Collapse of Humanoid Illusions: China Blocks Robotics IPOs Amid Zero Sales

The marketing hype surrounding anthropomorphic robots has crashed against harsh macroeconomics. On September 21, 2026, it was revealed that the China Securities Regulatory Commission (CSRC) had tacitly blocked new IPOs of companies developing humanoids. The regulator is demanding proof of real commercial revenue rather than feeding investors renders.

The decision coincided with a devastating report from the International Federation of Robotics (IFR). Data showed that throughout 2025, only 7,000 humanoids were sold globally, with the lion's share going to research institutes for data collection, not factories. The Physical AI bubble is deflating: building bipedal machines has proven economically nonsensical for industrial automation, where specialized manipulators are exponentially cheaper and more reliable. Startup valuations are plummeting as the market realizes: mass commercial application of humanoids in the B2B sector is still at least a decade away.

Source: CSRC / IFR / Reuters