Gasgoo Munich- X Square Robot has confidentially submitted an application to list on the Hong Kong Stock Exchange, according to recent reports. As of press time, the company has not publicly responded to the rumors.
Founded in December 2023 and headquartered in Shenzhen, X Square has focused on developing foundation models native to the physical world. By building AI-native solutions that integrate software and hardware, the company aims to serve practical commercial and daily life scenarios.
Image Source: X Square
To that end, the startup has developed general embodied intelligence models like WALL-A and WALL-B, alongside robot bodies such as Quantum 1 and Quantum 2. It has also built proprietary data collection devices—including master-slave teleoperation systems, exoskeletons, and bodyless units—and established a model-driven data pipeline capable of automated, large-scale data collection, cleaning, labeling, and quality control.
WALL-B, officially launched in April, integrates vision, language, action, and physical prediction capabilities into a single network. Trained from scratch, this approach effectively eliminates boundaries and information loss between modules.
The company's "Quantum" series of humanoid robots have already been validated in scenarios including logistics, industrial assistance, and elderly care. A third-generation product is slated for official release in the fourth quarter of this year.
On the capital front, data from Qichacha shows X Square has completed 14 funding rounds since its inception. Between April and June alone, the company closed four rounds spanning Series B to Series C in just two months, pushing its post-money valuation past 20 billion yuan.
In the embodied intelligence race, Unitree is fast-tracking its STAR Market issuance, while Agibot has initiated its Hong Kong listing process and AI² Robotics is also rumored to be preparing for a Hong Kong IPO next year. This rush by leading players to the capital markets signals a shift from the technology validation phase to a stage of parallel scaling and capitalization. Moving forward, companies with proprietary underlying technology, proven real-world deployment capabilities, and a robust industrial ecosystem are poised to gain an early advantage in the next round of industry consolidation.
