Agility Robotics Made $1.8M Last Year. It's Going Public at $2.5B.

Agility Robotics, the Oregon company behind the Digit humanoid, is weeks away from becoming one of the first standalone humanoid makers on a US stock exchange. On October 13 the SEC declared effective the registration statement for its merger with Churchill Capital Corp XI, a blank-check company sponsored by Michael Klein, and shareholders vote on November 2. The deal values Agility at $2.5 billion. Its net sales in 2025 were $1.8 million. That gap, roughly 1,400 times last year's revenue, is the whole story: public investors are being asked to pay for the humanoid robots Agility expects to ship in 2027 and beyond, not the ones it shipped last year.

What the SEC Just Cleared

The S-4 going effective is the last big regulatory gate in a SPAC deal. It means the SEC has finished reviewing the disclosure document and Churchill XI can put the merger to a vote. According to Agility's announcement, the extraordinary general meeting is set for 9:00 a.m. Eastern on November 2, for holders of record as of September 14, and the deal is expected to close in November. The combined company will be called simply "Agility" and list on Nasdaq under the ticker AGLT.

The money is meant to arrive in two pieces: about $424 million from Churchill XI's trust account and about $200 million from a private placement led by Foxconn, for more than $620 million in gross proceeds. The trust number comes with the usual SPAC caveat: it assumes no Churchill shareholders redeem their shares for cash, so redemptions are the number to watch on November 2.

Klein's vehicles have done this before. The Quartz report on the June announcement notes that his Churchill SPACs previously took Lucid and Oklo public, two more companies that went public on the promise of what they would build next.

The Numbers Behind the $2.5 Billion

The filings show a company that is still mostly R&D. The Robot Report's breakdown puts Agility's 2025 operating loss at $140 million, with operating spending up to $111 million from $71 million in 2024 and roughly $100 million in cash burn. Against that sits $1.8 million in sales.

The bull case lives in the forward numbers. Agility says it has more than $300 million in committed, multi-year orders for Digit 5 from a single unnamed customer, subject to contractual milestones and product specifications. Digit runs today at nine customer sites, including Schaeffler, GXO and Toyota Motor Manufacturing Canada, which signed a robots-as-a-service deal after a pilot, and earlier Digit generations have logged more than 65,000 hours of real work. The company's own projections call for about 800 robots deployed in 2027, 7,000 by 2030 and up to 25,000 by 2035.

The pricing explains why those projections matter so much. Agility rents Digit for about $8,500 a month plus a $25,000 deployment fee, which it estimates is worth about $535,000 per robot over five years. A direct sale runs about $200,000 upfront plus a $20,000 deployment fee and roughly $36,000 a year in software and maintenance. At the rental rate, 25,000 robots would bring in about $2.55 billion a year in subscriptions. That's the company's math, and every step of it depends on Digit 5, which won't reach early-access customers until early 2027.

Why Foxconn and NVIDIA Are in the Room

The cap table reads like a list of companies that need humanoids to work. Foxconn, the world's largest contract manufacturer, is leading the PIPE and is already an investor. NVIDIA is a backer too and picked Agility as a launch partner for Halos, its safety system for physical AI. Amazon, SoftBank Vision Fund 2, DCVC and Schaeffler are also on the list. It echoes the logic behind NVIDIA's bet on Decart: the chip giant keeps buying into the companies whose success would pull more of its hardware along.

Agility is also spending on factory capacity ahead of demand. Its RoboFab plant in Salem, Oregon is designed to build up to 10,000 robots a year, far more than the 800 it expects to deploy in 2027, and it opened a hardware and physical-AI hub in Fremont, California in July. Through the end of 2027 it wants to grow its pipeline from more than 30 potential customers to about 100 and its committed deployments from nine sites to as many as 25.

The Case Against Paying 1,400x

The strongest counterpoint is simple: SPAC investors have paid for this kind of future before. Agility was founded in 2015 and still booked less than $2 million in 2025 sales, and the leap from nine sites to thousands of robots depends on a product that isn't shipping yet. If Digit 5 slips, the $300 million order book, which is tied to milestones and specifications, could slip with it.

Timing is also part of the pitch. According to Quartz, CEO Peggy Johnson sees going public before rival standalone humanoid companies as a way to win over retail investors. Being first gives Agility a scarcity premium, but it also makes AGLT the stock that will set expectations for every humanoid listing that follows. Much like OpenAI's IPO filing, it asks the market to treat today's losses as the cost of a much larger future business.

What's actually decided on November 2 is narrower than the hype: whether Churchill's shareholders keep their cash in the deal. The redemption rate will be the first public read on whether investors believe humanoids are a business yet, or still a demo.

Sources

• Agility Robotics: S-4 registration statement declared effective by SEC (Oct. 13, 2026)
• Business Wire: Agility Robotics and Churchill Capital Corp XI announcement
• SEC: Churchill Capital Corp XI Form 8-K exhibit
• The Robot Report: Agility Robotics reports $1.8M revenue ahead of humanoid SPAC
• Quartz via Yahoo Finance: Agility Robotics goes public with Churchill Capital SPAC merger