Agility Robotics IPO
- Agility Robotics plans to go public through a merger with Churchill Capital Corp XI in a deal valuing the humanoid robot developer at $2.5 billion and expected to provide more than $620 million in gross proceeds, with the combined company set to trade under the ticker AGLT.
- Agility said it will use the funds to expand deployments of its Digit humanoid robot, scale production of Digit v5 and continue investing in robotics, software and manufacturing infrastructure.
- The company said Digit has logged more than 65,000 operating hours across nine customer facilities and that it has secured more than $300 million in multi-year Digit v5 orders, subject to contractual milestones, while building a pipeline of more than 30 prospective customers.
Agility Robotics announced it plans to go public through a merger with special purpose acquisition company Churchill Capital Corp XI in a deal that values the humanoid robot developer at $2.5 billion and is expected to provide more than $620 million in gross proceeds.
According to Agility, the transaction includes approximately $420 million held in Churchill XI’s trust account, assuming no redemptions, and about $200 million in PIPE financing priced at $10 per share and led by Foxconn, with participation from existing and new institutional investors. Existing Agility shareholders will roll their equity into the combined company, which is expected to operate as Agility and trade under the ticker symbol AGLT.
“Humanoid robots are a critical driver of American technology leadership and the future of global industry,” Agility CEO Peggy Johnson said in the announcement. “With category-defining commercially deployed humanoid robots operating in real customer environments today, Agility is at the forefront of a new era where safety-first, AI-powered technology can reliably work alongside people to bridge labor shortages, increase productivity, and strengthen the resilience of our supply chains.”
Agility said it will use the funds to fulfill customer orders, expand deployments of its Digit humanoid robot, scale production of its next-generation Digit v5 system, and continue developing its robotics platform. Agility and Churchill are scheduled to host an investor call at 8:30 a.m. ET on June 24 to discuss the proposed transaction and review an investor presentation, with a webcast, replay and transcript available through Agility’s investor relations website.
Agility, based in Oregon, develops humanoid robots designed to automate repetitive tasks in manufacturing, distribution and logistics facilities. Its flagship robot, Digit, is currently deployed with customers including Schaeffler, GXO, Toyota Motor Manufacturing Canada and Mercado Libre. The company said Digit has accumulated more than 65,000 operating hours across nine customer facilities.
The company indicated it is preparing to launch Digit v5, which it describes as a humanoid robot designed to work safely alongside people in shared environments. According to Agility, it has secured more than $300 million in multi-year orders for Digit v5, subject to contractual milestones, and is working with a pipeline of more than 30 prospective customers.
“We believe humanoids are at a meaningful inflection point in commercial adoption, and we are focused on meeting growing customer demand, expanding deployments, and advancing our roadmap across robotics, physical AI, safety systems, and enterprise software,” Johnson added. “As adoption accelerates, we believe Agility is positioned to address a market opportunity across manufacturing, distribution, and logistics environments in the United States that is estimated by management to be approximately $1 trillion.”
Agility has also built supporting infrastructure around its robots, including Agility Arc, a cloud-based platform for fleet management and deployment, and RoboFab, its humanoid manufacturing facility. The company said RoboFab is designed to support production of up to 10,000 robots annually. The company pointed out that 75% of its parts are from sources in the U.S.
The company lists Amazon, Nvidia, SoftBank Vision Fund 2, Foxconn, Schaeffler, DCVC, Abico and Playground Global among its investors and strategic partners. Agility also works with Google DeepMind and Nvidia on robotics and AI development.
“Agility is a humanoid first mover with proven technology, real-world deployments, and the trust of some of the world’s most demanding enterprises,” noted Michael Klein, chairman and CEO of Churchill Capital Corp XI.
The deal is expected to close this year, subject to shareholder approval, SEC review, stock exchange approval and other customary regulatory conditions.
