According to the Humanoid Robot Scene Application Alliance (HRAA), X Square Robot, a Chinese company specializing in general-purpose embodied AI, has confidentially filed for an IPO with the Stock Exchange of Hong Kong (HKEX). The company aims to list on the Hong Kong stock market, potentially becoming one of the first Chinese embodied AI robot enterprises to do so.
Founded in 2023, X Square Robot focuses on a “full-stack self-developed embodied AI large model + humanoid robot hardware” approach, dedicated to creating general-purpose service robots capable of precise physical manipulation. Adhering to a native end-to-end embodied AI technology roadmap, the company has secured investments from institutions such as Xiaomi Strategic Investment, Sequoia Capital China, ByteDance, Alibaba, Meituan, China Mobile, and IDG Capital, achieving a post-investment valuation exceeding RMB 20 billion.
Building a Full-Stack Technology System: Models, Hardware, and Core Components
X Square Robot employs a “brain-first, hardware-following” strategy, constructing a comprehensive technology system centered on embodied AI foundation models, robot hardware, and core components.
At the model level, the company has launched the WALL series of embodied foundation models, including WALL-B, WALL-WM, and the open-source version Wall-OSS 0.5. WALL-B is based on the World Unified Model (WUM) architecture; WALL-WM features event prediction capabilities; and Wall-OSS 0.5 supports zero-shot deployment for robots, thereby lowering the barrier to entry for embodied AI development.
At the hardware level, the company has introduced two robot products: Quanta X1 Pro and Quanta X2. Quanta X1 Pro is a wheeled, dual-arm robot designed for home, commercial, industrial, and research/educational settings. Quanta X2 is a wheeled, dual-arm humanoid robot featuring 62 active degrees of freedom; capable of complex tasks such as grasping, organizing, and assistive operations, it is designed for unstructured environments like home services and commercial operations. The company plans to release its third-generation robot product in the fourth quarter of 2026.
Regarding components, the company insists on full-stack self-development of both software and hardware. Its portfolio covers core parts such as a 20-degree-of-freedom five-fingered biomimetic dexterous hand, joint modules, actuators, and main controllers. Additionally, it has established an XR teleoperation data collection system, creating a closed-loop process of “data collection—model training—real-robot deployment—feedback iteration.”
The WUM Approach Breaks the Limitations of Traditional VLA Architectures
Most current embodied AI solutions utilize a modular VLA (Vision-Language-Action) architecture that processes perception, planning, and control separately, a method prone to information loss and error accumulation.
X Square Robot has adopted a native end-to-end World Unified Model (WUM) approach. By integrating vision, language, action, and physical prediction capabilities into a single unified model, it achieves the convergence of perception, decision-making, and execution, thereby enhancing the robot’s generalization capabilities across diverse tasks and scenarios.
Unlike approaches based on fine-tuning open-source models, X Square Robot’s WALL series models are pre-trained from scratch. The company leverages a proprietary robotics data ecosystem to collect real-world interaction data and employs hardware-software co-design to build an autonomous, controllable, and universal intelligence foundation for robots.
Early-Stage Commercialization: Sustained Growth in Revenue and Capital
As a hard-tech startup, X Square Robot is currently in the stages of technology validation, product iteration, and commercial expansion. While revenue is scaling up rapidly, the company continues to increase R&D investment, focusing on algorithm optimization, core component development, production line construction, and scenario-based testing.
Regarding capital, the company successfully completed Series B, B+, B++, and C financing rounds in quick succession between April and June 2026, attracting investment from both industry players and leading financial institutions. This intensive fundraising supports mass production, real-world deployment, and ecosystem development, while also reflecting market confidence in the end-to-end embodied AI approach.
Dual-Track Advancement: Accelerating Commercial Deployment in Home and Industrial Sectors
In terms of commercialization, X Square Robot drives product deployment through validation in real-world scenarios, adopting a dual-track strategy covering both home services and industrial manufacturing.
In the home sector, the company partnered with 58 Home in March 2026 to launch a pilot program for in-home robotic cleaning services in Shenzhen. Robots entered real households to perform tasks such as organizing, tidying, and cleaning, with plans now underway for the mass production and large-scale delivery of the “Quanta X2” model.
In industrial and commercial sectors, the company provides integrated solutions, combining the robot hardware itself with embodied AI models, for fields such as manufacturing, logistics, and commercial operations; testing is currently underway with multiple industry clients. At the same time, the company is building a developer ecosystem around open-source models and collaborating with industry partners such as Xiaomi, Meituan, and 58 Home to explore diverse business models, including hardware sales, service subscriptions, and model licensing, thereby accelerating the creation of a commercial closed loop for embodied AI.
