Agility Robotics will almost certainly be a public company within the week. The Salem, Oregon humanoid maker and its SPAC partner Churchill Capital Corp XI announced Friday that, with the redemption deadline expired, the expected gross capital raise ahead of their business combination stands at approximately $465 million — per the joint release, split three ways: about $164 million remaining in Churchill XI’s trust, about $201 million from a common-stock PIPE committed at $10 per share and led by Foxconn, and $100 million of equity already received since the deal was announced in June. Churchill shareholders vote November 2; closing is expected November 4; the stock trades on Nasdaq as AGLT from November 5.
What Friday’s numbers settle — and what they don’t
The significant figure is the one that stopped moving: redemptions. SPAC trusts shrink when hedge funds pull their money at the redemption window rather than ride the merger, and a $164 million residual trust against the ~$410 million Churchill began with implies most of the original trust survived — institutional money chose to hold a humanoid company rather than exit at par. The Foxconn-led PIPE adds a strategic anchor with an obvious interest: the contract manufacturer that assembles iPhones wants a seat inside one of the two US humanoid makers positioned to need exactly its kind of capacity. As The Robot Report and other trade coverage note, investors named in the release include NVIDIA, Amazon, SoftBank Vision Fund 2, Schaeffler, DCVC and Playground Global, with all existing shareholders rolling 100% of their equity under a 180-day lock-up.
What the release does not change is the arithmetic we laid out when the S-4 dropped in September: $1.8 million of 2025 revenue against a $140 million operating loss, Digit rentals at $8,500 a month, and a growth curve that requires roughly 1,400x expansion. The Friday release leans on momentum markers instead — a GXO expansion to two more facilities, an AGCO manufacturing pilot for 2027, three additional paid manufacturing programs, a pipeline “of more than 30 prospective customers,” and more than $300 million in committed multi-year orders for Digit 5, which the release itself cautions “does not represent current-period revenue.”
First pure-play humanoid listing — in a thinning field
Public-market exposure to humanoid robotics has been, until now, an index of compromises: Tesla’s Optimus sits inside a car company, Unitree trades in Shanghai with defence-adjacent baggage, and the private leaders — Figure, Physical Intelligence at a reported $20 billion valuation — remain closed to ordinary investors. AGLT becomes the first listed stock whose valuation rises and falls almost entirely on whether bipedal labour gets bought at scale. That makes it the cleanest real-time read on the market’s actual belief in humanoid labour, stripped of EV-sales noise: every quarterly report will be a referendum.
The timing is also pointed. AGLT lists five days after the White House’s robotics import proclamation declared the sector a national-security priority — a document that, whatever it does to input costs, formally designates domestic humanoid capability as something the state wants to exist. Agility is the purest beneficiary available to that policy, and it will be listed precisely as the tariff threat gives US buyers of Chinese hardware a fresh reason to pay a premium for a domestic alternative. Competitors noticed the pattern: 1X’s home-robot bet is being absorbed into SoftBank at a reported $6 billion, and North American robot orders set records in Q3 even as the US market’s door to Chinese humanoids stays half-shut.
As of publication, the figure is from the companies’ joint release; it is “expected” and pre-expenses, per the release. An investor presentation circulating with the filing puts the post-close enterprise value near $2.5 billion; final trust maths will be confirmed in the closing 8-K.
❓ FAQ
When does Agility Robotics stock start trading? Expected November 5, 2026 on Nasdaq under ticker AGLT, after shareholder approval on November 2 and closing on November 4 — pending customary conditions.
How much money is Agility raising? Approximately $465 million gross, before transaction expenses: ~$164M SPAC trust, ~$201M Foxconn-led PIPE at $10/share, and $100M of equity already received since the June announcement.
Is this the first listed humanoid robot company? It is the first US-listed pure-play humanoid maker. Unitree trades in China; Tesla and Korea’s hyundai-adjacent plays embed humanoids inside larger businesses.
Didn’t Agility already file public financials? Yes — the S-4 in September showed $1.8M of 2025 revenue, a $140M operating loss, and more than $300M in committed multi-year Digit 5 orders that the company itself flags as not current-period revenue.
Sources: Agility Robotics / Churchill XI joint release · Unite.AI · The Robot Report · StreetInsider
