JPMorgan expects humanoid robots to move into U.S. manufacturing in large numbers, driven by an increasingly favorable cost comparison with human labor, according to MarketWatch.
The bank's research note puts the economic case directly: deploying a humanoid robot now costs under $10 per hour to operate, compared to roughly $30 per hour for a warehouse worker. JPMorgan identified U.S. manufacturing as a sector with substantial unfilled job openings that humanoid robots are positioned to fill.
The forecast comes as the U.S. government moved to restrict imports of foreign-made humanoid robots on national security grounds. The Federal Communications Commission added humanoid and quadruped robots made by foreign companies to its Covered List, a designation that blocks new imports of the devices. The action targeted China, which currently holds roughly 85% of the global humanoid robot market.
The gap between Chinese and American producers is wide. Chinese firms Unitree and AGIBOT each shipped more than 5,000 humanoid units in 2025. American competitors Tesla and Figure AI each shipped only a few hundred units during the same period, according to CNN, citing technology research firm Omdia. Total global humanoid robot shipments reached approximately 15,000 units in 2025.
China's Foreign Ministry responded to the FCC restrictions with a direct warning. Spokesperson Mao Ning said Beijing would take "all measures necessary" to defend the interests of Chinese businesses. "Protectionism does not make the U.S. more competitive, and it will only hurt the interests of U.S. companies and consumers," Mao Ning said.
Unitree, one of the leading Chinese humanoid robot makers, went public on Shanghai's STAR Market earlier this month. Its stock closed 460% above the IPO price on its first trading day, valuing the company at roughly $50 billion, according to Reuters. Unitree raised approximately 6.1 billion yuan, or about $905 million, in the listing.
The company's revenue grew to 1.70 billion yuan in 2025 from 392.77 million yuan in 2024, and it posted a net profit of 278.21 million yuan, according to its prospectus. Overseas sales, including the U.S. market, accounted for about 44% of its main-business revenue in 2025, a notable figure given that the FCC restrictions could now disrupt that revenue stream.
The FCC ban and JPMorgan's forecast together reflect a sector moving quickly on two fronts: American policymakers restricting Chinese competition while American investors and manufacturers look for domestic alternatives that do not yet exist at comparable scale.
