The adoption curve will be somewhere between AI chatbots and autonomous vehicles. There will be no single day where it clicks for the global consciousness, but nonetheless a rapid permeation of new autonomous machines of all shapes and sizes. Physical AI is already getting really good for a variety of use cases, but we can't instantly supply millions of robots to customers like we can with AI instances. By next year, intelligence will no longer be the bottleneck, it will be the actual robots. robostrategy.co/news/sharehold…

First RoboStrategy Shareholder Letter robostrategy.co/news/sharehold…

Hyundai bought control of Boston Dynamics at a $1.1B valuation in 2021. Today Unitree opened near $66B - 35x it's last VC round of $1.9B and ~7x its IPO price. Unitree has real revenues and major brand presence, but the company is not very well understood by most investors. In 2025, it generated $131m in Humanoid sales. 70-80% of its Humanoid sales were for research use cases, 20-30% for education and entertainment, and very little for genuine robotic use cases. Unitree's main product was a robot body that lacked a brain. An affordable, programmable, at least semi-reliable brainless humanoid body however, is exactly what the research market demanded. Unitree G1s are ubiquitous across robotics research groups around the world. Just as AI research is dependent on physical computing hardware, robot hardware is indispensable for research in robot learning, control systems, simulation, etc. While there are few Unitree humanoids currently deployed for real robotic work, the rise of the company has greatly accelerated global research progress. It optimized for an axis (cheap dynamic locomotion) that allowed it to capture the research market but is different from the requirements of of the deployment market (intelligence, durability, payload, safety certification). However, a lot of the engineering capability they've built as a company can and is starting to be used to develop more deployment optimized hardware models. This is a fundamentally different approach from most American humanoid companies which are building towards operational products for consumers and businesses in a straight shot. Companies like Figure and Apptronik invest more resources in R&D and don't yet offer it to retail because they want to go direct to the larger deployment markets. They are building towards a highly functional polished product that can eventually become a development platform like Apple (as opposed to starting as a development platform). For AI, Anthropic took the mass market product capital intensive approach and it took a lot of dollars and time before lifting off on revenue. Cohere and AI21 Labs have existed for a similar amount of time, and took a more capital-light path. AI21 had to pivot, while Cohere has continued to grow, although significantly more slowly than Anthropic. Neither approach is right or wrong and history is filled with examples of successful parallels for both. You cannot compare companies taking different approaches solely on a revenue multiple basis. The company's commercial approach is a byproduct of the Chinese private capital markets. A market where there are not as many venture dollars as the US that are willing to fund hundreds of millions to billions for R&D before any revenue is generated. Revenue growth is required to fund the next rung of capital even for potentially massive TAMs. Actuator scaling parlayed into quadrupeds, quadrupeds into the dominant robot hardware research platform. This IPO funds their transition to the most ambitious phase yet - a company building vertically integrated intelligent robots across a wide variety of form factors. The current market valuation is suggesting that they will accomplish this transition, although it is not final yet. The outcome for Unitree differs dramatically based on if they can successfully move up market. Companies like DJI and Toyota have previously done so, while a failure to do so could have the company looking like Raspberry Pi. A company that cemented themselves within experimentalists and niche industrial markets. However, it may not be necessary for Unitree to build SOTA research capabilities in order to scale robot sales into real deployments. If physical intelligence commoditizes, which we believe it does, then they could have plenty of externally produced models for their customers to choose from. The companies that can produce high quality hardware at scale stand to be large benefactors from the development of physical AGI. The focus on hardware has enabled Unitree to raise a huge war chest and have access to thousands of robots that they can use for robot learning data collection and research. While various data types can be used in pretraining for robot foundation models, robot data is required for the models to become performant. To collect a large set of robot data, you will need a lot of robots. They may have actually created a stronger path for themselves to produce performant physical AI models than companies that have focused purely on robot model development years ago. Wang Xingxing is famous for his technical chops, but he has also been an excellent business strategist.

