Agility Robotics is set to become the first US humanoid-focused company to trade publicly, bringing the financial realities of the emerging robotics industry into sharper focus as investors assess whether the technology can develop into a profitable commercial business.
The Oregon-based startup, which makes two-legged robots designed to move materials and sort goods in factories and warehouses, is expected to begin trading on Nasdaq on Thursday under the ticker AGLT. Its public debut follows the completion of a merger with Churchill Capital Corp XI, a special-purpose acquisition company led by former Citigroup executive Michael Klein.
The financial disclosures accompanying the transaction reveal a substantial gap between the industry’s growth ambitions and its current commercial performance. Agility generated just $1.8 million in revenue in 2025 while recording a net loss of $138.1 million, according to its merger filings. More than half of its revenue came from five robots purchased by one of its investors.
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The merger values Agility’s existing equity at approximately $2.5 billion. The combined company expects to receive about $465 million in gross capital before expenses, including $100 million already received.
The listing provides Agility with access to public capital and an opportunity to establish a market valuation for a company already deploying humanoid robots in industrial environments. For investors, however, its financial position offers an early indication of the costs and commercial challenges involved in turning humanoid robotics into a scalable business.
“There’s something to be said for being first,” Chief Executive Peggy Johnson, who previously led Magic Leap and held positions at Microsoft and Qualcomm, told Business Insider. “We will be able to set many of the metrics, if you will, on what customers need in a humanoid.”
Agility has deployed its Digit humanoid robots at nine customer facilities, including sites operated by Amazon, Toyota and logistics company GXO. Its investors include Amazon, Foxconn, Nvidia, SoftBank and Silicon Valley venture capital firm DCVC.
Those deployments give the company an advantage over robotics startups whose products remain largely at the development or demonstration stage. However, the scale of its current business remains small relative to its valuation and operating costs.
Agility reported a $138.1 million net loss in 2025. About $38 million of that amount came from non-cash expenses associated with employee stock awards, but the company still used $99.8 million in cash to operate during the year. It also lost $2.7 million on its sales before accounting for research and other corporate expenses.
The figures expose the difficulty of achieving positive unit economics in humanoid robotics. Companies must spend heavily on hardware development, software, testing, manufacturing and deployment before they can generate recurring revenue at scale.
Michelle Sun, a robotics analyst who writes the Core Matter Substack, told Business Insider that solving unit economics remains a major challenge for the industry.
Agility itself acknowledged the financial pressure in its regulatory filings, warning: “We expect to incur additional losses and higher operating expenses for the foreseeable future.”
The company is betting that its latest model, Digit 5, will help expand its commercial market. The robot is designed to work safely alongside people without the protective barriers required by earlier versions, potentially allowing businesses to integrate humanoids more directly into existing warehouse and factory operations.
Agility’s filings disclose more than $300 million in orders covering 1,000 robots from a single customer. Under the arrangement, the customer is expected to pay for use of the robots over three years.
However, the orders are conditional on Agility meeting delivery deadlines and supplying robots with the promised capabilities. The company is targeting initial deliveries in the first half of 2027, with general availability expected by the end of that year. The disclosed commitments provide evidence of potential customer demand, but they do not guarantee that the company will deliver the robots on schedule, recognize the expected revenue or achieve profitable production.
Public Listing Offers a Valuation Test for Humanoid Robotics
Agility’s $2.5 billion valuation is considerably below those assigned to several privately held humanoid robotics competitors. Figure AI, based in the San Francisco Bay Area, has been valued at approximately $39 billion, while Texas-based Apptronik has been valued at around $5.5 billion and Germany’s Neura Robotics at roughly $7 billion.
Tesla is also developing its Optimus humanoid robot, although the project does not have a separate publicly disclosed valuation.
The valuation gap underscores a divide in how investors assess the sector. Companies with robots already operating in commercial facilities are being valued differently from businesses whose investment cases depend more heavily on expectations about future capabilities and market adoption.
“Agility is unique to the industry because they’re actually deployed,” George Chowdhury, a principal analyst at ABI Research, told Business Insider. “In the grand scheme of things, the deployments are very small, but it’s big for commercial humanoids.”
Chowdhury also pointed to the disparity between companies shipping hardware and competitors valued on expectations of future growth. He said companies with existing deployments are valued by the market substantially below some rivals betting on the industry’s future.
Agility’s listing could therefore provide a public-market reference point for evaluating humanoid robotics businesses. Unlike private funding rounds, which can reflect negotiated valuations and expectations among a limited group of investors, a listed company’s share price will be subject to continuous market assessment of its financial performance and commercial prospects.
The decision to use a special-purpose acquisition company also connects Agility to a financing structure that previously attracted significant attention from investors. SPAC mergers surged in 2020 and 2021 before falling out of favor as rising interest rates and disappointing post-listing performances weakened demand.
The structure has regained some interest as the IPO market recovers. Johnson said Agility selected the route partly to work with Klein, who has helped take companies including Sam Altman-backed nuclear power developer Oklo and electric vehicle manufacturer Lucid public.
Agility’s public debut comes as the United States seeks to strengthen its position in a market where Chinese manufacturers currently account for most global humanoid robot shipments.
Chinese companies such as Unitree have expanded rapidly, with Unitree listing on the Shanghai stock exchange this summer and reaching a reported market value of approximately $40 billion. Chinese robotics manufacturers accounted for around 90% of humanoid robot shipments last year, according to Omdia.
US manufacturers could receive additional support from Washington’s efforts to restrict foreign-made robotics equipment. In July, the Federal Communications Commission banned new foreign-made advanced robotic devices, including humanoids, quadruped robots and some robot vacuums. Agility manufactures Digit at its Oregon facility.
The policy environment could create an advantage for domestic manufacturers, particularly in sectors where companies and government agencies prioritize supply-chain security. However, restrictions on foreign products do not resolve the industry’s underlying challenges around manufacturing costs, reliability, productivity, and customer demand.
Johnson said the US needed to demonstrate strength in the sector.
“It’s good for the US to show strength in this area,” she told Business Insider.
Agility’s market debut will test public investors’ preparation to fund the long development cycle of humanoid robotics while companies work towards commercial scale. Its existing deployments and disclosed orders provide a starting point, but its losses and limited revenue show how much execution remains necessary before the technology becomes a sustainable business.