Agility Robotics heads to Wall Street amid steep humanoid losses

Agility Robotics is becoming the first humanoid-robot-focused company to list on a major US exchange, offering public investors an early test of the commercial economics behind the growing humanoid robotics sector. The Oregon-based startup, which develops Digit, a two-legged robot designed to carry heavy materials and sort goods in factories and warehouses, is expected to begin trading on Nasdaq under the ticker AGLT following completion of its merger with special-purpose acquisition company Churchill Capital Corp XI on Wednesday. The combined company is valued at roughly $2.5 billion in existing equity and expects to raise about $465 million in gross capital before expenses, including $100 million already received. The financial disclosures accompanying the listing underline how far the humanoid robot industry remains from profitability. Agility generated only $1.8 million in revenue in the most recent reporting period, while posting a $138.1 million net loss. More than half of that revenue came from five robots purchased by one of the company’s own investors. Excluding non-cash expenses related to employee stock awards, which accounted for about $38 million of the loss, Agility used $99.8 million in cash to run its business. The company also lost money directly on sales before research and other operating costs, and it expects further losses and higher expenses for the foreseeable future. Agility has deployed Digit across nine customer facilities, including operations tied to Amazon, Toyota and logistics provider GXO. Its backers include Amazon, Foxconn, Nvidia, SoftBank and venture firm DCVC. The company is promoting its newest robot, Digit 5, as capable of working safely near people without the protective barriers required by earlier versions, a potential step toward broader industrial adoption. Agility has also disclosed more than $300 million in orders for 1,000 robots from a single customer, structured as a three-year usage agreement. Those orders remain dependent on Agility meeting delivery deadlines and meeting promised feature requirements, with target deliveries beginning in the first half of 2027 and general availability expected by the end of that year. CEO Peggy Johnson, formerly of Magic Leap, Microsoft and Qualcomm, said Agility aims to use its public-market position to help establish metrics for humanoid robot performance and customer needs. Analysts noted that the company stands out for having actual deployments, although its scale remains small relative to the ambitions of the broader humanoid robotics market. The listing may also create a public reference point for valuations in a category that remains controversial among investors and industry observers. Agility’s $2.5 billion valuation sits well below estimates for some privately held humanoid companies, including Figure AI, Apptronik and Neura Robotics, and highlights a market divide between firms shipping deployed hardware today and companies valued largely on future potential. The debut also arrives amid tightening US policy pressure, including restrictions on foreign-made advanced robotic devices, and against the dominance of Chinese robotics manufacturers, which have accounted for a large share of humanoid robot shipments in recent years.