Agility Robotics Takes Humanoid Robots Public in a Wall Street First as Losses Loom

Merger brings Agility to Wall Street

Agility Robotics completed its merger with Churchill Capital Corp XI on Wednesday. The special-purpose acquisition company is led by former Citigroup executive Michael Klein. The combined business is expected to start trading Thursday under the ticker AGLT.

The transaction valued Agility’s existing equity at about $2.5 billion. The company expects roughly $465 million in gross capital before expenses, including $100 million it had already received.

Revenue trails reported losses

Agility reported $1.8 million in revenue and a net loss of $138.1 million last year. More than half of its revenue came from five robots bought by one of its investors.

About $38 million of the loss reflected non-cash expenses tied to employee stock awards. Filings also say Agility used $99.8 million in cash to operate in 2025 and lost $2.7 million on sales before research and other company expenses.

Digit has customer deployments

Agility has placed its Digit humanoid robot at nine customer facilities, including sites operated by Amazon, Toyota and logistics company GXO. Its investors include Amazon, Foxconn, Nvidia, SoftBank and venture firm DCVC.

The company’s filing reports more than $300 million in orders for 1,000 robots from one customer. Payment would be spread across three years, and the orders depend on Agility meeting deadlines and supplying robots with the promised features.

ABI Research principal analyst George Chowdhury said the deployments remain small overall, but represent a significant step for commercial humanoid robots. He told Business Insider that Agility stands out because its robots are already deployed.

Valuations and policy shape outlook

Agility’s public debut highlights a gap in how markets value robotics companies that are shipping hardware and those betting on future demand. Chowdhury told Business Insider that companies with current deployments are valued lower by the market than companies focused on that future.

The listing also comes as Washington tightens restrictions on foreign-made robots. In July, the Federal Communications Commission banned new foreign-made “advanced robotic devices,” including humanoids, quadrupeds and some robot vacuums. Agility makes Digit at its Oregon factory.