Agility Robotics has traded on Nasdaq since 5 November under the ticker AGLT, after completing its merger with the blank-cheque company Churchill Capital Corp XI. The stock opened at $11.26 — above the $10 per share the SPAC deal assumed — fell nearly 25% at one point during the session, and closed its first day about 1% higher. By its own account, Agility is the first publicly listed pure-play legged humanoid company.
The deal raised roughly $465 million in gross proceeds before expenses: about $164 million from Churchill XI's trust account after redemptions, $201 million from a PIPE led by Foxconn, and $100 million from a funding round closed after the merger was announced. Agility had projected more than $620 million if no shareholders redeemed. Shares held by existing Agility holders and the SPAC sponsor are locked up for 180 days.
The numbers behind the listing
Agility spun out of Oregon State University in 2015. Its Digit robot moves totes in warehouses; the company claims more than 65,000 hours of operation across nine customer facilities, including AGCO, GXO Logistics, Schaeffler, Mercado Libre and Toyota Motor Manufacturing Canada.
Fiscal 2025 closed with $1.78 million in revenue — up from $310,000 in 2024 — and a net loss of $138.1 million. About 64% of that revenue came from related parties. The company ended the year with $103 million in cash. For its next robot, Digit 5, it reports more than $300 million in committed multi-year orders, subject to contractual milestones and product specifications, with first deliveries to early-access customers in 2027 and general availability at the end of that year.
That gap is the story. Three hundred million dollars of committed orders against $1.78 million of annual revenue does not describe a business; it describes an option on one, and the share price is pricing the option.
What the first day tells you
An opening above the SPAC price, a near-25% intraday slide and a close barely positive is not a vote of confidence — it is price discovery. The market spent day one arguing about valuation, not about the technology. For a category that lived on demo videos and prototypes for years, that is useful discipline: from now on there is a daily price and a quarterly report.
CEO Peggy Johnson is widening the pitch. Agility is exploring other form factors for consumer-facing work — "whether that means a wheeled base or smaller bipedal form factor" — and considering licensing its technology to other robot makers. "We envision Agility becoming the backbone of the humanoid industry as the category begins to scale into new markets," she said.
What to watch
Three things: whether Digit 5 holds its 2027 schedule, whether the $300 million of orders turns into revenue, and whether the 180-day lock-up expires without a rush for the exit. Until then, the industry has a sentence it can now measure: a humanoid that has logged 65,000 hours of work is proof of operations, not proof of a business model.
