Holy crap, Nomura set a target price of 370 yuan for Unitree, but on the first day of listing, it closed at 845 yuan. Even Nomura probably didn’t expect this level of FOMO, right? On August 19, Nomura initiated coverage on Unitree Robotics, giving it a 'Buy' rating with a target price of 370 yuan. That’s already a 145% upside compared to the IPO price of 150.8 yuan. Pretty aggressive, right? But then Unitree closed at 845 yuan on its first trading day, leaving the analysts’ target price in the dust. Nomura’s bullish thesis: Unitree’s biggest strengths are its hardware costs and iteration speed. With a lot of core components developed in-house, their gross margin is expected to improve from 45% in FY22 to 60% in FY25. From H1 to G1, then R1 and H2, their product iterations have gone from taking years to just a few months. Nomura estimates that by 2028, Unitree’s revenue could hit 13.184 billion yuan. But here’s the awkward part—there’s no chance to get in now The 370 yuan target was based on a high-growth bull market valuation for the next few years. At 845 yuan, the market has already priced in a much more distant future. Based on the first-day closing price, Unitree’s market cap is already close to $50 billion. The craziest phase of the humanoid robot boom might just be getting started.