The Agility Robotics SPAC merger with Churchill Capital Corp XI will make the Salem, Oregon robotics company the first pure-play humanoid robotics firm to trade on public markets, at a deal valuation of around $2.5 billion and expected gross proceeds of more than $620 million. That would be the largest capital raise in humanoid robotics history, and it comes with something the sector rarely offers: actual financial disclosure.
The deal still requires shareholder approval and SEC review before it closes later this year. Once complete, Agility plans to list on Nasdaq under the ticker AGLT.
How the Agility Robotics SPAC Merger Is Structured
Churchill Capital Corp XI completed its own IPO in December 2025 at $10 per share, parking roughly $420 million in trust (assuming no redemptions). That anchor is being supplemented by a PIPE led by Foxconn, the Taiwan-based contract manufacturer that already holds a stake in Agility, alongside more than $200 million of committed capital from new and existing institutional investors and insider participation of over $60 million, according to the business combination presentation materials filed with the SEC.
CEO Peggy Johnson chose the SPAC route partly for speed. For investors hungry for direct exposure to humanoid robotics, a sector that has so far lived mainly inside VC portfolios, Agility is ‘an acceleration story and a timing story,’ she said. A traditional IPO roadshow would have taken longer and attracted more pricing scrutiny. Whether that scrutiny might have been useful is the question that SPAC sceptics will ask.
The sector backdrop makes Agility look reasonably priced, for what it’s worth. AI2 Robotics raised roughly $735 million at a nearly $3 billion valuation last week. Apptronik closed a $935 million round at a valuation of more than $5.5 billion earlier this year. Figure AI self-reported a $39 billion valuation on a $1 billion Series C last autumn. Against that company, a $2.5 billion ask for a business with real customers and booked revenue looks almost conservative.
What the Filing Reveals About Digit’s Economics
Johnson declined during her interview to reveal the bill of materials for Digit, Agility’s flagship robot. The business combination presentation materials filed with the SEC were less shy: Digit currently costs approximately $125,000 in materials, with a long-term target of getting that figure down to $30,000. That gap is where the investment thesis lives.
The robot itself is a deliberately unglamorous piece of kit. Standing around 5’9″ and weighing roughly 160 pounds, Digit is optimised for a single task: moving heavy objects in human-built spaces. Its reverse-bend ‘bird legs’ let it reach from floor level to overhead shelving without fouling on warehouse racking. Its two-thumb, two-finger hands are built specifically for gripping heavy plastic totes. Digit can lift up to 50 pounds and is designed to operate approximately 20 out of 24 hours in multi-shift environments, according to a Form 425 filing by Churchill Capital Corp XI.
Agility’s RoboFab facility in Salem is rated at up to 10,000 robots per year, per the business combination presentation. Proceeds from the deal are intended to help the company ramp production toward that ceiling and work through an existing pipeline of customer orders.
That pipeline is broader than pure booked business. Agility has more than $300 million in contracted, multi-year revenue representing roughly 1,000 robots on a robots-as-a-service model, where customers pay monthly rather than buying outright. The presentation puts the payback period for customers at under one year. Beyond that, more than 30 potential customers are evaluating large-scale deployments. Current customers include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.
Johnson is characteristically careful about what she claims. Agility draws on Claude and Gemini to handle what she calls the semantic layer, translating high-level instructions into robot behaviour, but she’s clear that physical AI is where the proprietary advantage sits. ‘The LLMs had the entire internet to train on,’ she said. ‘When you think about the physical AI of humanoids, that doesn’t quite exist yet.’ She believes Agility’s decade-plus of real-world deployment may have produced ‘the largest data lake of actual operating robotics data in real-world environments.’
Safety is the other angle competitors rarely discuss publicly. Agility has had to meet industrial certification requirements to operate inside customer facilities, which is a different standard from the lab demos and choreographed videos that tend to do the rounds on social media. ‘You can’t build your robot and then make it safe,’ Johnson said. ‘That’s a redesign.’
As for the home, Johnson puts the timeline at ’10-plus years.’ Warehouses have fixed aisles and predictable workflows. Homes have dogs, toddlers, and stuff left on the stairs. ‘Most of the areas that humanoids will be operating in,’ she said, comparing the challenge to autonomous vehicles, ‘don’t’ have the discipline roads do. There are reportedly over a million unfilled physically demanding jobs in the US right now. Agility would rather solve that first, then worry about delivering breakfast in bed.
The merger still has to clear shareholders and the SEC. If the SPAC class of 2021 taught the market anything, it’s that going public is the easy part. Johnson’s answer to that is to keep executing, robot by robot. Shareholders will be watching the bill-of-materials trajectory as much as the revenue line.
