Agility Robotics to go public via SPAC merger

Agility Robotics, a Salem, Oregon-based humanoid robotics company founded in 2015, has announced plans to go public through a merger with Churchill Capital Corp XI. The transaction utilizes a Special Purpose Acquisition Company (SPAC)—a shell company used to take another company public. The deal is expected to value Agility at around $2.5 billion and raise more than $620 million in gross proceeds. The transaction would make Agility the first pure-play humanoid robotics company—meaning a company focusing on a single industry or product—to trade on public markets.

The public listing comes as competitors in the humanoid robotics sector raise significant private capital. Shenzhen-based AI2 Robotics raised roughly $735 million at a valuation of nearly $3 billion. Austin-based Apptronik closed a $935 million funding round, valuing the company at more than $5.5 billion. San Jose-based Figure AI self-reported closing $1 billion in funding at a $39 billion valuation. By contrast, Agility is seeking public market capital to ramp up production at its 70,000-square-foot manufacturing facility in Salem, Oregon.

According to CEO Peggy Johnson, Agility has more than $300 million in booked, multi-year revenue. This pipeline represents roughly 1,000 of its bipedal robots, named Digit, which stand 5’9″ and weigh around 160 pounds. These machines are deployed through a robots-as-a-service model, where customers pay a monthly fee for robot usage rather than purchasing the machines outright. Customers include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre. Johnson noted that the company is focused on the warehouse market, where there are over a million unfilled jobs in the US.

Johnson emphasizes safety as a core differentiator for Agility, arguing that safety cannot be retrofitted onto a completed robot. “You can’t build your robot and then make it safe,” she said, noting that safety certification must cover the electrical systems, software, and all components. This focus on safety comes as competitors face scrutiny; in November, Figure AI’s former head of product safety sued the company, alleging he was fired after raising concerns that its robots were powerful enough to fracture a human skull. While some companies target domestic use, Johnson estimates that humanoid robots in the home will take 10-plus years to materialize, as homes lack the predictable discipline of industrial environments.

Why it matters

The deal would make Agility the first pure-play humanoid robotics company to trade on public markets, providing retail investors direct exposure to a sector previously limited to venture capital funds.