Unitree starts trading today. Join our Spaces with industry experts on Wednesday at 12PM ET to discuss: - The IPO - The first trading day - What this means for the robotics industry t.co/8CoaFRvdyC

One of our analysts is visiting a bunch of robotics companies this week. He sent this pic with a caption: “Would you swallow this robot?” t.co/bu7AedAH6g

Good summary of the major points of our robotics investment thesis Worth understanding as the industry continues to accelerate

When people talk about robotics, they usually talk about models, data, or hardware. Few people talk about the infrastructure that lets you iterate on all three quickly. Today we're publishing how we trained Dyna-2 on over 1,000,000 hours of egocentric video, repeatably. At this t.co/sheXv6RTCm

US-CHINA ROBOTICS DECOUPLING BEGINS Bernstein says the FCC ban on new foreign-made mobile robots marks the start of U.S.-China robotics decoupling. Restrictions could expand to AI chips and investments, while China could retaliate through data controls or rare-earth magnets.

Robots Are The Next Trillion Dollar Market @Rewkang shares why he invested $19M into @Figure_robot, and paints the picture of what a future with humanoid robots will look like 00:33 How Andrew got allocation access to Figure AI alongside @OpenAI and @JeffBezos 01:12 Raising his t.co/AKwwyWbZIA

The Unitree IPO will be a landmark moment for the humanoid robotics industry The stated IPO valuation is $9B, but Hyperliquid currently prices it at $35B RoboStrategy wrote a primer to get smart on Unitree

The Unitree IPO will be a landmark moment for the humanoid robotics industry The stated IPO valuation is $9B, but Hyperliquid currently prices it at $35B RoboStrategy wrote a primer to get smart on Unitree

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A beautiful portfolio

Dyna just dropped a world model for robotics achieving a new record for scale of pretraining using human video data - 1 million hours This is 2 orders of magnitude larger than NVIDIA's Egoscale dataset (~20k hours) They established scaling laws parallel to the scaling laws

Dyna just dropped a world model for robotics achieving a new record for scale of pretraining using human video data - 1 million hours This is 2 orders of magnitude larger than NVIDIA's Egoscale dataset (~20k hours) They established scaling laws parallel to the scaling laws identified in GPT-3. Pretraining on more human video data increased robot performance and generalization across 4 orders of magnitude Most importantly, the scaling fit power laws with no plateau

This is the most exciting moment of my life so far. And it’s only the beginning. Scalability is EVERYTHING. Over the next few weeks, we’re going to unpack 6 breakthroughs that we believe are critical to scaling physical intelligence: Foundation models ← this is the first big

Today we are introducing Dyna-2, a world-action model pre-trained on one million hours of human video. At this scale, for the first time, we discovered several new scaling laws: • world-action models exhibit scaling law on human data across four orders of magnitude, from 1000 t.co/wZamR0axzS

A new breakthrough is coming. Stay tuned. x.com/DynaRobotics/status/2085…

Portfolio company @PathRobotics just signed a $600M+ agreement with Huntington Ingalls to accelerate naval ship production. Big step for Path Robotics and a win for the robotics industry overall. t.co/DkF4bKzc7e

MAD Society | S1 Physical AI [2h Speed Round] x.com/i/broadcasts/1yKAPPjmnpa…

We get asked a lot when will Physical AI systems start getting deployed and start generating real revenue The answer is it’s already happening. @PathRobotics just signed a $600m contract with one of the largest shipbuilders in the world x.com/Rewkang/status/208539554…

The notion that all hardware is a commodity business is going to be flipped on its head this decade Unitree's IPO filings show that it has ~60% gross margins, higher than most AI labs Durable, high quality robots are going to be supply constrained. Developer and skill ecosystems will create moats around certain robot platforms. Companies that can create an amazing product will command brand premiums The force of capitalism is expanding beyond bits scmp.com/tech/tech-trends/arti…

It’s always surprising to me that a chunk of the investment community is still skeptical of Humanoids and Figure The same was true for reusable rockets and SpaceX until more recently But this is what creates great investment opportunities. Fun interview with Jose.